There are signs of improvement in the US regional bank run. JPM:
The Fed’s weekly snapshot of its balance sheet shows banks have a little less need to tap the Fed’s lender-of-last-resort facilities. Bank borrowing from the Fed as of yesterday–through either the discount window or the Bank Term Funding Program (BTFP)–was $153 billion, down $11 billion from the prior Wednesday. As was the case last week, it looks like some of the discount window borrowing may have shifted into the more favorable terms of the BTFP (chart below). Lending to the two bridge banks in conservatorship was about unchanged at $180 billion.
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
