WASHINGTON -— Big Wall Street investment companies are pulling back on their borrowing from the Federal Reserve's emergency lending program.
The Federal Reserve says in a report Thursday that those firms averaged $18.6 billion in daily borrowing over the past week. That compared with $22.6 billion in the previous week.
The program, which began on March 17, is one of several extraordinary actions the Fed has taken recently to limit the damage from a trio of crises — housing, credit and financial.
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