HomeFinancial MarketsU.S. Bank Deposits Fall to Two-Year Low

U.S. Bank Deposits Fall to Two-Year Low

U.S. bank deposits fell to their lowest level in almost two years in late April, data released by the Federal Reserve on Friday showed. Overall credit provided by banks increased, while a record level of outstanding loans was reached.

Deposits at large U.S. banks declined to $10.54 trillion from $10.61 a week earlier on a nonseasonally adjusted basis. Deposits at small banks fell to $5.32 trillion from $5.34 trillion the previous week.

Overall, deposits stood at about $17.1 trillion for the week ended April 26. A decline of about $120 billion from the previous week, this is the largest drop since June 2021. Deposits have fallen by $500 billion since the collapse of Silicon Valley Bank in March.

Total banking system credit rose for a second week, reaching $17.37 trillion on a nonseasonally adjusted basis. This was largely driven by a rise in loans and leases to a record $12.11 trillion.

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