When concerns about the banking system began to spread quickly, so did withdrawals. Many depositors plowed into money-market funds.
More than $117 billion poured into those accounts in the week ended March 22, according to data from the Investment Company Institute.
US authorities responded to the bank failures by taking extraordinary measures to shore up confidence in the financial system by introducing a new backstop for banks that projected to be big enough to protect the entire nation’s deposits. “There were a couple of Tweets and then this thing went down much faster than has happened in history. And frankly I think the regulators did a good job in responding very quickly because normally you have longer to respond to this.”
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