- The Bank Term Funding Program (BTFP, bail out/QE) had approximately $87.0 billion in outstanding loans as of Wednesday this week, up from $83.1 billion (+ $3.9 billion) a week ago.
- The “other credit extensions” line item of $208.5 billion includes the FDIC loans made to regional banks. This figure is down from $212.5 billion (- $4.0 billion) a week ago.
- Our view is that a whole new spate of regional bank failures is coming if the Fed does not lower its Fed Funds rate. Our preference would be for the market to set interest rates and for the Fed to modestly flex the money supply as needed. Unfortunately, the Fed has allowed itself to become politicized and serves as a weak sibling to the Treasury.

FEDERAL RESERVE statistical release: https://www.federalreserve.gov/releases/h41/current/
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