Uh oh. Fed needs to tighten into US credit crunch

David Llewellyn-Smith

Monday, 1 May 2023

Last week’s Fed update on bank credit showed ongoing pressures in the banking system.

Deposits continue to flow outwards:

Bank credit rose a little on the week but hasn’t grown now in eight months:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.