• The Bank Term Funding Program (BTFP, bail out) had approximately $71.8 billion in outstanding loans as of Wednesday this week, down from $79.0 billion (- $7.2 billion) a week ago.
• The “other credit extensions” line item of $172.6 billion includes the FDIC loans made to regional banks. This figure is down from $174.6 billion (- $2.0 billion) a week ago.
• Thus far, two FDIC banks have failed in 2023. The number of bank failures won’t determine the direction of the U.S. economy, but rather the direction of bank reserves and the money supply will. Both bank reserves and M2 continue to tighten (pictured below).

FEDERAL RESERVE statistical release: https://www.federalreserve.gov/releases/h41/current/

---

• Asset Management
• Financial Services
• Fintech
• Investing
• Investment Banks