Our weekly banking sector chart book is available here, key charts below:
1.) Since the Fed started hiking rates, deposits in banks have declined by $800bn, and assets in money market accounts have increased by $600bn, see the first two charts below.
2.) The share of households using mobile banking or online banking increased from 39% in 2013 to 66% in 2021, which has made it possible to move money in and out of bank accounts more quickly, see the third chart.
3.) Capital markets, including IG issuance and HY issuance, have, over the past week, started to slowly come back, see the fourth and fifth charts, but stresses remain in bank funding markets with the FRA-OIS spread still elevated, see the sixth chart.
Source: Federal Reserve Board, Haver Analytics, Apollo Chief Economist. Note: March data as of March 22, 2023. Peak is defined as the month before monthly outflows turn negative.Source: FRB, ICI, Bloomberg, Apollo Chief EconomistSource: FDIC, Apollo Chief Economist. Note: The data shows the sum of households using mobile and online banking, some respondents may use both.Source: Pitchbook LCD, S&P Capital IQ, Bloomberg, Apollo Chief Economist. (Note: Jan-Feb number is the average of the sum of those two months.)Source: Bloomberg, Apollo Chief Economist. Note: Data from NIM <GO>, IG excludes government and financials issuance.Source: Bloomberg. Note: Ticker used is USFOSC1 BGN Currency. As of March 31, 2023.
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