tom: michael mckee was at the business meetings in washington. they have a superb post-pandemic lineup during the last number of days. if you get lucky with history being made with former president trump, your teeth washington indictment correspondent is in new york and we are so lucky to have with us through all of the morning annmarie hordern from balance of power. what was it last night -- like last night when you had to blow up the show because it seems like everyone missed the indictment coming. annmarie: that is true. there was reporting that they thought this would still be weeks out and the grand jury would not come to this conclusion. the new york times is reporting it took mar-a-lago and the trump world by surprise and a how quickly this came. but of course the former president more than a week ago talked about he was going to be arrested. he has been going after alvin bragg. a lot people thought this was just the former president trying to rally his base. at the end of the day, it was thought that. he was indicted. tom: we are thrilled

michael mckee is our international and policy correspondent. what do we know about how this week will unfold with the fed? mike: they will either raise rates or not raise rates. [laughter] beyond that, we don't have anything we can hang our hats on. the fed is watching the markets like we are the banking sector, looking to see if there is a systemic weakness they would exacerbate by raising rates. they would like to raise rates. over the past couple of days, we have seen this recession call it ladder and louder because of the banking issues. they say we will get smaller banks raising deposit rates to keep business, and that will lead to tighter lending standards. so the flow of credit most slow significantly. credit conditions have not gotten tighter, at least according to most of the financial conditions indexes. the goldman sachs index shows they have gotten a little looser since the time that the svb bank was first reported to be in trouble. chicago fed telling the same story. do we have a problem? we don't know yet. the fed will take all th

jon: let's get some reaction, joining us from washington with more is michael mckee. one of the things you were saying this morning ahead of the testimony was we've got some key data points as we rolled through the week, the jobs report friday looking ahead to cpi in the week ahead, how much would powell be able to say if the fed is data-dependent? what is your take on what he had to say? michael: i look at it as he said what he had to say and what should have been anticipated. the fed's data-dependent and they've said that and the data has come in stronger so they will probably raise rates higher than they had earlier anticipated. how much higher is an open question and how fast. the jobs report on friday and cpi next week, there are many reasons why the fed could change its mind again. i think that's white jay powell's quote was the totality of the data. it leaves them a big hole, if it comes in soft, they can go 25 or of a comes in higher, they can go 50. what you want to do is check back at 831 wall st time friday. kriti: let's talk about the pricing because we ar

who better to ask then michael mckee now joining us from the federal reserve in d.c.. i imagine you have a long list of questions to ask chairman powell. what do you think you will answer? mike: that's a tough question. the issue for the chairman is, how does he manage to make the case the fed is on top of the banking system? the banking system is not falling apart, yet, the fed still need to raise interest rates because inflation is still a problem. that will be his challenge. we will get the statement, the projections for the economy. then we have seen in many past meetings that by the time those come out, the market trades one way and the chairman comes out and the market trades another. it's a balancing act kriti: kriti: for him today. k what do we expect to hear on the quantitative tightening front about the balance sheet, despite, the chart that has wall street anxious about whether this is the end of q2? michael: a lot of people are interested in that. it reflects ignorance of how q2 works. the banks sending securities to the fed particularly through the discoun

i want to check in with michael mckee about what is new here. walk us through what we learned today that differs from yesterday. mike: i think what jay powell wanted to do today is throw up a yellow caution light to the markets which had immediately priced in a 50 basis point move following his comments yesterday. he wants to make sure there is data coming out, job support on friday, cpi next week, that could change the fed's mind about what it wants to do. when he was reading his statement, he kept most of it the same but added a line. if, and i stress no decision has been made on this, but if the totality of the data were to indicate faster tightening is warranted, we would be prepared to increase that pace of rate hikes. just that additional phrase which he elaborated on a little bit, is enough to maybe caution before you go too far in pricing and what the fed will do two weeks from now. kriti: even with that yellow light, the markets have the idea of a 50 basis point increase in march. i have to ask, chairman powell has been very vocal about

