Liquidity withdrawals can come in many different forms. https://t.co/T8uQbCphPw
— Sven Henrich (@NorthmanTrader) July 8, 2021
Wells Fargo tells customers it’s shuttering all personal lines of credit
- The bank is shutting down all existing personal lines of credit in coming weeks and no longer offers the product, according to customer letters reviewed by CNBC.
- The product, which typically gave users $3,000 to $100,000 in revolving credit lines, was pitched as a way to consolidate higher-interest credit card debt, pay for home renovations or avoid overdraft fees on linked checking accounts.
- With its latest move, Wells Fargo warned customers that the account closures “may have an impact on your credit score,” according to a frequently asked questions segment of the letter.
China 10Y the thing today?https://t.co/5wskLOL2rt pic.twitter.com/HuNN7skkTN
— SpotGamma (@spotgamma) July 8, 2021
44% of Small Businesses Still Closed vs Jan 2020 – Stalling the economy. For L & H 59% of all small businesses are closed. h/t @DiMartinoBooth Note: BBG survey of 13,000 hospitality workers 52% are planning on not going back to their old job. 1/3 pic.twitter.com/WcHCwOOjLp
— Patrick Hill (@PatrickHill1677) July 8, 2021
Imagine if they actually sold stocks. https://t.co/amuP1rcinm
— Sven Henrich (@NorthmanTrader) July 8, 2021
IWM. pic.twitter.com/vVhLleSeI4
— Helene Meisler (@hmeisler) July 8, 2021
iM sUrE iTs nOtHiNg…… https://t.co/WCY5EIl82b
— TwinTurboCelica (@TwinTurboCe1ica) July 8, 2021
#China has withdrawn their massive Credit Impulse starting in April, global M2 growth has collapsed and #Deflation Cometh… https://t.co/iGlVmNEiTy pic.twitter.com/gMUabltA8p
— Mark W. Yusko #TwoPointOneQuadrillion (@MarkYusko) July 7, 2021
#Deflation on the horizon https://t.co/F5360vqlnx
— Simplicity (@Long_Term_Only) July 7, 2021