For the first time in seven weeks, money market funds saw net outflows last week (-$20BN) – the largest weekly outflow since June…
Source: Bloomberg
The outflow was dominated by a major institutional drawdown (-$25BN) as Retail funds saw inflows yet again…
Source: Bloomberg
US Bank Deposits (seasonally-adjusted) also saw outflows in the week ending 09/11 (-$9.3BN), the first weekly outflow in five weeks…
Source: Bloomberg
On a non-seasonally-adjusted basis, US Bank Deposits also fell (-$15BN), backing off from April highs…
Source: Bloomberg
Excluding foreign deposits, domestic banks saw outflows (both SA -$34BN and NSA -$41BN) in the week ending 9/11 (before The Fed rate-cut), with Large Banks dominating the outflows (SA -$24BN and NSA -$32BN)…
Source: Bloomberg
On the other side of the ledger, loan volumes increased despite the deposit shrinkage with Small bank loans rising $4.1BN and Large bank loans rising $1.2BN…
Source: Bloomberg
Finally, US equity market capitalization surged back up towards all-time highs this week (after The Fed unleashed hell with a 50bps cut)…
Source: Bloomberg
…meanwhile, bank reserves at The Fed suggest stocks could be significantly lower.
Tyler Durden
Fri, 09/20/2024 – 17:20
