Small US Banks Suffer Biggest Deposit Outflows Since SVB Crisis, Money-Market Inflows Soar
- Small US Banks Suffer Biggest Deposit Outflows Since SVB Crisis, Money-Market Inflows Soar
by Tyler Durden, https://www.zerohedge.com/
Last week saw the magic of The Fed’s “seasonal adjustments” turn a $66BN outflow into a $41BN deposit inflow for domestic banks. With money market fund inflows accelerating and usage of The Fed’s emergency funding facility at a new record high, who knows what imaginative gifts the clever people at The Eccles Building will drop on us today.
–
Total bank deposits (on a seasonally-adjusted basis) plunged by $70BN last week to its lowest since May…
–
But, of course, non-seasonally-adjusted deposits saw inflows of $38BN…
Are bank deposits about to catch-down to their money-market-fund implied levels?
–
read more.
end