Banks rely on Fed facilities amidst economic uncertainty.

American banks have increased their borrowing from the Bank Term Funding Program, a new Federal Reserve lending program created after the collapse of Silicon Valley Bank, to alleviate strains on banks and other institutions. Banks borrowed $53.7 billion from the program as of Wednesday, up from $11.9 billion last week. The program extends one-year loans backed by Treasurys or other secure assets, paying full price even if their market value is lower. Meanwhile, banks' use of the discount window, which is the traditional way they borrow from the Fed, dropped this week.