The market for corporate borrowing through short-term IOUs contracted to the lowest level of 2013.

The seasonally adjusted amount of U.S. commercial paper fell $22.4 billion to $1.063 trillion outstanding in the week ended yesterday, the fifth straight drop, the Federal Reserve said today on its website. That's the longest stretch of declines since the period ended Oct. 24 and the least since the market touched $1.058 trillion Dec. 19.

Corporations sell commercial paper, typically maturing in 270 days or less, to fund everyday activities such as rent and salaries.

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