Banks borrow $300bn from Fed amidst financial strain.

Cash-strapped banks have borrowed around $300bn from the Federal Reserve in the past week, with nearly half going to holding companies for two major banks that failed over the past week, Silicon Valley Bank and Signature Bank. The rest of the money was borrowed by banks seeking to raise cash, likely to pay off depositors who tried to withdraw their money. The Fed's lending programs, particularly the new facility it unveiled on Sunday, enable financial institutions to post bonds as collateral and borrow against them, rather than having to sell them.