Asia markets rise ahead of key manufacturing data; oil surges after OPEC cut.
. The personal consumption expenditures price index excluding food and energy increased 0.3% for the month, the Commerce Department reported Friday. That was below the 0.4% Dow Jones estimate and lower than the January increase.Emergency borrowing at the Federal Reserve's discount window fall last week, raising some hope that the banking crisis could be receding.
Primary credit lending totaled $88.2 billion while banks took out $64.4 billion through the Fed's new Bank Term Funding Program, according to Fed data released Thursday that covered the period from March 22-29. That total of $152.6 billion was down slightly from $164 billion the week before. The Fed instituted the BTFP and relaxed rules on the discount window following the implosion of Silicon Valley Bank and Signature Bank in early March.
Banks generally don't like the use the discount window as it signals that they are under stress and can't raise capital in the private marketplace.
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