US credit crunch rolls on

David Llewellyn-Smith

Monday 3 July 2023

The US credit crunch rolls on with the use of Fed emergency funds at new highs:

This suggests ongoing deposit outflows though they keep being massaged out by seasonal adjustments.

Bank credit is still stalled:

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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.