After a small inflow last week, total US bank deposits dropped a modest $4.7BN last week on a seasonally-adjusted basis...

Source: Bloomberg

But, on a non-seasonally-adjusted basis, US total bank deposits tumbled almost $110BN...

Source: Bloomberg

This decline happened as money market funds saw modest inflows, pushing back near record highs...

Source: Bloomberg

Exclduing foreign deposits, US domestic deposits fell $2.2BN on a seasonally-adjusted basis (large bank +$2.1BN, small bank -$4.3BN), while on a non-seasonally-adjusted basis, domestic deposits puked $121BN (large banks -$98BN, small banks -$23BN)...

Source: Bloomberg

On the other side of the ledger, Small banks saw loan volumes shrink by $10.6BN while Large banks saw loan volumes grow by $8.6BN...

Source: Bloomberg

Finally, US equity market cap remains dramatically decoupled from its historical tight relationship with US bank reserves at The Fed...

Source: Bloomberg

Either way, that won't end well.