Fixed Income & Cash

Currency, deposits, and debt securities held by households — the low-risk allocation

26.3$T

Trend YoY growth is +8.4%, accelerating by 14 bps/month over the last 3Y. Latest: +6.8%, 1.5 pp below trend, a 0.4σ deviation. The latest YoY reading is boosted by 1.4 pp due to an easy comparison base from Jan 1.