https://finance.yahoo.com/news/fed-bank-borrowing-program-too-171734862.html
From Jan. 1 to Jan. 24 — the day before the changes to the facility took effect — usage surged about $38.6 billion from the year-end level of $129.2 billion, according to Wrightson’s analysis of Fed financial statements released March 26.
“Banks in many districts found the concessionary terms of the program too good to pass up in early January,” Wrightson ICAP economist Lou Crandall wrote in a note to clients on Monday. “One-year loans with general collateral requirements and sub-5% rates were an attractive offering.”
Breakdowns of the weekly Fed data for that period suggest banks in the San Francisco district were “power users,” accounting for $8 billion of the growth, according to Wrightson. Data also showed that institutions in the Boston region took $4 billion of new loans in that period, while six other areas saw increases of $2 billion to $3 billion.
After the Fed’s adjustments, borrowing petered out.
