Tl; dr: The Fed reportts that domestic (large and small) commercial banks saw NSA flows of -$28.4 billion, while SA flows were +$102.5 billion!
As if it needs to be said, non-seasonally-adjusted deposit flows are ‘actual flows’? And why do we care about ‘seasonally-adjusted’ deposits – they aren’t real assets?
For some more context, the deposit delta (between real outflows and SA outflows) since March 1 is now $150BN+
It seems The Fed is using the ‘fog of banking crisis war’ – knowing this data drops late on a Friday night – to pull the wool over depositors and investors eyes.