The last two weeks have seen US bank total deposits rise by $33BN (on a seasonally-adjusted basis)...
Source: Bloomberg
But.. on a non-seasonally-adjusted basis, total US bank deposits have fallen $40BN...
Source: Bloomberg
Which makes us ask again - what exactly is a 'seasonally-adjusted bank deposit'?
But we will move on from that farce.
Excluding foreign deposits, the picture gets even more malarkey-ful - a $9BN unadjusted deposit outflow is magically morphed into a $27BN inflow by The Fed's fuckery.
The unadjusted outflow was all from large banks while the adjusted deposits showed strong inflows into both large and small banks (+$19BN and +$8BN respectively).
Source: Bloomberg
That's $31BN of (unadjusted) deposit outflows magically morphed into $62BN of deposit inflows in the last two weeks...
Doe it even matter anymore?
