Fed lent $300B in emergency funds to banks in the past week

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — The Federal Reserves says cash-short banks have borrowed about $300 billion in emergency funding from the central bank in the past week. Nearly half the money — $143 billion — went to holding companies for the two major banks that failed over the past week, Silicon Valley Bank and Signature Bank, triggering widespread alarm in financial markets. An additional $148 billion in lending was provided through a longstanding program called the “discount window,” and amounted to a record level for that program.