Goldman Sachs said deposits have started to move out of U.S. banks and towards money markets funds, as investors seek the safety in Treasury securities amid worries about stresses in the banking sector.
Retail money market funds have seen large and accelerating inflows over the last week, Goldman said in a note on Thursday, likely suggesting some migration away from deposits.
Following the collapse of SVB Financial Group and Signature Bank, U.S. regional bank stocks have had a bruising last few days, as investors worried about possible deposit outflows causing capital issues at other regional banks. The banks had a day's respite on Wednesday when investors hunted for bargains, but selling resumed on Thursday, led by an over 30% slide in shares of First Republic BankMoney markets appear to have continued functioning fairly well in recent days, and facilities such as the Federal Home Loan Banks lending channel and the Bank Term Funding Program should help maintain "healthy" market functioning even if financing needs spike, Goldman notes.
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