US banks suffer record deposit outflows – WSJ ...News

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US banks suffer record deposit outflows – WSJ
The Federal Reserve’s inflation-calming moves are reportedly driving money out of the banking system Deposits at American banks plunged by a record $370 billion in the second quarter of the year, the first decline since 2018, the Wall Street Journal reported on Tuesday, citing data from the Federal Deposit Insurance Corporation. According to the report, deposits had dropped to $19.563 trillion as of June 30, down from $19.932 trillion in March. Deposits in the banking system usually stay relatively stable, the WSJ explained, noting that the Covid-related stimulus has swelled holdings by some $5 trillion in the pas

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