NEW YORK (Reuters) - The commercial paper market shrank in the latest week, suggesting businesses either cut back on short-term borrowing or filled their short-term borrowing needs elsewhere, according to Federal Reserve data released on Thursday.
Non-seasonally adjusted commercial paper outstanding fell $6.5 billion in the week ended April 11.
Seasonally adjusted commercial paper outstanding fell $3.1 billion in the week ended April 11.
Non-seasonally adjusted foreign bank commercial paper outstanding fell $1.3 billion in the week ended April 11, according to the data released by the Fed.
Companies use the short-term commercial paper market to raise cash to finance payrolls and inventories.
Reporting By Ellen Freilich; Editing by Chizu Nomiyama