Liquidity Alert! The Rising Trend in Bank Term Funding Program Usage
September 7, 2023
Bank Term Funding Program usage UP AGAIN (.4% to $107.242B vs $106.864B 8/9), marking the 11th consecutive week over $100B. This looks more and more like there's an over-reliance on Fed Funding--growing faster than inflation 'should be,' I believe the BTFP is a moral hazard!