Banks trim Fed­eral Re­serve bor­row­ing

Weekend Argus (Saturday Edition) - - BUSINESS -

WASH­ING­TON: Banks trimmed their bor­row­ing from the Fed­eral Re­serve’s emer­gency lend­ing fa­cil­ity over the past week, and cut back their use of other pro­grammes de­signed to ease the fi­nan­cial cri­sis.

The re­duc­tions in­di­cate that banks are hav­ing an eas­ier time ob­tain­ing credit and don’t have to rely mostly on the Fed for short-term loans.

Fed­eral Re­serve chair­man Ben Ber nanke and his col­leagues on Wed­nes­day said “fi­nan­cial mar­kets have im­proved fur­ther in re­cent weeks” and the econ­omy “is lev­el­ling out,” a more up­beat as­sess­ment than they gave af­ter their pre­vi­ous meet­ing in June.

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