Economic Report: Bank borrowing from the Fed falls sharply after First Republic sale

by | May 5, 2023 | Stock Market

The amount of money U.S. banks borrowed from the Federal Reserve fell by almost half last week, mostly because of the distressed sale of First Republic. Before its sale to JP Morgan Chase last weekend, First Republic had been one of the biggest borrowers from the Fed, data from a weekly Fed survey indicates. The bank’s assets were sold to JP Morgan after its stock sank and depositors started to pull their money. The…

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