Last week, 25 of the largest banks in the United States recorded a $90 billion outflow of deposits after initially seeing an increase in deposits following the collapse of Silicon Valley Bank (SVB).
The latest data shows that the largest banks in the nation are down $22.7 billion since the SVB collapse.
Reporting from The Epoch Times:
After an initial surge of $129.3 billion in deposit outflows from all U.S. domestically chartered banks in the first week following the SVB collapse, the run on deposits slowed last week to a net $84 billion. While U.S. regulators have said this represents a stabilization in deposit outflows, there’s considerable uncertainty as to where things go from here. “What’s unclear for us is how much of these banking stresses are leading to a widespread credit crunch. That credit crunch … would then slow down the economy. This is something we are monitoring very, very closely,” Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said in a March 26 interview on CBS.
