US credit stalls again

David Llewellyn-Smith

Monday 15 January 2024

US bank credit is approaching a critical milestone going backwards:

The pivot point is March when the Fed’s Bank Term Funding Program is installed after SVB last year expires.

This will expose the small banking sector to a renewed liquidity crunch and possible deposit flight:

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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.