tybs
U.S. bank deposits decline for second straight week
Deposits at commercial U.S. banks declined in the week ended May 3, according to the Federal Reserve on Friday. Deposits fell to $17.15 trillion from $17.16 trillion in the prior week, the Fed said-cap#2. There has been a steady erosion in deposits as interest rates have risen. A main reason is that money-market funds are offering higher rates for consumer savings. At the beginning of March, bank deposits were $17.66 trillion. At the same time, lending at commercial banks fell to $12.13 trillion from $12.14 trillion in the prior week. That’s the first decline in five weeks.
Key details: Deposits at large banks fell to $10.70 trillion from $10.71 trillion in the prior week. Small banks saw their deposits shrink slightly to $5.247.2 trillion from $5.247.5 trillion in the prior week. Big bank lending fell to $6.71 trillion from $6.72 trillion in the prior week. Lending at small banks fell to $4.384 trillion from $4.386 trillion in the prior week. Big picture: After rising at a steady upward trend, bank lending peaked in November and came down sharply as the year began. Since then, bank lending has been treading water. In addition to causing deposit outflows, the Fed’s rapid rate hikes has lowered the value on bank assets, leading to stress in the banking sector and three major banks failures. In response, banks are tightening their loan standards.
Senior bank lending officers told the Fed this week in a quarterly survey that they expect they will tighten standards on new loans all year.
Economists are worried that if banks tighten credit too much, it could sour consumer confidence and lead them to cut back spending. This would hit the economy at a fragile time when second quarter GDP growth is already tracking at a paltry 0.2% annual rate. The University of Michigan reported Friday that consumers are growing concerned, causing the index of consumer sentiment fell in May to its lowest level since November. Market reaction: The Dow Jones Industrial Average DJIA, -0.03% and the S&P 500 index SPX, -0.16% both suffered their second straight losing weeks in part from worries about the continued health of the banking sector. PacWest Bancorp PACW, -2.99% continued a recent decline on Friday on concern about its longer-run viability.
https://www.marketwatch.com/story/u-s-bank-deposits-decline-for-second-straight-week-1622e6c9
https://fred.stlouisfed.org/series/DPSACBW027SBOG
>>18835448 pb At Year End, 4,127 U.S. Banks Held $7.7 Trillion in Uninsured Deposits; JPMorgan Chase, BofA, Wells Fargo and Citi Accounted for 43% of That
from 2014
Google Takes Over Operations Of Moffett Airfield From NASA, Will Invest $200M Into The Site
After years of using Moffett Field as the home and launch pad for the private jets of Google’s founders, the company has agreed to a deal in which it will lease the airfield from NASA for the next 60 years. As part of the lease, Google will take over operations of the airfield while the U.S. government retains ownership of the land.
In a press release, NASA announced that Planetary Ventures LLC, a shell organization operated by Google for real estate deals, will contribute $1.16 billion over the course of the lease, while reducing the government agency’s maintenance and operation costs by $6.3 million annually.
https://techcrunch.com/2014/11/10/google-moffett-airfield-nasa/
both Brin and Page use it as a personal airport ans whoever else they 'bless' with landing privilege
kek
The portion of land they lease yes for the googleplex thingy or whatever they call it.
Lockheed is on the east end of it
It's a big facility and they lease 1000 acres
They built some of the ISS components there and they also have a 7 story full flight simulator-got to use it with a Mercury 7 astronaut once (WS) also been on top of that hangar in the mid 90s-tons of empty bottles and used condoms at the top of a very rickety and rusty byzantine set of stairs.
PF: German AF GAF918 A350 (on ADS-C/satellite as LH918) departed Nigata, Japan after arriving yesterday-this is Finance Minister Christian Lindner-G7 meeting held in Nigata
Geriatric patient Janet Yellen is also there and met with the German FM
U.S., German ministers discuss efforts to counter Russian sanctions evasion
U.S. Treasury Secretary Janet Yellen met German Finance Minister Christian Lindner on Friday, underscoring the importance of working together to counter evasion of Western sanctions imposed on Russia over its war in Ukraine, Treasury said. Yellen and Lindner met on the sidelines of a Group of Seven finance officials meeting in Niigata, Japan, where U.S. officials have called for redoubled support of Ukraine.
G7 finance ministers to vow support for Ukraine, seek ways to spur global economy as debt risks loom
https://apnews.com/article/g7-japan-debt-yellen-finance-caa5607b653ae5f8cb4adf8a1d2c0149
Aussie AF ASY328 Falcon 7x departed Beijing after arriving yesterday-this is trade minister Don Farrell
Australia trade minister 'pleased' with trade talks in China
https://www.reuters.com/world/asia-pacific/australia-trade-minister-pleased-with-trade-talks-china-2023-05-12/