As “lender of the last resort,” the Federal Reserve makes credit available to financial institutions on an overnight basis through its discount window. According to the Fed, the discount ...

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The Fed uses its so-called discount window facility to lend to banks that need ready cash, often in exchange for less-than-liquid collateral such as business loans. Particularly in recent years ...

Speaking at a conference in London, Logan added that auctioning off a fixed quantity of discount-window loans each day may "encourage banks' operational readiness" and demonstrate that borrowing ...