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Topic: banking

The interior banking hall of a bank
Economy
Friday, 7/24, 07:26 AM

The discount window: how the Fed lends to banks when no one else will

  • Behind the headline interest rate sits a quieter tool that only matters when things go wrong: the discount window, where banks borrow directly from the Federal Reserve against collateral.
  • The rate they pay is the discount rate.
  • It is the plumbing that lets the Fed act as lender of last resort, and it is where banking crises are fought.

In brief

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