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.
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.
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Source: https://dailyhodl.com/2023/05/27/30000000000-exits-us-banking-system-in-one-week-as-deposit-flight-grows/