Free Trial
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.
US
- Released late Friday, weekly banking assets & liabilities data showed further large deposit withdrawals for the second week capturing fallout from regional banking woes (ending Wed 22 Mar).
- Net outflows increased to $133B from a notably upward revised $129B (initially $53B), large but not outstandingly so for raw weekly changes.
- The withdrawals look relatively larger in seasonally adjusted terms, at $126B after a heavily upward revised $174B the week prior (initially $98B). The latest decline is the largest since 19 Sep 2001 (pullback from a spike the week prior), whilst the previous week’s decline was the largest withdrawal since at least 2000.
- Small domestic banks were behind the large revisions but of note saw no further flight after what had been by far the largest outflow since at least 2000 in both NSA ($185B) and SA ($196B) terms.
- The main change was that withdrawals were focused in large domestic banks ($90B) in the latest week, almost reversing the prior week’s haven-seeking. Whilst on the large side, it saw a return of outflows since Mar’22 at the start of the Fed hiking cycle.
- Money market funds have continued to benefit from deposit outflows although the rate of increase slowed. The ICI data, with one week more data for the week to Wed 29 Mar, showed MMF assets increasing $66B after two particularly strong weekly increases of $117B and $121B.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok