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WASHINGTON (AP) - Banks slowed their borrowing from the Federal Reserve this week, the first decline since the credit crisis began in early August. However, the average weekly total was still the second highest since the 2001 terrorist attacks.
The Federal Reserve reported Thursday that the average daily borrowing for the week ending on Wednesday was $2.18 billion. That was down from a daily average of $2.93 billion for the week ending Sept. 12.
The $2.93 billion level was the highest daily average since discount window borrowing hit an average of $11.7 billion the week ending Sept. 12, 2001, as the Fed flooded the U.S. financial system with money in an effort to make sure the 9/11 terrorist attacks did not derail the economy.
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