UnusualWhales

Fed balance sheet rises by $297 billion.

CNNC reports that the Fed borrowing discount window rose by $148.2 billion.

This is new program to provide par value - $11.9 billion was borrowed.

Half of the $297 billion was in the bridge loans, per CNBC.

Meanwhile, the Federal Reserve has announced it will launch the service FedNow in July, which will allow banks to instantly transfer payments across the financial system.

Announced in 2019, FedNow will allow banks to instantly transfer payments across the financial system.

From the Federal Reserve:

"The first week of April, the Federal Reserve will begin the formal certification of participants for launch of the service. Early adopters will complete a customer testing and certification program, informed by feedback from the FedNow Pilot Program, to prepare for sending live transactions through the system."

"We couldn't be more excited about the forthcoming FedNow launch, which will enable every participating financial institution, the smallest to the largest and from all corners of the country, to offer a modern instant payment solution," said Ken Montgomery, first vice president of the Federal Reserve Bank of Boston and FedNow program executive. "With the launch drawing near, we urge financial institutions and their industry partners to move full steam ahead with preparations to join the FedNow Service."

Read more: https://unusualwhales.com/news/he-federal-reserve-has-announced-it-will-launch-the-service-fednow-in-july-which-will-allow-banks-to-instantly-transfer-payments-across-the-financial-system