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The amount of money that banks are borrowing from the Federal Reserve rose slightly last week to mark the seventh increase in a row, indicating that some financial institutions are still struggling after several bank failures in the spring.
Total bank borrowing inched up by $356 million to $105.9 billion in the seven days ending June 21. It was the smallest increase in more than a month, however.
The Fed has been lending money to some banks that suffered a sharp decline in investor deposits after several regional institutions failed in the spring.
Most of the money the Fed has lent out has come from an emergency borrowing program set up in March after the collapse of Silicon Valley Bank. These loans totaled $102.7 billion last week, up from $102 billion two weeks ago.
The goal of the Fed program was to stop a run on banks and prevent additional failures. The program appears to have succeeded, as no bank has failed since the end of April.
Total borrowing from the Fed peaked at $164.8 billion in mid-March. The level of borrowing was just $15 billion before the recent bank failures.
The amount of money borrowed has climbed steadily, though, since falling to $81.1 billion in early May.
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