The chief executive of Ford (NYSE: F - News) has joined calls for the Federal Reserve to stimulate the economy, saying the housing crisis and credit turmoil has made sustaining economic growth a "priority".

In an indication of the growing pressure on the Fed to cut rates, Alan Mulally said economic and credit conditions were a "big headwind" to his plan to turn round the carmaker, which last year lost $12.65bn.

"Something we are all concerned about is the macro-economy," he said. "Especially right now in the US with subprime and [higher] fuel prices."

Asked whether he backed a rate cut, Mr Mulally said: "It is a really important job to manage inflation and economic growth [but] focusing on economic growth appears to be a really important priority now."

The Fed, meanwhile, released figures showing that banks made more extensive use of its direct lending facility over the past week than previously disclosed.

In the week to Wednesday, the average daily amount of "discount window" loans outstanding was $1.2bn, up $1.19bn from the week before. The $1.2bn average daily direct lending by the Fed was roughly comparable to the amount outstanding in the second half of September 2001 after the September 11 attacks.

Citigroup, JPMorgan, Bank of America, Wachovia and Deutsche Bank have confirmed using the facility, in what executives characterise as a show of support for the Fed. The numbers imply either that these banks borrowed money for several days or that other banks also borrowed.

In the UK, it emerged that Edward Cahill, a senior official in charge of a high-profile structured finance team at Barclays Capital, had resignedthis week. Mr Cahill, who ran the collateralised debt obligation division – which creates debt vehicles linked to assets such as subprime loans – left the bank on Monday.

Mr Mulally's remarks follow a direct call by Bob Nardelli, chief executive of Chrysler, for a rate cut. Concern over the credit crisis is not limited to the auto sector. Wal-Mart and Home Depot have blamed poor results on sagging consumer confidence.

Yields on short-term Treasury bills rose on Thursday, and there were some other limited signs of improvement in the markets, including for jumbo – large denomination – mortgages.

But Angelo Mozilo, chief executive of Countrywide, the mortgage lender, said challenges remained in the commercial paper market. Canada's Coventree said it was unable to roll over $4.6bn of asset-backed paper.