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David B's avatar

"Both lenders, like First Republic, lost a sizable amount of deposits during the first quarter as customers sought the perceived safety of larger banks or higher yields being offered by money market funds."

This circles back to something I recently shared in the latest money supply report. Money market funds are making a killing at the reverse repo trough. And that has been yet another kick in the junk for the smaller banks. Everything the Fed does has consequences. They just make sure the consequences don't land on their buddies. Buddies like Jamie Dimon, who gets to take whatever he wants.

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