XLF - US Banks Witness Whopping $100 Billion Deposit Drop In Just Three Weeks Fed Survey Raises Alarm | Benzinga
Recent data reveals a substantial exodus of deposits from U.S. banks, increasing apprehensions about the robustness of the nation's financial institutions.
What Happened: According to Federal Reserve Economic Data, there was a staggering $100 billion reduction in deposits within U.S. commercial banks in just three weeks.
Specifically, the deposits plummeted from $17.38 trillion on Sept. 27 to a concerning $17.28 trillion by Oct. 18.
The alarming trend coincided with a survey spearheaded by the Federal Reserve. Engaging 25 diverse participants, including market experts, academicians and investment strategists, the survey aimed to assess the current health and future trajectory of the banking sector.
According to the survey, despite the banking sector's apparent stability after the ...