we got a reaction from susan collins in an exclusive interview with michael mckee. >> i had expected early in march that i might think we would need to do more work and the banking stresses and what i think is a possible response of banks in terms of their own liquidity needs has influenced that. it is certainly one of the important things to factor. i continue to see given the resilience in the economy that there is a pathway we can bring inflation down without a significant downturn. jon: mike mckee joins us now. the market seems to be rallying on the idea that there are signs of inflation cooling. is that a story markets will continue to get behind? >>so many things have come up random basis. we all have t-shirts that say we survived the great banking the market is very data dependent -- the fed is very data dependent. it appears the fed is making progress on inflation, but they still have a ways to go. the pce index numbers out this morning show us what we are seeing is a steady but slow decline and you have headline pce inflation at 5% and core at 4.6%. both of those are more th

let's get more on the jolts numbers and bring in michael mckee. what are you seeing and what does it signal for the fed. michael: the headline number comes down. it is still very elevated and the number of people getting hired did not change all that much. 6.4 million. at this point, it looks like we are still seeing a tightly premarket. that is the lesson you would take away, the number of quits decreased by 207,000. the quits rate unchanged at 2.5%. people still feel confident. the number of layoffs did increase by 241,000. we are starting to see that. we have not seen it in the jobless claims. we will see if that starts to translate through. this is january data. this is not february data. if we have not seen it in claims already, one does not know what is going on, but the take away from this is basically we have not seen a significant change that would adjust the fed's view that it is a tight labor market. guy: are we now in a position where we need to see weak data in order to not get 50 from the fed at the march meeting? michael: that is an

we heard from boston fed president susan collins who caught up with michael mckee this morning saying the recent data has not swayed her outlook. >> my assessment at the last meeting just last week with the summary of economic projections did suggest an additional rate hike and pausing and holding over the year. but i need to assess all the data that will come in between now and when our next meeting is in early may. the new data i've seen in the past week has not material g -- materially changed how i think about things. katie: definitely sticking to the script but what does more work to do mean for this fed question mark is that sibling mean hiking rates more or just not cutting? vishwanath: i think she herself laid that data is to be coming and we will be watching the data and we have that to come in. i think our own expectation is they will hike another 25 basis points in that is our solid base case expectation -- expectation and then pause at that level, that is what economists are saying at this point. but we are aware of if we have, depending on how the data pans out between no

tom: michael mckee with us, he says tertiary data, i would say we see it later. g is not until may 3. this will not make a lot of difference. tom: we will wrap it together with jay bryson of wells fargo. thrilled you could join us. so many are looking at the non-recession call with the 3% real gdp growth. give me color about what the next corridor or than rest of the year looks like. jay: our senses that the u.s. will be in a recession by the third quarter. it is a slow moving train wreck, not anything sharp. but we have rates that are elevated and you have the lag effects of that and some sort of credit tightening will be going on in the banking system given what we have seen. those put headwinds on the u.s. economy and causes growth to turn negative in the third quarter. at this point we are not there. tom: can we say there are two america's? there is an america prospering or not and recession, evident by windows of consumption we see, but is there another that is not prosperous? can you suggest that there are two americas in a disparate economy? jay: that has a

let's head over to mike -- michael mckee. ebruary, he little old. it goes back to before the banking problem. i do not know whether that would influence you to buy a new boeing or not. durable goods orders fall 1% after four point 5% drop. the month before. x transportation is flat. capital goods orders non-defense x air, the one economists watch because it is a proxy for business spending, that is up .2% after an eight point --point 8% increase the month before. these are the non-revised numbers. i am looking for the revised numbers on those. it looks like a little bit of an expansion in terms of business spending. but, not a huge amount. the headline number, what we usually see is it is heavily influenced by boeing. those jets are really expensive. i will take a quick look and see . non-defense aircraft were down 56.3% for the month of december and january. january 2 february, down 6.5%. boeing taking a lot out of the first two months of the year. overall, initial impression is, it is not terrible. this is not going to influ

the latest data, we have a cents from michael mckee who is down in washington.tting numbers now. -- we are getting numbers now. mike: we are getting any surprising numbers. it does appear that the labor market remains stable and a few more job applicants or job losers may be applying for benefits but it is not a significant change, not to change people have been expecting and the four week living average goes up to 1 -- the second response, to the gdp numbers and consumer spending drops off to 1% from 1.4% and that is a big deal here because people are talking about consumer spending is falling off. i think i have lost you on your end so i will turn it back to you and you can ask vince how he see things going. lisa: michael mckee, we are seeing markets gyrating around and if you take a look at the two-year, there is little reaction. things are moving along. trying to get your head around where we are in this tipping point because it feels like a model and vincent reinhart has wise words when you are in a muddle. maybe people are waiting for surprise to trade rap

