Bank of America warns of deposit delays impacting multiple banks.
From Greg M
First off… CAN I SEE YOUR SHOCKED FACE!
Bank of America alerted customers on Friday that their deposits may be delayed due to a problem impacting multiple banks.
Customers at Bank of America, Chase, U.S. Bank, Trust and Wells Fargo have complained of issues on Friday morning.
In a message to customers on Friday, Bank of America said “some deposits may be temporarily delayed.”
The message said the deposits from Friday may be delayed due to an “issue impacting multiple financial institutions.”
“Your accounts remain secure, and your balance will be updated as soon as the deposit is received,” the Bank of America message read. “You do not need to take any action.”
Neither the Federal Reserve nor the U.S. Treasury Department were immediately available to comment.
None of the banks provided a comment.
And it’s gone
The MMRI is going back above 300 easily. Last year the ten year yield broke through 4%, and the market was treating it just as it is treating it now at 5%. Back then, it went above 4% multiple times, and then the market shrugged it off. Now it's doing the same thing at MMRI 300...but the difference is that each time it hits these critical points, the market reacts even more. The fact that it has broken through these critical points tells us that it will continue to keep climbing. In my opinion, the FED can't stop it, but they can twist the system with their tools to delay it...to make people adjust to higher yields without damaging the market too much. There is no doubt that the MMRI will hit 400 sometime next year.