BOA leads charge into Treasuries as banks build US$2t holdings
Cash invested in 5-year Treasuries is netting banks an attractive spread over what they are paying depositors
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New York
WHAT do America's banks know about the state of the US economy that has them hoarding ultra-safe bonds?
Growth is on a tear, hiring is the strongest in decades and households are the most upbeat since 2011. Yet banks such as Bank of America Corp keep ploughing their burgeoning deposits into US government and related debt - pushing the industry's holdings past US$2 trillion - instead of lending it all out.
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