Federal Reserve statistics for 2006 show
bank savings and money market deposit account assets increasing by just $
64 billion, or 1.
8%, in 2006, their slowest growth in over a decade. MMDAs, driven in part by "
bankerage" or brokerage sweeps to banks, had averaged a smoking $
275 billion a year gain over the past 5 years. Money funds, especially retail funds, reversed a five year period of slow or negative growth with a huge $
310 billion, or 16.
6% jump in 2006.