$30,000,000,000 Exits US Banking System in One Week as Deposit Flight Grows – Crypto News – Crypto News
Connect with us
$30,000,000,000 Exits US Banking System in One Week as Deposit Flight Grows $30,000,000,000 Exits US Banking System in One Week as Deposit Flight Grows

others

$30,000,000,000 Exits US Banking System in One Week as Deposit Flight Grows – Crypto News

Published

3 years ago

on

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 statistics 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 a 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 the time of publishing, 35.8% of traders think the Fed will raise rates again next month.

Don’t Miss a Beat SUBSCRIBE to get crypto email alerts delivered directly to your inbox

check price action

Follow us on Twitter, facebook and Telegram

surfing The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending