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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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- Interestingly, just like with recent weakness in credit extension in part one (here), large domestic banks have most recently seen the greater deposit flight in data for the first two weeks for May to May 10.
- Total deposits of all banks fell by a seasonally adjusted -$26B in the week to May 10 after -$15B the week prior for a four-week average of -$11B.
- This compares with -$22B after -$14B for large domestic banks, although stronger weeks before that help limit the average to just -$3B (with foreign, not small domestic banks making up most of the additional decline in the $11B average above).
- It sees a return to a more typical trend from before regional bank woes came to prominence, with large bank deposits trending lower since early 2022 with the start of the Fed's hiking cycle.
- Non-seasonally adjusted data show a broadly similar trend, suggesting that money market funds might have benefited from this outflow but subsequent more timely data show this has since slowed.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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