US savers get savvy ditching and switching banks
A wave of transfers is hitting US banks, adding another wrinkle to challenges facing the financial system. …
The growth of money market funds, which saw their holdings surge in the weeks after the banking crisis, has sharpened the removal of money from the economy, since the funds do not play a direct role in lending, while having the option of parking their holdings with the US central bank, says Steven Kelly, senior research associate at the Yale School of Management’s programme on financial stability
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