Fed lent $300B in emergency funds to banks in the past week

The Federal Reserve says cash-short banks have borrowed about $300 billion in emergency funding from the central bank in the past week.

Nearly half the money — $143 billion — went to holding companies for the two major banks that failed over the past week, Silicon Valley Bank and Signature Bank, triggering widespread alarm in financial markets.

An additional $148 billion in lending was provided through a longstanding program called the “discount window,” and amounted to a record level for that program.