Bank deposits take flight for first time in four weeks: Fed
2023.06.16 17:12
© Reuters
Invesitng.com — Deposits and lending activity at commercial U.S. banks fell for the first time in four weeks in the week ended Jun. 7, the latest data from the Fed showed, serving as a reminder that the recovery from spring banking turmoil still has a ways to go.
Deposits at large U.S. banks fell $79.2 billion to $17.203 trillion from a week earlier, on a seasonally adjusted basis, marking the biggest decline since March and the first in four weeks.
Commercial bank lending decreased $49.3B to a seasonally adjusted $12.090 trillion during the week.
Residential lending increased $31.2B, commercial real estate loans climbed $1.2B, while consumer loans were up $1.3B from the prior week. Commercial and industrial loans were down $13B from a week ago on a seasonally adjusted basis.
The first decline in four weeks for lending activity comes as many continue to monitor further signs of tightening credit conditions that would rein in not only economic growth but inflation.
