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Hurricane Milton prompts more demand for cash, says Federal Reserve

As Floridians continue preparing for Hurricane Milton, the Federal Reserve says many are getting some extra cash.

A Federal Reserve of Atlanta spokesperson tells WLRN the region is "experiencing an increase in demand for cash," but nothing unusual during a time as a major storm approaches.

The Federal Reserve has two branches in Florida — one in Miami and another in Jacksonville. The central bank is the source of cash for the banks it regulates.

The Fed usually sees demand increase ahead of a storm as banks prepare for cash withdrawals.

READ MORE: Floridians reconsider staying home as Hurricane Milton edges closer

This is a News In Brief report. Visit WLRN News for in-depth reporting from South Florida and Florida news.

Tom Hudson is WLRN's Senior Economics Editor and Special Correspondent.
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