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Banks, investment firms reduce borrowing from Fed

Associated Press - December 29, 2008 4:43 PM ET

WASHINGTON (AP) - The Federal Reserve says commercial banks and investment firms borrowed less from its emergency lending program over the past week.

The Fed report shows commercial banks averaged $86.3 billion in daily borrowing over the week that ended Wednesday. That was down from $88.4 billion in average daily borrowing logged over the week ended Dec. 17.

Investment firms drew $45.7 billion over the week that ended Dec. 24, compared to an average of $50.5 billion the previous week. This category includes any loans that were made to the U.S. and London-based broker-dealer subsidiaries of Goldman Sachs, Morgan Stanley and Merrill Lynch.

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