We can get a sense of what’s going on with regional banks by looking at the KRE regional bank stock index.  You can see it’s still down a lot and basically hasn’t recovered since SVB.  This is consistent with investors pricing in higher betas for these banks: (13/13)

Ok, so using these deposit amounts and rates, we can calculate an overall deposit rate and beta for the banking system. It looks like this: (10/13)

As Josh explains, there is churn across categories such that the overall beta is changing.  Here’s a picture of each of the three types of deposits above.  The data is from the Fed’s H.6 release, also available on FRED: fred.stlouisfed.org/release/tabl...
(7/13)

If anything, this is low by historical standards. You can see it in this picture, which shows the historical betas versus ones estimated just from the 2015-19 cycle. (6/13)

Here’s a plot. The black line is the Fed funds rate, which is now up to 5.5%. The green line is the national average rate on interest checking deposits, the red line is savings deposits, and the blue line is insured time deposits (CDs). (4/13)

Really good discussion on Odd Lots of our work on credit crunches and the inflation of the 1970s. Here are two key charts from our slide deck

pages.stern.nyu.edu/~asavov/alex...