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Oh my goodness, I have no idea. I just look at aggregates. This is no surprise and is going exactly as forecast when the Fed started QT. It's direct cause and effect. Yet somehow, people are surprised that deposits are declining. It was a given as soon as QT became policy. As far as parsing what kinds of deposits they are, that's above my pay grade. 😊 Nor do I see the value in that kind of detail. But I have probably used the words crash and accident interchangeably in my reports for the last 18 months. 😊 That the Fed wouldn't change anything until after it happened.

I think that maybe long is wrong. This is very humbling. I have handled this miserably on the technical side. Cue Jimmy Swaggert apology.

😂😂😂

It fluctuates. Average decline is $70 billion per month. I haven't looked at this week's H41. The week to week changes have zero impact on the markets. The pounding with Treasury supply matters if they don't buy it with repo. Then something must be liquidated.

Willie Sutton tapped to explain rash of bank robberies.