In a curious twist of fate, US banks have decided to embrace their inner hoarders, amassing a staggering $88.66 billion in cash and equivalents in just three short months. It seems the lenders have developed a sudden aversion to lending, as if the mere thought of it sends shivers down their spines. 🥶
According to the esteemed financial oracle, S&P Global, this cash bonanza occurred in the first quarter of 2025. One can only imagine the boardroom discussions: “Why lend when we can stack cash like it’s going out of style?”
Leading the charge are the titans of finance, JPMorgan Chase and Citibank, who have taken it upon themselves to drive this cash accumulation, buoyed by a flood of deposits—especially from our friends overseas. It’s like a global game of Monopoly, but instead of buying properties, they’re just hoarding cash. 🏦
“In the first quarter, banks parked more money in cash and equivalents while customers took a wait-and-see approach on the impact of tariffs. The median change in cash and equivalents soared to 11.0%, up from a mere 0.3% in the fourth quarter of 2024,” they say, as if this is a cause for celebration. 🎉
Meanwhile, in a shocking turn of events, loan growth has barely budged—rising by less than one percent. It appears that credit card, nonresidential construction, farm, and auto loans are now on the chopping block, setting a trend that seems destined to continue. Who needs loans when you can have a cash fortress? 🏰
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2025-05-25 17:45