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US bank deposits hit the lowest level since mid-2021, a Federal Reserve (Fed) report shows. Deposits at large banks fell $21.6 billion, fueling the weekly drop.
The week ending May 10 saw $17.1 trillion in commercial bank deposits, a decrease of $26.4 billion. The data is from the H.8 report, which collects data from 875 US banks.
This week’s result is an indicator that investors have been seeking higher yields in the market and abandoning the low rates of US banks. The lending rate also fell, by $3.3 billion seasonally adjusted, a much smaller drop compared to the previous week.
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