US Economy

In the US, not Australia.

BofA with the note.

Austerity of sorts.

US bank credit continued to fall last week: Large and small: Year-on-year is still falling: Deutsche has produced a great chart of financial conditions.

TS Lombard with the note.

US bank lending was not terrible last week with a small rise: Big and small firmed: But we are still well negative year-on-year: Under the surface, the tightening continues.

TsLombard with the note.

Not surprisingly, the US credit crunch has returned.

Bank lending fell last week: And remains down year-on year: The keenest source of stress is SMEs: Look for the yield shock to tighten on this segment again over the next few months as balance sheet losses on Treasuries trigger further bank restructuring.

The US jobs report was perfect for landing pundits.

Calculated Risk with the note.

BCA with the note.

US lending continues to fall.

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.

The RBA minutes: Members commenced their discussion of the global economy by observing that headline inflation had continued to ease in year-ended terms in most economies because food and energy commodity prices were generally lower than they had been a year earlier.

Standard Chartered with the wrap.

That is the question.

The US credit crunch is bigger than most realise.

US bank credit is now down -0.45% year-on-year, a crash in any man’s book: Total credit is beginning resemble the GFC: It is banks of all sizes: This is particularly difficult for households and SMEs.

Various are excited about Goldman turning dovish: Our baseline forecast calls for the FOMC to start cutting the funds rate in 2024Q2.

The US bank credit crunch rolls on.

Recall that there are to reasons why the US economy outperformed expectations this year.