Banks increase borrowing from Fed for second week in a row

Banks in the U.S. increased borrowing from the Federal Reserve for the second week in a row, signaling that strains on the financial system haven't gone away. Borrowing rose by $11.3 billion to $155.2 billion in the seven days ended April 26, up from $143.9 billion in the prior week, the Fed reported Thursday. A number of small to mid-sized banks have borrowed from an emergency program set up by the Fed to prevent failures and stabilize the U.S. financial system. The Fed created the new lending mechanism after the demise of Silicon Valley Bank in early March. The most recent data suggest lingering stress on the financial system.

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