Since the Fed started raising rates in March 2022, deposits in the banking sector have declined by $862 billion, see the first chart.
Over the same period, almost the same amount, $896 billion, has gone into money market accounts, see the second chart.
Our banking sector chart book is available here. It shows that credit growth continues to slow, and bank lending conditions continue to tighten, see the third, fourth, and fifth charts.
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