Steno Signals #44 – Are you sure that you prefer another currency to the USD?
Happy Sunday and welcome to our flagship editorial.
A credit crisis doesn’t unfold overnight and this week’s data once again allows the macro narrative to remain calm before the storm. Two weeks of credit contraction in March-2023 (partially due to transfers of SVB/Signature loan books to the FDIC) was replaced by a modest rebound, which was again impacted by technicalities due to the resurfacing of the SVN loan book at the balance sheet of First Citizens.
In any case. A credit crisis doesn’t happen overnight and the credit trend remains (very) worrying, but the market can breathe a sigh of relief that this really short-term economic meltdown is canceled.
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Chart 1: Down down and up