$86,580,000,000 Entered US Banking System In One Week With Deposit Journey Reversal

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$86,580,000,000 Entered US Banking System In One Week With Deposit Journey Reversal

New weekly US deposit figures come out, which show Americans are now increasing the amount of cash they hold in the traditional banking system.

Last week, depositors en masse added $86.58 billion, according to new figures from the Federal Economic Data System (FRED).

This is a significant turnaround from the previous week, when depositors withdrew about $30 billion from their bank accounts.

US banks now have a total of $17.23 trillion in deposits, down from $18.10 trillion a year ago.

A new report from the Federal Deposit Insurance Corporation (FDIC) shows that Americans withdrew $472 billion in the first quarter of 2023.

Most of the money came from uninsured deposits as clients reduced the risk of holding more than $250,000 per depositor, per insured bank, per account ownership class.

Money market funds are the recipients of much of the cash flowing out of the banking system as investors seek safety and yield.

As the first quarter drew to a close, assets held by money market mutual funds jumped to $5.6 trillion, according to Crane data. This is the highest recorded number.

On Wednesday, JPMorgan CEO Jamie Dimon deported Optimistic outlook on US banks as a whole.

Compared to the 2008 financial crash, Dimon says there is “nothing like that leverage” in the system this time around.

Dimon says he thinks the banking system is sound, although two banks are “going” in being exposed to sharp interest rate hikes.

“The private companies are actually in very good shape. The banking system is in very good shape.

I’ve just seen the regional banks announce very good numbers. Deposits have not run out as people talk.

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