Source: BloombergNotably, the MM fund outflows were dominated by a $30BN decline in institutional funds as Retail funds continued to see inflows (+8BN)…
Source: BloombergOn a non-seasonally-adjusted basis, total bank deposits rose by 8BN (the third weekly NSA inflow in a row)…
Source: BloombergHowever, excluding foreign deposits, US banks saw a net $5BN SA deposit outflow (large banks -$1.4BN, small banks -$3.6BN) while on an NSA basis, domestic deposits rose by $15.7BN (large banks +$14.6BN, small banks +$1.1BN)…
Source: BloombergThe Fed’s balance sheet barely budged for the second week in a row (-$6BN after last week’s +$3BN)…
Source: BloombergThe Fed’s now-expired Bank Bailout fund (BTFP) saw a tiny $352 million decrease – erasing all the arb-driven surge in demand for the facility, but leaving a whopping $107BN left out there filling holes in bank balance sheets…
Source: BloombergAnd finally, with money-market fund and bank deposit outflows, it’s not hard to see where that money is flowing… the decoupling between US equity market cap and bank reserves at The Fed is now way beyond record highs…
Source: BloombergIs Powell’s acquiescence to a bigger, sooner ‘QT taper’ (in the face of not-under-control inflation) to soften the blow when this crocodile mouth snaps shut.More By This Author:Crude Pops, Gold Drops, Crypto Flops As Nvidia Suffers Worst Week In 2 Months”Everything Is Frozen”: Third-Day Of Cyberattack Leaves 15,000 Auto Dealerships CrippledFutures Fall, Tech Rally Fades Ahead Of Record $5 Trillion OpEx
