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Corporate cash stands at $4.15 trillion, more than $1.38  tillion above the pre-pandemic trendline.  Treasurers remain concerned about interest rates, inflation, bank stability and economic growth.  The Carfang Group dissects these issues in our Quarterly Cash Bulletin.

Domestic deposits at U.S. banks fell by $420 billion to $17.3 trillion during the turbulent first quarter of 2023. Deposits are now down $1.08 trillion in the past year.  This is a sharp slowdown following the 12% growth in 2021 and 23% growth of 2020 when the Fed flooded the banking system with deposits in response to the pandemic.  

The Federal Reserve, ECB and other central banks have embarked on unprecedented money printing over the past decade, buying enormous amounts of government securities.  This article illustrates how the current central bank market domination disrupts normal lending and borrowing relationships, mutes market signals and disrupts healthy economic activity.

Corporations continue to maintain historic levels of cash, reflecting concerns about the economy, interest rates, inflation and Fed dominance of financial markets.  The Carfang Group dissects these issues in our Quarterly Cash Bulletin.

The torrid 23% deposit growth of 2020 has slowed markedly thus far in 2021. At 5.6%, first half growth even fell short of the nominal 6.0% GDP growth.  Analysis by The Carfang Group and Safened of recently released FDIC data shows that banks of all sizes experienced slower growth.

Join this webinar, hear from leading market experts and learn about current deposit and corporate cash trends as well as a deep dive into the new FDIC brokered deposit guidance.


Panelists will also discuss current topics in financial markets, regulations and technology.

Corporate Cash Remains Near Record in First Quarter 

Quarterly Corporate Cash Briefing   June 2021

Corporations in the U.S. reduced their cash holdings by $202 billion in the first quarter according to The Carfang Group analysis of recent Federal Reserve data. Cash is now down more than 9% from its $4.1 trillion peak in 2Q20.

Faster Payments initiatives around the globe have produced tremendous benefits, improving capital efficiency, reducing risk and increasing transparency.

In this article, The Carfang Group applauds the progress but suggests that a new metric may be more appropriate going forward.

Global Treasury

Covid Recovery Monitor

The Carfang Group is pleased to sponsor this important research.  Track how corporate treasurers have reshaped their operating models throughout the Covid crisis.

Corporate Cash and Bank Deposits have soared to new heights are a result of pandemic induced market movements and government stimulus.  That has profound implications for treasury managers.

In this podcast produced by Margin Call, a graduate student initiative at the London School of Economics, Tony Carfang dives deep into the issues.

Domestic deposits at U.S. banks surged by 23.2% or $3.07 trillion to $13.7 trillion in 2020, the largest increase ever.  


Analysis by The Carfang Group and Safened of recently released FDIC data shows that non-interest-bearing deposits led the growth with a 45.7% increase while interest bearing deposits grew by 16.2%.  Banks of all sizes enjoyed double digit growth.  

Corporations in the U.S. added $1.01 trillion or 35.9% to their cash holdings in 2020 according to The Carfang Group analysis of Federal Reserve data recently released.  For the fourth quarter, cash is  virtually unchanged, down only  $6B or 0.2% and now stands at $3.82T.

During 2020, commercial banks saw significant growth in USD commercial deposits.  Following the Covid-19 related shutdowns, companies rushed to add liquidity.  This “surge” led to strained bank balance sheets with Basel III ratios and money fund liquidity ratios stretched as never before.  Entering 2021, bankers must now re-forecast and re-optimize their balance sheets. 


This whitepaper, based upon interviews with dozens of bankers and industry experts, explores how they will do that. 

Anthony Carfang has a distinguished background in consulting, writing, speaking, thought leadership and advocacy in the areas of treasury management, payments, liquidity and banking. He talks to TMI about his career to date – and why he scorns to-do lists.

This research examines how current market conditions and regulations are reshaping the requirements for corporate investment accounting and reporting.

Corporations in the U.S. added $1.02 Trillion or 36% to their cash holdings during the first three quarters of 2020 according to data released by The Carfang Group.  Cash reached $3.8 trillion as companies added to their liquidity to ride out the pandemic.

Receivables, work from home, staff safety and economic uncertainty cited as issues.  Concerns over liquidity abate.  Some treasury personnel trickle back into the office.


Also, please participate in this month's survey at The Carfang Group is pleased to sponsor this important research.

This whitepaper presents a compelling approach to Modern Portfolio Theory, adapted to money market funds, treasury securities and bank deposit instruments. The results reveal a stunning confirmation of the efficiency of the money markets, as well as demonstrable window of opportunity.

Innovation, technology, regulation and geopolitics are intersecting and are about to change the face of treasury, money and banking as never before.  Issues that appear small or incremental today could be seismic in the longer term.  As markets, institutions and governments deal with these cross-currents, we could be witnessing the beginning of a transformation on a grand scale in finance.

Differences in regulation, market structure, central bank policy and politics are pronounced. Although European treasurers and U.S. treasurers have much in common, these macro level differences can have a profound impact on corporate financial operations.

There seems to be a lot of revisionist history surrounding the financial crisis, its origins and its impacts.  This analysis carefully analyzes the cash flows between asset classes and details a very explicits two year flight to quality that ultimately led investors and institutions to shun all but government guaranteed securities.

U.S. Treasury Dept requested comments on a proposal to begin issuing floating rate notes as a way to improve its funding strategies.  We commented that such an instrument threaten the business of government money market mutual funds.

Since the financial crisis of 2007 and 2008, regulators around the world have been working diligently to strengthen policies to stabilize the global financial system and prevent or mitigate future crises. Policymakers are focused on several items to ensure regulatory changes attain their fundamental objectives.

The U.S. Dodd-Frank Act and the global Basel III regulations significantly change the playing field for banks and other financial institutions.  We were invited to testify and help Congress understand the extensive but subtle implications.

The financial crisis was actually a combination of twenty six interrelated events, one feeding upon another.  We document these events and show which were regulatory enforcement gaps, management failures, ratings lapses and public policy errors.  

Governments worldwide supported their financial institutions during and following the crisis.  In this testimony, the U.S. Senate sought to learn about the follow-on effects of such support and the advisability of limiting bailouts in the future.

The Volcker Rule section of the Dodd-Frank Act had a profound impact on capital markets, businesses and investors.  It also impacted job creation.  We were invited to help Congress better understand the repercussions.

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