Commercial bank lending dropped nearly $105 billion in the two weeks ended March 29, the most in Federal Reserve data back to 1973. The more than $45 billion decrease in the latest week was primarily due to a a drop in loans by small banks.
The pullback in total lending in the last half of March was broad and included fewer real estate loans, as well as commercial and industrial loans.
The above should slow the economy.
Nice find, this is the real mark of a recession being upon us soon.
April has brought with it rain showers, a miss on ISM manufacturing data, a miss on job openings data, and a miss on the ADP employment report
Meanwhile, U.S. equity funds recorded $10.34 billion worth of outflows, compared with net selling of $20.75 billion in the previous week.
Meanwhile, U.S. bond funds saw a surge in demand as they obtained a net $8.1 billion, the biggest amount since Jan. 11.
Will the stock leakage turn into a deluge?