US Banking System Sees Massive Deposit Fluctuations Amidst Economic Uncertainty.
TL;DR Summary
US depositors added $86.58 billion to their bank accounts in the last week, reversing the trend of deposit flight. US banks now have a total of $17.23 trillion in deposits, down from $18.10 trillion one year ago. A new report from the FDIC shows Americans withdrew $472 billion in the first quarter of 2023, with most of the money coming from uninsured deposits. Money market funds are on the receiving end of much of the cash that’s exited the banking system as investors seek safety and yield. JPMorgan CEO Jamie Dimon relayed an optimistic outlook on the US banks as a whole, saying the banking system is healthy.
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