Lending via Fed’s BTFP overtakes discount window
Emergency facility extended $79bn last week, $10bn more than central bank’s traditional credit lending tool
Lending via the Federal Reserve’s Bank Term Funding Program overtook credit lines extended through the central bank’s discount window for the first time since the emergency facility’s inception on March 12.
The latest data released by the Fed shows banks borrowed $79 billion from the BTFP as of April 5, up from $64 billion the previous week. The Fed’s discount window was tapped for $69.7 billion, down from $88 billion over the same period.
The Fed also disclosed $174 billion in ‘other credit
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