Finance

Fed F**kery Is Back: Seasonal Adjustments Turns $38BN Bank Deposit Outflow Into $5BN Inflow

Usage of The Fed’s emergency bailout facility rose to a brand new report excessive final week and money-market funds noticed additional inflows, all eyes are as soon as once more on financial institution deposits

Seasonally-adjusted, complete deposits rose by a de minimus $3.3 billion final week (the 2nd straight week on SA inflows)…

Source: Bloomberg

However, and under no circumstances surprisingly, non-seasonally-adjusted complete deposits tumbled $30 billion final week (the third straight week of NSA deposit outflows)…

Source: Bloomberg

The divergence between money-market fund belongings and financial institution deposits stays excessive…

Source: Bloomberg

On the opposite facet of the ledger, each large- and small-banks noticed mortgage volumes improve (+$8.7BN and +$1.6BN respectively). This is the third straight week of mortgage quantity will increase…

Source: Bloomberg

Seasonally-adjusted large-banks noticed deposit outflows (-$11BN), whereas small-banks noticed $16BN in deposit inflows. Foreign banks noticed $1.8bn in deposit outflows…

Source: Bloomberg

But, Large-banks noticed an enormous $46BN deposit outflow on a NSA foundation (the third week in a row of massive outflows) whereas small banks and international banks noticed deposit inflows…

Source: Bloomberg

The combination NSA-SA ‘hole’ is now round $160BN!!

So, Domestically, banks noticed a $5BN deposit influx (SA) however a $37BN deposit outflow (NSA)

Source: Bloomberg

This is the second week in a row that The Fed’s sleight of hand has turned outflows into inflows.

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