alix: love talking to you both, michael mckee and ira jersey. core strength versus flabby stability. we will speak with vineer bhansali coming up next. this is bloomberg. ♪ ever better. it's when disruption hits your supply chain and ryder makes sure you're ever delivering with freight brokerage to transportation management, truckload capacity and dedicated trucks and drivers. get help reaching your goals with j.p. morgan wealth plan, a new tool in the chase mobile® app. use it to set and track your goals, big and small... and see how changes you make today... could help put them within reach. from your first big move to retiring poolside and the other goals along the way wealth plan can help get you there. j.p. morgan wealth management. >> our view is that ultimately the fed goes back to hiking interest rates. our view is that the market is understandably are and a risk off mode. alix: that brings us to the question of the day, core strength versus flabby instability. with us now is vineer bhansali. which one of these went out in the long run?

thank you for breaking this down for us, michael mckee and creta group to -- and kriti gupta. amazon pausing construction on its second headquarters near washington. this is the company is looking at the deepest job cuts ever and a reassessment of their office space in the middle of remote work. we will get more on the story in just a moment. amazon stocks still up 1.6%. but they are pausing construction on headquarters in virginia. coming up, forget the landing. are services taking off? alexandra wilson-elizondo joins us next. ♪ alix: markets really moving. we have the nasdaq off the highs. the low, i should say. the yields are pretty high. the ism was pretty high. which means forget the landing. joining us is alexandra wilson-elizondo for multi-asset solutions. these numbers are really strong. new orders are strong, employment strong, prices paid coming down. are we taking off? alexandra: recent data has been pointing to inflation drivers being alive and well but we do not think this is a regime change in terms of inflation. we are very focused on the fact we have just gotte

tom: michael mckee is in washington waiting for what we will see.d i are the only two within the beltway that call it the humphrey hawkins testimony. how will this be different than the others before when he's up against brown of ohio and scott of the south? michael: it won't be significantly different because every hearing the fed chair attends is an effort by members of the parties to get him on their side. there will be some dispute about how far the fed has to go and whether or not they will sacrifice american jobs and bringing down inflation. i would and elizabeth warren and we should hear from her on that. one thing we haven't talked about is whether or not he will say interest rates are going up and that's the debt ceiling and the idea we might see a government shutdown in october. i'm sure those topics will come up and he will be asked to take sides and he will do his best to avoid doing that. tom: who is opposite from the senator of massachusetts, the republican who is the opposite of elizabeth warren? michael: probably any of them would ta

michael mckee trying to deal with a dependency.sa abramowicz. none of it really matters. what do you do with a two year yield up six basis points when you have credit suisse turning -- churning, first republic churning, credit suisse coming up from the trauma yesterday? lisa: no adjustment of the fed funds rates. this is the conundrum. we had data dependency. we said we would get these important reports, the labor market report, the tuesday cpi, and then no one cares. that to me is the conundrum for central bankers. how did they make them care or give into the new narrative that might shift again? tom: they will look asymmetrically and say if we make decision a, what does it mean on an asymmetric basis? and not only in the u.s. but in europe that has surprised a lot of people with optimism. neil is an economic researcher and he's nailed the resilient american economic experiment over the last couple quarters. wonderful to have you with us and trying to talk not about the banking crisis. with your studies of economics, is it simple

alix: then we have michael mckee, he will michael: do it for us. michael:i will do it for you. it's a plot guide to keep the numbers away from you. 104.2, up from a revised 103.4. it shows that consumer confidence improved somewhat during the month of march. this probably includes some of the time that we fed with the bank situation -- that we have had with the bank situation so maybe people are not as concerned. still looking for the complete overall breakdown of their numbers which i'm just getting from the conference board. basically, the numbers seem to be ok in terms of where they are going from here. the number we always want to watch with the consumer confidence is jobs figures because that tells you what might happen with employment coming up in the number of people who think jobs are plentiful but declining slightly. jobs are not so plentiful rose to 40.6 in the jobs hard to get basically unchanged. people probably see the overall number of jobs available in a little bit worse. it gives us an idea of where we are going with the labor market. you pointed out the number

