The Federal Reserve said that banks in the New York area received about $16.5 billion of the $20 billion in 28-day loans offered this month to ease the global credit crunch, according to Reuters. U.S. banks borrowed an average of $4.83 billion a day from the Federal Reserve, up from $4.62 billion the previous week. Discount borrowing dropped from $4.77 billion in previous weeks to $4.54 billion last week. Banks in the Dallas Fed district came in second with $1.4 billion borrowed, followed by banks in the St. Louis Fed district with $1 billion.
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