Deposits at U.S. banks rose slightly in the last week of March in another sign the financial system has stabilized, but lending to businesses declined.
The numbers: Deposits at U.S. banks rose slightly in the last week of March, but lending to businesses declined for the second week in a row.
Deposits rose at both large and small banks, new data from the Federal Reserve showed Friday. Lending fell primarily at smaller institutions.Key details: Deposits at large U.S.-owned banks climbed by $49 billion to $10.75 trillion, based on the Fed’s weekly H8 survey.So far, there’s not much sign of a big pullback in lending, however. Total commercial and industrial loans fell by a scant $9 billion last week to $2.8 trillion.
Big picture: Wall Street DJIA is watching the Fed report to see if bank deposits continue to decline or a so-called credit crunch emerges. Concerned there might be similar runs at other bank, the Federal Reserve quickly intervened with an emergency lending program to let banks get quick loans to if they needed to pay depositors without having to sell their securities at a loss. The effort appears to be working.
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