Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Bank borrowing from fed slips for second straight week: Fed

Published 13/07/2023, 21:48
© Reuters
C
-
JPM
-
WFC
-

Investing.com -- Bank borrowing from the Federal Reserve's emergency lending programs declined slightly for the week ended July 12, marking the second straight weekly decline, according to latest Federal Reserve data released Thursday.  

In the week ended July. 12, total lending from the two Fed backstop lending programs fell to $105.00 billion from $105.32B in the prior week. 

Banks borrowed an average of $2.69 billion each night, down from $3.36B from a week earlier, according to the Fed data.

Borrowing from the Fed’s Bank Term Funding Program -- the new emergency lending program launched following the collapse of Silicon Valley Bank -- rose to $102.30B from $101.96B in the prior week.

Lending to the Federal Deposit Insurance Corporation, which took over the collapsed Silicon Valley Bank, fell to $162.44B from $164.78B.

The data comes just a day ahead of the quarterly results from major Wall Street banks. 

JPMorgan Chase & Co (NYSE:JPM) is among a trio of Wall Street banks including Citigroup Inc (NYSE:C) and Wells Fargo & Company (NYSE:WFC) set to deliver quarterly results before the U.S. markets open Friday.

"We expect another challenging earnings season with more downward revisions to net interest income guidance," Wedbush in a recent preview note on bank earnings.  

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.