kriti: for more in the possible readthrough to central banks, michael mckee joins us on set.his idea of price stability versus financial stability has been the name of the game for the federal reserve. to what extent has the pricing change now that we are kind of making our way through the chaos. michael: tell me when we make our way through. the central banks are groping their way through a dark room. the ecb today moved 50 basis points and their deposit rate up which is the main focus right now. they moved it up to 3% because they have an inflation mandate and patient is still too high. they had promised to do 50 at this meeting and they did but the statement now says they don't know what they will do next because they will be data-dependent which leave them in opening if we have more financial concerns that would affect the economy. they have the luxury of waiting until next week before they make a decision about monetary policy and use the rates to deal with inflation. they could use regulatory powers to do with financial stability and looks at this point what we are seei

welcome michael mckee, bloomberg economic and policy coordinator.was all about china

michael mckee is at the event and joins us now. what are the headlines from susan collins? chael: susan collins and tom barkan from richmond are speaking at the same hour and they've both are delivering the same message as vince reinhardt suggested that they are going to do more but they are going to be cautious in seeing what happens to the economy. here at the conference, there is a lot of talk among become us about some signs the economy is slowing down. in susan collins'remarks so she currently anticipates modest additional policy tightening and holding it through the end of the year. that is what the fed's been saying all along. they noted last week that they anticipated the fed funds rate going up at least once more by another 25 basis points. the richmond fed president said i'm heavily influenced by the experience of the 70's. if you back off on inflation too soon, inflation comes back stronger, requiring the fed to do even more with more debt. even though we are seeing some signs of consumer spending starting to fall, you still have strength the labor market. the job

michael mckee is in washington and sonali basak is in bloomberg. act from jay powell will be tough. the bank crisis on one side and inflation on the other. michael: the fed doesn't want to mix the two but it's impossible. the chairman is going to talk about what they do on the monetary policy side but they have always believed that monetary policy is in a good tool for banking issues. they want to use the supervisory regulatory powers they have. he will talk about the banking industry in general being in good shape and that the fed is doing whatever it needs to do to keep the system from imploding. they want to separate that from the monetary policy implications of inflation, and the fact that inflation is still their biggest concern. caroline: is the banking sector in good shape? sonali: looking at pack west, you see them disclosing 20% of their deposits were under pressure this year alone. a lot of that was tied to the venture community. while you have seen first republic have ripple effects going into other banks there is a question about which d

michael mckee joins us, ritika gupta -- kriti group to joins us, sonali basak as well. the first thing we need to nail down is does market pricing reflect what wall street thinks. what do you think in terms of what we are seeing in terms of pricing? is it real? kriti: it is real. let's start with the bond market. that is where you are seeing the most brutal move. we went from 25 basis point getting priced and at other jobs report to 50 and then back to 25 and now zero. that seems to be the idea in terms of hikes. when you look at the bond market move, that's which does reflect the market consensus that come march 22, the fed is not going to move at all. their number one priority is to simply re-instill confidence in the banking system. that being said, i've had plenty of traders talk to me and say tomorrow that could change. if you have an extremely high cpi print the focus could shift. bondholders are diving into the front end of the curve. going to the equity market, it is a different story. if you are bidding on an easier fed, the market should be rallying far more t

michael mckee will brief us here is best as he can. we are waiting for the data. a unit labor cost number coming in and it is very strong. we have the claims number coming in. i will give that first. we will keep tom in suspense. 190,000. we continue to see jobless claims not rise because the economy is slowing but fall because the economy is doing who knows what. we will turn to carlton, meant to ask about that. tom: the long and variable lag. michael: labor costs, 3.2%. that is a revision to fourth-quarter productivity. we are doing quite well year compared to 1.1%. one point 7% for nonfarm productivity. that is down from the 3% while ago. it does look like there is a strong possibility maybe we are seeing companies pay up to get work done. right now, the amazing things -- amazing thing is the jobless claim numbers. they were 192,000, down 2000 from last week. jonathan: -- tom: i want to go back to before we go to carl riccadonna, yield search, four point 06%, up seven base -- 4.06%, up seven basis points. this is a lift to the curve. priya misra will join us in

