After yesterday's report showed the Fed balance sheet shrinking but bank bailout facility usage higher, total US Commercial Bank deposits rose $21 billion during the week ended 4/19...

However, US commercial bank deposits (ex-large time deposits) continued their freefall (during the week-ending 4/19), tumbling $10.4 billion (less than last week) to the lowest since April 2021...

On a non-seasonally-adjusted basis, US commercial bank deposits (ex-large time deposits) tumbled a massive $174 billion (also at its lowest since April 2021)...

Yesterday's reported resumption of money market fund inflows hints strongly at ongoing outflows from commercial bank deposits

It is key to remember two things - 1) the deposit data is a week lagged to the MM flow data and 2) it's tax time and the total deposit outflows are likely driven by corporate tax payment demands...

Both large and small US banks saw outflows last week while foreign banks saw inflows...

Small banks saw the largest outflows

Large Banks -$2.43bn

Small Banks -$7.94bn

Foreign Banks +$0.728bn

And on the other side of the ledger, commercial bank lending rose $15.08 billion in the period after increasing $13.8 billion in the prior week on a seasonally adjusted basis. On an unadjusted basis, loans and leases rose $20.9 billion after two weeks of loan contractions.