Banks, Wall Street firms step up Fed borrowing

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The Federal Reserve says banks and Wall Street firms stepped up their borrowing over the past week from its emergency lending program.

A Fed report released Thursday said commercial banks averaged $17.5 billion in daily borrowing over the past week. That compared with $16.4 billion in the previous week.

For the week ending July 30, it says Wall Street firms averaged $3 million in daily borrowing. In the prior week, the companies didn't draw such loans. Their borrowing rose as high as $38.1 billion in early April.

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