Deposits at U.S. commercial banks fell toward the end of April to the lowest in nearly two years, data released on Friday by the Federal Reserve showed, while overall credit provided by banks moved up, led by a record level of outstanding loans and leases.
within days of each other, deposits had stabilized into early April. They picked up again in the latter half of April, a period that typically has large outflows from accounts as the annual tax filing season comes to a close.
On a seasonally adjusted basis, which takes that pattern into account, deposits have changed little since the end of March. At large U.S. banks deposits fell to $10.54 trillion from $10.61 trillion a week earlier, on a nonseasonally adjusted basis. Deposits at small banks totaled $5.32 trillion, compared with $5.34 trillion.
Meanwhile, total banking system credit has yet to show the contraction many economists and policymakers anticipate to develop after the recent banking system turmoil and aggressive interest rate increases by the Federal Reserve over the past year. Regulators seized a third bank -
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