I went to the woods because I wished to live deliberately, to front only the essential facts of life, and see if I could not learn what it had to teach, and not, when I came to die, discover that I had not lived.
–Henry David Thoreau
Greetings!
That this data is on the verge of retaking pre-crisis levels can be cited as additional evidence the US economy can stand on its own without the Fed’s omnipresence. Of course, a Fed exit could generate nervousness and create a relapse that sees the credit markets seize up again. After all, willingness to lend and borrowing was at the heart of the financial crisis (it was not so much a matter of banks’ ability, or inability, to lend.)
So, what’s my point?
Well, I think the Fed is still worried about conditions outside the US, namely Eurozone banks, as it considers its exit strategy.
So I went to the European Central Bank’s website this morning to find their equivalent of commercial & industrial loan activity. Here it is, monetary and financial loans to non-financial corporations:
Read more … Currency Currents 16 August 2013
