US banks increased their borrowing from the Federal Reserve’s discount window this week, following unprecedented measures taken to break the stigma around its use.

Discount window borrowing rose to $28 billion on March 19, up from $11 billion on March 12.

The facility is a backstop funding source, secured against a range of pre-pledged collateral, but its use has traditionally been stigmatised because it could be perceived as a sign of weakness.

The Fed is “encouraged by the notable increase