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Topic: discount-window

The interior banking hall of a bank

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.

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