Advertisement

30 Billion Exits US Banking System as Deposit Flight Grows

0
1636
Advertisement

______________________________________________________

$30,000,000,000 Exits US Banking System in One Week As Deposit Flight Grows

Daily Hodl Staff
May 27, 2023
FUTUREMASH

New numbers from the Federal Reserve show the amount of money people are pulling out of their bank accounts is once again on the rise.

According to stats compiled by the Federal Reserve Economic Data (FRED) system, depositors yanked $30 billion out of American bank accounts from May 10th through May 17th.

That represents an increase of more than $4 billion over the previous week.

The US banking system now has a total of $17.15 trillion in deposits, compared to $18.03 trillion one year ago.

The deposit flight follows the failures of three large regional banks – Signature Bank, Silicon Valley Bank and First Republic.

The Los-Angeles based PacWest, which has been in the spotlight as the latest bank trying to keep afloat, is selling $2.6 billion in real estate construction loans in a bid to improve its balance sheet.

______________________________________________________

Advertisement

______________________________________________________

According to a Federal Reserve report, more than 700 American banks are considered to be facing “significant safety and soundness risk” due to unrealized losses that exceed 50% of their capital.

In the report, the Fed calls out its own interest rate hikes as the core reason those banks are now in a precarious position.

According to CME Group’s FedWatch tool at time of publishing, 35.8% of traders think the Fed will again raise rates next month.

Source: The Daily Hodl

______________________________________________________

If you wish to contact the author of any reader submitted guest post, you can give us an email at UniversalOm432Hz@gmail.com and we’ll forward your request to the author.
______________________________________________________

All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.

______________________________________________________

Advertisement

______________________________________________________

Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.

Copyright © 2022 Dinar Chronicles

Advertisement

LEAVE A REPLY

Please enter your comment!
Please enter your name here