Column (2) reports the regression result of the percentage changes in banks’ wholesale funding (% Change in WSF) on the changes in the FFR with the same specification as in column (1). We find that an increase in the FFR increases banks’ wholesale funding amount and that this relationship is statistically significant. It is also economically significant given that a 1 SD increase in the Change in FFR results in a 10% of 1 SD increase in the % Change in WSF.