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US Deposit Outflows Accelerated Last Week, Led By Small Banks
After yesterday's continuing surge on flows INTO money market funds and increase in the use of The Fed's bank bailout facilities, expectations were for more deposit outflows from US commercial banks (despite Western Alliance's comments which sparked a melt-up in regional bank shares this week.
However, Treasury Secretary Yellen spoiled the party somewhat today by warning (reportedly) that the market should expect 'more bank mergers' (i.e. failures). And so, according to the latest H8 report from The Fed
Assets and Liabilities of Commercial Banks in the United States - H.8
https://www.federalreserve.gov/releases/h8/20230519/
On a seasonally-adjusted basis, total US Commercial Bank deposits fell by $26.4 billion during the week ended 5/10 - the third straight week. On a seasonally adjusted basis, US commercial bank deposits (ex-large time deposits) decreased $20.8bn last week (during the week-ending 5/10), for the fifth straight weekly outflow. That is the lowest since March 2021. On a non-seasonally-adjusted basis, US commercial bank deposits (ex-large time deposits) dropped $50.26 billion (after jumping $63.8 billion) the prior week.
And judging by yesterday's money market inflows, the deposit outflows continued this week (remember, deposit data is lagged a week to money market and Fed balance sheet data), despite reassurances from WAL (Western Alliance Bancorporation) On a seasonally-adjusted basis (ex large time deposits), Large, Small, and Foreign banks all saw outflows last week…Small bank deposits are at their lowest since May 2021.
This is the 5th straight week of Small Bank outflows and Small Banks saw the largest outflows…
Large Banks -$7.49 billion SA (-$36.5 billion NSA)
Small Banks -$8.742 billion SA (-$12.5 billion NSA)
Foreign Banks -$4.627 billion SA (-$1.2 billion NSA)
Including large time deposits, the breakdown is as follows: Large banks -$21.6BN, Small banks -$2.7BN, Foreign Banks -$2.1BN
Jim Bianco points out an interesting fact in today's data - 'large time deposits' saw their first outflow since last October…not a good sign as Jim points out 2/4
"The twist this week is large time deposits, aka Jumbo CDs, also saw an OUTFLOW this week. The first such outflow since last October."
"This is how banks competed with money market accounts, and even this reversed."
"Ok, it is only one week, but it is surprising, nevertheless" pic.twitter.com/LuFrWuQsyJ — Jim Bianco biancoresearch.eth
(@biancoresearch) May 19, 2023
Finally, after adjusting for all the revisions (which are now an every week occurrence), what sticks out to us is that the last 5 weeks have seen $379 billion in NSA bank outflows, while SA the number is an outflow of only $171 billion. So The Fed is claiming there are still over $200 billion in tax-payment related deposits expected to return to banks.-cap #4
The Fed’s report showed residential real estate loans declined a seasonally adjusted $2.6 billion, while lending for commercial properties rose slightly. Consumer loans also ticked up from the prior week, while commercial and industrial loans fell $3.5 billion.
On the other side of the ledger, Commercial bank lending was little changed in the week ended May 10th, according to seasonally adjusted data. Large bank loans dropped $6.159 billion while Small Bank loans actually rose by $6.85 billion (despite significant deposit outflows)…And all of this happened a week before WAL claimed its deposits are rising.
https://www.zerohedge.com/markets/us-deposit-outflows-accelerated-last-week-led-small-banks
>>18871625, >>18871915 Bank Stocks Puke As Yellen Reportedly Warns Of 'More Mergers' Ahead
>>18868238 pb Fed Emergency Bank Bailout Facility Hits Record High; Money Market Inflows Suggest Deposit Run Not Over Yet
>collect 167
#23167
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that bun is for lb #167
ty
appreciate
np I did not announce so defer to one who did
>ferget to do that sometimes
it's fix't refresh
ty