US credit crunch advances


US bank credit rose marginally last week but still fell further year on year:

It will be interesting to see what effect the latest round of rising yields does to small banks. Recall that it was bond losses that triggered the small bank crisis. More to come there.


Meanwhile, rising yields and DXY plus falling stocks are rapidly tightening the FCI:

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:
Cancel at any time through our billing provider, Stripe
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.