Here’s the Fed’s discount window lending (blue), Bank Term Funding Program lending (red), and so-called “other credit extensions” (green): {chart} “Other credit extensions” is the collection of Fed funding to institutions that had failed and are being resolved by the FDIC—SVB, Signature, and First Republic. The Fed had lent via the discount window to SVB and Signature prior to failure1 and to the FDIC bridge banks created for each prior to their sale. The Fed lent to First Republic via the discount window and the BTFP prior to its failure and immediate sale to JPMorgan (there was no bridge bank). And, as the Fed ... (full story)