Banking crisis might be ongoing as bank deposits have declined since May 23

The Kobeissi Letter

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Banks in the US just saw their biggest weekly deposit outflows since the collapse of SVB. Total bank deposits (on a seasonally-adjusted basis) plunged by $70 billion last week alone. This puts bank deposits at their lowest levels since May. At the same time, usage of the Fed's…

The Kobeissi Letter

@KobeissiLetter

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Here's where it gets more interesting: Usage of the Fed's emergency bank funding facility jumped by $328 million last week. It's at a new record high of $108 billion, even as the regional bank crisis is "over." Follow us @KobeissiLetter for real time analysis as this develops.