kailey: let us bring michael mckee to react to this. how realistic is it that the fed goes back up to a 50 basis point move? mike: it will depend on the data. i would hate to sound like a fed official sounding like we are data-dependent. look at the sentence where jay powell says "if the totality of the data were to indicate that faster tightening is warranted we would be prepared to increase the pace of where -- of rate hikes." that tells me it is not a done deal, say we get a 230,000 or 235,000 payrolls on friday which is what the bloomberg consensus is and cpi going up about .4 10 -- .4% which is also a bloomberg consensus, that tells me that the fed will not see a total collapse in their tactics, and they could still stay with 25. they will have a high bar to go with 50. and i do think it is a question of the markets telling the fed what they can do, not what they have to do. if we get the data and it is bad , the markets will make it possible for the fed to go to 50 with expectations, but the fed does not have to do anything at thi

michael mckee has that right now. good morning mike.lls. that is up from 106,000 which was their initial report for the month of january. two hundred thousand was the forecast but that comes an even better. it looks at this point most of the jobs were created in media and large establishments. bars and restaurants have been looking for people but according to adp, small establishments lost 61,000 jobs. also losing jobs, construction. that is something people have been waiting for as the housing market slows down. a lot of that was made up for an manufacturing where 43,000 jobs were added. 83000 and leisure and hospitality. not sure how that works with the 61,000 lost in that area. adp puts up a growth index and according to them, pay growth for people who stayed in their jobs was 7.2% which is the slowest pace of gain and 12 months for job changers and fell a 14.3 from 14.9. i did some calculations, since adp came out with their new numbers in system, they have been off by 132,000 a month compared to the nonfarm labor bureaus. jonathan:

tom: michael mckee, in charge of international economics. he has retail sales for us. ppi and retail sales. the consumer stopped spending in february, it appears. retail sales down, autos down .1%. if you take the control group, there is some better news. that was up half a percent commit the expectation was for a fall of .2%. last month, the number for the control group was revised higher, significantly, 2.3% from 1.7%. all of the numbers for last month were revised higher. the headline retail sales was up 3.2%. the original report was free percent. -- 3%. it does show that americans were still spending but pullback back in some areas. ppi down .1%.it rose .7% in january. the core rate is flat after a .5% gain last month and a .4% gain forecast. you take out food, energy and trade. trade is not international trade. this is retailers and wholesalers and it is their profit margins. that is up .2%, down from .6%. it shows some fall there. on a year-over-year basis, 4.6% for the headline. i have got to throw this in -- empire manufacturing, down 24 .6%. it was -5.8%. dry

with that economic data you have been on the edges of your seats for, here is michael mckee.february. do not know what it means other than service industries in the philadelphia fed district not doing as well as a month ago, but this is something that will not influence the fed's decision tomorrow. lisa a.: this is actually an important question, not necessarily about the philadelphia fed manufacturing index, does economic data matter? michael: no, not to this meeting. the data are backward looking. the event is looking on a forward basis at what is happening with the banking system. they are looking at the incoming inflation data and that is why most economists still expect a 25 basis point move, 30 when we see some healing in the bank stocks. they were all green in the market yesterday and some finished down by the end of the day, but obviously the treasury department wanted to get yellen's comments out before the market open. her speech is not until 10:00, but they put out that part that they might rescue other people, because they want to give the idea that they will back

michael mckee back with us.of the potential features of the statements in the aftermath, what economic data coming up could matter related way that the data we have gotten over the past two weeks just has not? >> nothing in the near term. we do not get the inflation numbers until the end of the month. that is meant to be the next time of economic data to see where the fed's measure of inflation is. sorry about having to work on good friday, guys. beyond that, it is going to be a matter of waiting to see. one of the interesting things that everybody is going to be looking at that nobody looks at, remember yesterday we did that philadelphia fed manufacturing survey? we have all of those -- almost never reported on the senior officer loan survey. it is not a major indicator. now it is going to come out quarterly. we will get it sometime during the end of april. that will give us an idea of where the banks are tightening credit standards in the wake of all of this. i do think we will have to wait a few weeks. the su

michael mckee were handing it over to you.d people filed for jobless claims. that is down from the prior week and it's not what was expected. there was a thought that it would go up to 197,000. we are not seeing any kind of movement at all. there are a lot of layoff announcements so we are waiting to see what happens, windows will show up. it looks like at this point what's going on is that people are getting severances so that keeps them from filing from jobless claims or companies are holding onto workers. lisa: yesterday we were talking about how the actual economic data doesn't matter because we are looking for the potential of some kind of systemic event and the banking sector. at what point does the economic data matter? at what point are we looking at jobless claims lower-than-expected as a sign that we have a hot labor market? mike: we have to look out it is a fed being on to pass. one they are keeping an eye out for what is going on in the banking system and since he don't know what the effect is going to be able to o

