Deposit prices on average dropped noticeably last month, in all likelihood a direct response to higher deposit insurance assessments.

Whatever the reason, the move appears counterintuitive, given how important deposits — and lots of them — will be to banks in the post-crisis era. For now, banks can keep deposit prices low, because competition for deposits from other investment classes is tepid as risk-averse consumers flock to the safest places for their money.

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