Since the Federal Reserve launched the Bank Term Funding Program (BTFP) following the Silicon Valley Bank collapse in March, financial institutions have kept tapping into these emergency lending facilities. After hitting a record high at above $103 billion at the end of June, it remains elevated at $102 billion.
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$102 billion at EOM June since launch earlier this year after failure of SVB.
this BTFP could be soaking up tax payer funds faster than zelensky?
Could you tell me the main import of this as though speaking to a gradeschooler?