The Fed shut down the BTFP, but just before it closed billions in loans were made to banks over the repeated objections of policymakers. Officials have been pushing depositories toward the Discount Window to the point even the FHLB system is dissuading its members from using its own advances as emergency liquidity. Yet, the last-minute BTFP indicates banks just aren't doing it with some substantial implications.  Eurodollar University's conversation w/Steve Van Metre FHFA FHLBank System at 100: Focus On the Futurehttps://www.fhfa.gov/AboutUs/Reports/ReportDocuments/FHLBank-System-at-100-Report.pdf FHFA Fact Sheet https://www.fhfa.gov/Media/PublicAffairs/PublicAffairsDocuments/FHLBank-System-at-100-Fact-Sheet.pdf https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU