Why The Economic War Against Russia Has Failed
Here's what's going on. In the past three weeks, there are $210BN in ACTUAL deposit outflows, which the Fed has "converted" into only $18BN in seasonally adjusted outflows. This means that according to the Fed, deposits will see another $192BN in tax-related inflows.
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Treasury cash balance $143.3BN, down $11.5BN in one day
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One week later, Nikileaks finally focuses on the Fed's self-serving seasonal adjustments of deposits which we first highlighted last Friday QT:
Last week it was seasonal adjustments; this week it is reclassification. The Fed has reclassified large bank deposits by $100BN to $10.7 trillion from $10.6 trillion, and reclassified small bank deposits by $100BN to $5.25 trillion from $5.35 trillion.
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US Bank Deposit Outflows Continue, Small Bank Loans Collapse
*US BANK DEPOSITS FELL BY $13.8B IN WEEK ENDED MAY 3 *US BANK LOANS, LEASES FELL BY $15.7B IN WEEK ENDED MAY 3