Fiatch

↓

The disruption in the global money markets that pushed relative borrowing costs higher will probably persist “for some time” as financial institutions struggle to raise cash, according to the Bank for International Settlements.

In total, the Fed has provided almost $1 trillion of emergency loans. An arrangement with the Fed that allowed the ECB to offer dollar-denominated funding to the region’s banks was boosted to $55 billion from $50 billion. The Fed’s most recent lending survey released Aug. 11 said that more banks tightened credit standards for consumers and business borrowers since April as defaults and delinquencies on home loans climbed.