US Bank Lending Drops by Record $105 Billion in Two Weeks, Trillions Moving to Money Market Accounts, Elon Musk Warns ‘Trend Will Accelerate’ – Economics Bitcoin News

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According to statistics, lending based in the US has dropped by close to $105 billion in the last two weeks of March.

published by Bloomberg, the last two weeks of March saw the largest contraction in lending on record after the collapses. The Federal Reserve’s data on the subject only goes back to 1973, and in the last two weeks of March 2023, almost $105 billion was erased.

Alexandre Tanzi from Bloomberg explains that loans consisted of industrial, commercial, and real estate loans. Furthermore, last week saw $64.7 billion in commercial bank deposits removed from financial institutions, which marked the 10th straight weekly decline in deposits. Another sign of trouble is the spike in Federal Home Loan Bank bond issuance in March.

This is over six times the post-GFC average for the month of March and it indicates banks’ scramble for cash.

 

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what happen with this ?

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