(ZERO HEDGE) U.S. Banks Suffer BIGGEST Weekly Deposit OUTFLOW Since SVB Crisis 1 year ago!
(ZERO HEDGE) U.S. Banks Suffer BIGGEST Weekly Deposit OUTFLOW Since SVB Crisis 1 year ago!
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After the massive deposit inflows the prior week, US banks saw total deposits plunge in the week-ending 10/09 (latest data released today), down a stunning $69BN (on a seasonally-adjusted basis), erasing the prior two weeks deposit inflows...
Source: Bloomberg
On a non-seasonally-adjusted basis, banks also deposit outflows ($59.5BN)...
Source: Bloomberg
Additionally, for the first time in four weeks, money market funds saw (admittedly small) outflows this week (-$6.5BN), taking them just off record highs...
Source: Bloomberg
That is only the second weekly outflow from MM funds in the last three months... and the outflow was all institutional (with retail funds continuing to see inflows)...
Source: Bloomberg
Excluding foreign deposits, the US domestic bank deposit outflows were considerably worse, down $85BN (NSA) and $88BN (SA)...
Source: Bloomberg
That is the biggest weekly SA domestic deposit outflow since the SVB crisis in March 2023...
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