Monthly Macro & Markets: April 2023

Another major bank collapses as data keeps pointing to a weakening US economy

Executive summary

Deposits & the M2 money supply continue to fall

April saw a continued decline in both commercial bank deposits (which on 19 April, were down 4.4% YoY) and the M2 money supply (which at the end of March, was down 4.0% YoY).

While the steep declines in both deposits and the M2 money supply may lead some to believe that the worst of the decl…