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Good news in the Fed balance sheet
The precarious situation of banks has made the weekly release of the Fed's balance sheet — every Thursday at 4:30pm ET — extra important, and this week's numbers offer some good news that the situation is contained. State of play: As of Wednesday, the Fed had $53.7 billion extended through its Bank Term Funding Program announced March 12 in response to the SVB panic. That was up from $12 billion a week earlier. • But use of the discount window, the Fed's long-standing option for banks in need of quick cash, declined by a similar amount. Translation: Total emergency lending to banks changed little over the last ... (full story)