Financial institutions are increasingly taking advantage of an emergency program created by the Federal Reserve in March after the collapse of California’s Silicon Valley Bank.As of Wednesday, they borrowed almost $108 billion from the Fed’s Bank Term Funding Program, which was designed to provide an additional source of liquidity at times of stress, according to data from the central bank. That’s up by $138 million from the prior week. The increased borrowing occurred during a one-week period in which Treasury yields were not far from some of their highest levels of this year, a sign of diminished demand for underlying…
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