Banks borrow more from Fed; Wall Street takes pass

Thu Sep 4, 2008 4:31 PM EDT
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The Federal Reserve says banks borrowed more over the past week from the Federal Reserve's emergency lending program, while Wall Street firms took a pass.

The report says commercial banks averaged $19.8 billion in daily borrowing over the past week. That compared with a daily average of $18.98 billion in the previous week.

For the week ending Sept. 10, Wall Street firms didn't take out any loans, the sixth straight period of no action. Their borrowing, however, averaged as high as $38.1 billion a day over the course of a week in early April.

© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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