US Bank Lending and Deposits Plummet, Raising Concerns for Economic Stability.

Bank lending in the US has dropped by a record $105bn in the last two weeks of March, the largest decline on record, according to statistics. Additionally, Elon Musk recently commented on trillions of dollars being withdrawn from banks into money market funds, and he insists that the “trend will accelerate.” The recent bank collapses and decrease in lending could have long-term effects on the US economy.