U.S. banks are using reserves to cover for the cash that depositors are withdrawing, setting up a potentially calamitous situation down the road, JPMorgan Chase has warned. In a turbulent March, depositors have pulled just over $300 billion from domestic banks, according to seasonally adjusted Federal Reserve data. At the same time, JPMorgan estimates that money market mutual funds have seen about…
Read more at cnbc.com: JPMorgan says more banks could run out of reserves like SVB if pace of this deposit flight continues