Banks, Wall Street firms borrow more from Fed

September 18, 2008 1:33:11 PM PDT
Banks and Wall Street firms ramped up borrowing from the Federal Reserve's emergency lending facility over the past week, a fresh sign of the credit stresses plaguing the country. A Fed report released Thursday says commercial banks averaged $21.6 billion in daily borrowing over the past week. That compared with a daily average of $19.8 billion in the previous week.

For the week ending Sept. 17, Wall Street firms drew such loans averaging $20.3 billion. That step-up comes after six straight weeks where they didn't draw any loans. Their borrowing averaged as high as $38.1 billion a day over the course of a week in early April.