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U.S. banks were cautious about their ability to control deposit costs when interest rates were rising, often expressing surprise that prices were not more sensitive to increases in benchmarks.
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Facing an increasingly competitive rate environment, U.S. banks say they have managed to keep deposits in-house even as customer funds migrate to higher-yielding options.
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For a long time during the current rate cycle, the continued expectation of rising betas was akin to the “Boy Who Cried Wolf.”
novantas perspective
The outlook for deposits should be at the top of bankers’ minds following the Bank of Canada’s recent rate hike, which represented its fourth — and a cumulative 100 bp — move in the past year.
