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The Fed released its Q1 SLOOS data last night. Market chatter is that it was not as bad as feared but that misses the crucial point that SVB did not kick off this credit crunch until late-March and the survey was conducted from March 27-April, before the small bank crisis turned chronic.
Even so the data was pretty weak with intentions of getting worse.
The April 2023 Senior Loan Officer Opinion Survey on Bank Lending Practices
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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.
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