The Federal Reserve is being urged to take stronger action to address short-term funding market pressures.

In the $12 trillion global bond market that provides a key source of daily financing for Wall Street, mounting pressures are triggering more and more calls for the Federal Reserve to take stronger action to ease the pressure. Companies including Bank of America and Barclays have warned that the Fed may need to take measures such as increasing lending in the short-term market or directly purchasing securities to inject funds into the banking system and alleviate the pressure of rising overnight rates.