The US credit crunch has started, says Apollo's Torsten Slok, citing a March 21-29 Dallas Fed survey of banks.
"A survey of 71 banks in the Dallas Fed district done after SVB went under shows a dramatic reversal in loan volumes." pic.twitter.com/DlYpcqlzav
— Jamie McGeever (@ReutersJamie) April 6, 2023
The banking contagion has made US banks go on a borrowing spree
They borrowed close to half a trillion dollars in just one week pic.twitter.com/IGcjRGyGqb
— Bravos Research (@bravosresearch) April 5, 2023
https://twitter.com/MacroStratChris/status/1643848969523478530
https://twitter.com/MacroStratChris/status/1643887848750235648
Epic plunge continues for supplier deliveries components within ISM Manufacturing (blue) and Services (orange) PMIs … both have fallen to lowest since GFC pic.twitter.com/UP3HvNY3Bq
— Liz Ann Sonders (@LizAnnSonders) April 6, 2023
The exact same pundits who didn’t predict the bank run, also did not predict the resulting slowdown in the economy. Which is why t-bond shorts are now getting duly monkey hammered
h/t BoatSurfer600
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