Banking crisis might be ongoing as bank deposits have declined since May 23
Banks in the US just saw their biggest weekly deposit outflows since the collapse of SVB. Total bank deposits (on a seasonally-adjusted basis) plunged by $70 billion last week alone. This puts bank deposits at their lowest levels since May. At the same time, usage of the Fed's…
Here's where it gets more interesting: Usage of the Fed's emergency bank funding facility jumped by $328 million last week. It's at a new record high of $108 billion, even as the regional bank crisis is "over." Follow us @KobeissiLetter for real time analysis as this develops.
