Sure, all the focus is on the debt ceiling in Washington. Both sides will inevitably reach a conclusion and strike a last-minute agreement to raise the debt limit. Unfortunately, the private sector is also drowning in red ink. The Federal Reserve Bank of New York (FRBNY) published its latest Household Debt and Credit Report for […]
Federal Reserve
U.S. money supply suffers sharpest contraction since Great Depression
By: Ryan McMaken Money supply growth fell again in March, plummeting further into negative territory after turning negative in November 2022 for the first time in twenty-eight years. March’s drop continues a steep downward trend from the unprecedented highs experienced during much of the past two years. Since April 2021, money supply growth has slowed quickly, […]
Inflation continues to be sticky, stubborn for consumers, new FRBNY data show
Inflation is expected to remain sticky and higher than what the Federal Reserve expects. According to the Federal Reserve Bank of New York’s Survey of Consumer Expectations, the one-year-ahead inflation is expected to be at 4.4 percent, down slightly from the 4.7 percent print in the March report. The three- and five-year-ahead expectations jumped to […]
Banks tighten credit standards, loan demand weakens, Federal Reserve’s SLOOS finds
The Federal Reserve’s much-anticipated Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending Practices is out. It is everything you expected it to confirm: tighter standards and weaker demand. Here is a summary of the SLOOS findings (emphasis ours): “The April 2023 Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) addressed changes in […]
Jerome Powell says banking system is ‘sound’; PacWest Bancorp crashes 56% in after-hours trading
“The US banking system is sound and resilient,” the Federal Open Market Committee said in a statement. The heart of the stress of the banking system — Silicon Valley Bank, Signature, and First Republic — “have now all been resolved.” Hours after these statements were delivered to the public, two more banks could be on […]