Are the American people losing confidence in the banking system?
According to fresh data from the Federal Reserve, total bank deposits fell to $17.530 billion for the week ending March 22, down from $17.606 trillion in the previous week.
At the beginning of the month, total U.S. deposits stood at $17.566 trillion.
Of course, these are lagging indicators, and a lot has happened in the last ten days.
Next week’s data should confirm if the system remains intact.
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Time will tell on these fools at the FED. Price increases for almost everything can deplete bank accounts faster than a 20 something at spring break.