Nearly $100 billion in deposits pulled from banks; officials call system ‘sound and resilient’

(Worthy News) – Regulators again assured the public that the banking system is safe, as fresh data showed customers recently pulled nearly $100 billion in deposits.

Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and more than a dozen other officials convened a special closed meeting of the Financial Stability Oversight Council on Friday.

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. [ Source: CNBC (Read More…) ]

Hedge Funds Flee Banks, Lending-Related Stocks

lobal hedge funds cut their exposure to U.S. banking stocks to a near 10-year record low and fled lending-sensitive shares amid the banking turmoil that began earlier this month, Goldman Sachs said in its prime services weekly report.

An indicator of how bearish or bullish hedge funds are positioned showed that investors became more pessimistic. Their long positions in banking divided by short positions ended the period March 17-23 at 1.28, near 10-year lows. In the beginning of 2023, it was at 1.52, Goldman said.

A low ratio indicates a more bearish outlook. [ Source: US News and World Report (Read More…) ]

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