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.

The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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