PNC drains Fed account for buying spree

US lender PNC reduced its cash pile at the Federal Reserve by $1.5 billion in Q2 to $13.2 billion, as it went shopping for higher-yielding investment securities.

The lender’s average balances at the central bank fell 36% on the year-ago quarter, and 40% on Q2 2017. In contrast, its securities portfolio hit $83.6 billion in Q2, up 8% on the year-ago quarter and 11% on Q2 2017.

The bank said in its earnings release that the Fed balance drain was part of its ongoing efforts to invest its

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