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Expand chart
Data: Federal Reserve via FRED; Chart: Axios Visuals

Banks are taking in record deposits — they now have a record $16.8 billion, as of the most recent Fed report — but they're not doing a good job of turning around and lending them out.

By the numbers: Total bank loans and leases are now just 61.5% of the American deposit base. For the biggest banks, as Bloomberg's Shahien Nasiripour reports, that number falls to 53.7%, a new all-time low.

The big question: What are the banks doing with the rest of the money?

  • Simple: They're either keeping it in cash on deposit at the Fed, or they're buying public securities.

The big picture: Part of the idea behind the government's stimulus checks was that they would either be spent or saved — and that if they were saved, they would become bank deposits which would then get loaned to individuals and businesses, thereby further boosting the economy.

  • That didn't happen: Bank loans have been falling even as deposits have been rising.

Go deeper

Exclusive: Houston mayor to lead Black mayors group

Houston Mayor Sylvester Turner speaks during a private funeral for George Floyd. Photo: Godofredo A. Vásquez/Pool/Getty Images

The mayor of the city where George Floyd was raised is taking over a group that represents 500 Black mayors in the U.S. amid national pressure to revamp police departments.

Why it matters: Houston Mayor Sylvester Turner will become the new president of the African American Mayors Association as municipalities across the country examine police reforms and deal with the economic fallout from the pandemic.

Delivery industry sees biggest monthly job losses in more than 20 years

Data: U.S. Bureau of Labor Statistics; Chart: Axios Visuals

The pandemic's biggest job winner is losing steam.

Driving the news: People who deliver packages to businesses and homes — classified as "couriers and messengers" by the Labor Department — saw the industry's biggest monthly job losses in more than 20 years in April.

FDA authorizes Pfizer COVID vaccine for 12- to 15-year-olds

Photo: Gabby Jones/Bloomberg via Getty Images

The Food and Drug Administration authorized the emergency use of the Pfizer-BioNTech coronavirus vaccine for 12- to 15-year-old adolescents, the agency announced on Monday.

Why it matters: The emergency authorization marks a critical milestone in the push to get more Americans vaccinated and fully reopen schools for in-person learning this fall.

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