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Banks Trim Emergency Borrowing From the Fed

The Federal Reserve says banks reduced their borrowing from an emergency lending program for the third straight week, a sign that some credit stresses are easing.

The Fed says commercial banks averaged $30 billion in daily borrowing over the week that ended Wednesday. That's down from $30.7 billion in the week ended Aug. 19.

The identities of the financial institutions are not released. They pay just 0.50 percent in interest for the emergency loans.