U.S. Banks Borrowed $148b From Fed’s Discount Window This Week, Highest Level Since 2008

US banks took out a combined $164.8 billion in loans from two Federal Reserve backstop facilities this week, including the Fed’s discount window used to alleviate liquidity concerns faced by banks. The discount window surged to $152B from $4.58B the previous week, a new all-time high beating the last high of $111B reached amid the 2008 financial crisis.

The record borrowing comes in the wake of Silicon Valley Bank’s collapse and the subsequent closure of Signature Bank, which sent shock waves across the financial markets.