michael mckee quickly and observation of 47 pages. >> number of retail jobs increased by 50,000.ion that perhaps retail sales have not pulled back or did not pull back a lot in february. retail employees got the biggest raises, up 1.1%. we talked about leisure and hospitality they were up three tents of a percent. manufacturing was flats of holds that we hired people in lobar wage occupations and not in higher wage occupations. the other observation i would make is we have now dropped to 834% chance of a 50 basis point move in the market. while people price that out. tom: let's continue with ira jersey he has been known for years on wall street for short-term analysis. what's important here, go out and find percent he is the -- from perm -- bloomberg intelligence. do you see a disinflationary trend in place even if it's ever so shallow? >> there is. we had that one little blip and a lot of the data in january which gives us a lot of pause but we have to keep in mind it isn't only one data point and we have to look at all the other data in totality. today's data i don't think it m

tom: completely focused on the inflation report, michael mckee. point. .4% gained. a little worry at .5% gain. more than .4% expected. it doesn't make a difference year-over-year basis. year-over-year falls to 5.5% from 6%. headline cpi matches expectations and comes in at 6%, down from 6.4%. a little progress. we will have to check in and see where that extra 10% comes in. we are not seeing the big decline in rent. lisa: i am looking right now at the two year yield, it is not moving that much. on the margins this was a harder than expected core reader. you are seeing fantastic pop even further. i wonder how much people are looking past this and saying this is all irrelevant because financial markets have changed. there has been a tighter condition. this is all backward looking and doesn't really have an effect. mike: it is kind of funny. thursday of last week we would have said a number like this would have the fed freaking out and that .5% gained in the core would have people saying oh, they should go 50. now they are going nothing or 25. it doe

i go mckee will look into the pce numbers later -- michael mckee will look into the pce numbers laters how he but that -- put that. jim bianco said it is a 5% world. lisa: the nodes of uncertainty right now. do have hawkish central bankers are due have a crisis that causes a pause -- or do you have a crisis that causes a pause? "the downside risks have gotten bigger. central banks were always going to force a landing one way or another." tom: i'm so fed up with this. this started with v-shaped. i remember sitting in the studio with the late great ken prewitt, looking at v-shaped and nothing shot -- nothing stopped from there. what will the next phrase be? what will the media say is the narrative right now? i don't think there is a narrative right now other than survival based on flows of the closets. -- based on flow of deposits. lisa: it was interesting how we were speaking with mike wilson of morgan stanley about seeing opportunity in the financial stocks. the nasdaq is still doing better than good at a time when people see that as a time when people see that. -- at a time when peop

good and in two incredibly busy week next week right now we need to go to the economic data with michael mckee? >> i'm tempted to see. i is some services comes out and arguably the last i and i'm services report was more important than the markets or caused more paving live in the market that they don't report it went significantly higher and because the fed has said surfaces arbor inflation is right now everybody was watching. it went from -46 to over 50. not yesterday, two days ago neil said seeing many signs of a slowdown in services. they're going to want to see what happens with this number today. lisa: can you explain the distinction between ism services index versus the prices paid component? >> it's still sort of the key component but the things about services overall the primary cost of the service possesses labor so if service industries are picking up then probably likely to see costs go higher. that's the way the fed is looking at it. that's one of many indicators that it is one that is in the area they have identified as important. tom: please tell me how does housing fit into ser

michael mckee is with us. one i know who reads speeches at the homer jones lecture of st. louis. they have been going on for years. i am going to go back to anna schwartz, who was definitive on how the fed was built with milton friedman. i had a fractured lunch with her in her 94th year. anna schwartz wrote years ago a homer jones lecture on the misuse of the discount window. allan meltzer would agree with that. are we seeing a misuse now by the banking industry of the fed? mike: i do not think so. people do not want to go to the discount window. they use the discount window when they are trouble. it has always had a stigma. it is interesting so many people went to the discount window in the last week. that may be because the new financing system was not set up until monday. people could not access it and there were a lot of withdrawals going on thursday and friday last week which the fed report captures. also, the discount window takes a wider amount of credit, different kinds of credit than just the new bank