In yet another headache for the Fed, banks are under pressure as many companies draw down their lines of credit at the same time
Companies around the world are drawing down their credit lines at the same time, forcing banks to cough up large sums of money on short notice and further straining a financial industry already hammered by sinking interest rates.
The pressure on banks was highlighted by a rare and dramatic Sunday evening move by the Federal Reserve, which cut its benchmark interest rate by a full percentage point to almost zero and took a range of actions to support bank lending, including flooding markets with liquidity by ratcheting up its...
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