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Barclays sees a ‘second wave’ of deposit outflows coming for banks

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USA Gold
 
Published : April 10th, 2023
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Bloomberg/Joe Weisenthal/3-29-2023

“Another wave of deposit outflows is coming for the banking system as customers wake up to the existence of higher interest rates available to them in money-market funds, according to Barclays strategist Joseph Abate.”

USAGOLD note: Depositors are also awakening to the precarious position in which the banks find themselves and the risk of an extended systemic breakdown. Banks forced to meet a second wave of deposit outflows will be tempted to tap the Fed’s new rescue facility adding to its already bloated balance sheet. Bloomberg points out that there has already been a “substantial jump” in money market funds, but that the “cycle may be just warming up.”
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