Investment Firms Pull Back On Fed Borrowing

By: AP
By: AP

WASHINGTON (AP) - Big Wall Street investment companies are
pulling back on their borrowing from the Federal Reserve's
emergency lending program.
The Federal Reserve says in a report Thursday that those firms
averaged $18.6 billion in daily borrowing over the past week. That
compared with $22.6 billion in the previous week.
The program, which began on March 17, is one of several
extraordinary actions the Fed has taken recently to limit the
damage from a trio of crises - housing, credit and financial.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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