$98.4 billion gone in a week; officials call banking system safe

Dollars Falling

Revelations 18:9-11 “The kings of the earth who committed fornication and lived luxuriously with her will weep and lament for her, when they see the smoke of her burning, 10 standing at a distance for fear of her torment, saying, ‘Alas, alas, that great city Babylon, that mighty city! For in one hour your judgment has come.’ 11 “And the merchants of the earth will weep and mourn over her, for no one buys their merchandise anymore

Important Takeaways:

  • Nearly $100 billion in deposits pulled from banks; officials call system ‘sound and resilient’
  • The readout, released shortly after the market closed Friday, came around the same time as new Fed data showed that bank customers collectively pulled $98.4 billion from accounts for the week ended March 15.
  • That would have covered the period when the sudden failures of Silicon Valley Bank and Signature Bank rocked the industry.

Read the original article by clicking here.

Leave a Reply