Has the Discount Window Mystery been Solved?

In Analysis by Michael Rae

On January 25th, I wrote about the increasing borrowing activity taking place at the Fed’s discount window. I commented that, despite popular perceptions, not all the borrowing at the discount window is driven by emergencies. But I also added that with rapidly rising interest rates, and the money supply contracting for the first time in decades and possibly the quickest that it ever has, the beginning of a liquidity crisis was nevertheless a distinct possibility.
I wrote then:
Nothing is conclusive yet. In about 18 months, the identity of the firms which have been tapping the Fed’s discount window starting in March 2022

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