Independent Strategy

Banking Monitor

Since the beginning of the current crisis, bank deposits have fallen $390bn, while borrowing from the Fed and other sources has risen $430bn. Borrowing from the Fed’s facilities has stopped for now. Flows into money market assets have risen $450bn. Bank credit growth has slowed from 11% yoy at the beginning of 2023 to 8% yoy now. Small and regional banks stocks remain near all-time lows; and the bond yield curve remains heavily inverted. So stress remains.

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