For the first time in 27 years, banks have more government securities on their books than business loans.

Data released by the Federal Reserve Board on Friday showed that commercial and industrial loans outstanding slipped to $598.5 billion at the end of June, while holdings of U.S. government securities climbed to $607.3 billion.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.