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The safety net for banks
Planet Money
The Fed's Discount Window
The discount window is one of the Fed's many tools. It started out as this way for banks to get a quick and easy loan when they need it, whether that's because they're having a bank run or for a more chill reason. So if your bond is for $100, the Fed will inspect your bond, look at how much it might go for in the market. And the Fed will say, for money today, best I can do is 95. That's the discount part. They give you less money than the collateral is actually worth.
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