Fed emergency loans to US banks dropped
– Federal Reserve Discount Window borrowing USD 5.3bn (on May 3rd) v prior week’s $73.9bn (April 26)
BUT “Other Credit” to $228.2bn from prior week’s $170.4bn now includes First Republic & BTFP borrowing
– The Federal Reserve has $81.1 b of loans outstanding to financial institutions through two backstop lending facilities in the week through May 3, compared with $155.2 billion the previous week
smallest amount since the banking-sector crisis started in March