Money-market funds saw a second week of significant inflows (+$28.4 Billion) which together with the prior week’s $52.7 Billion, pushed total MM assets under management to a new record high of $6.216 Trillion.
Large banks saw $73.5 Billion of deposit outflows (the biggest since SVB) and small banks $3.5 Billion on inflows. On an NSA basis, large banks suffered an $82 Billion deposits drawdown while small banks saw $4 Billion in inflows.
The week-ending 8/7 saw seasonally-adjusted (SA) US bank deposits plunge $77 Billion – the biggest weekly drop since Tax Day.
