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Banks Borrow Unsecured Cash at Record Clip While Deposits Flee
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Banks were chasing away deposits during the depths of the pandemic. Now, some are paying higher rates to shore up cash.
Borrowing in the federal-funds market hit $120 billion on Jan. 27, the highest one-day total in Federal Reserve data going back to 2016. Activity in fed funds—used by banks and government-backed lenders to exchange cash reserves parked at the Fed—surged throughout the past year when the central bank raised interest rates at the fastest pace in decades.
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