UK money supply has turned negative …
US office grabs alot of headlines but ...
This feels like a proper RE crash landing ...
Tight financial conditions leads to ...
contracting money supply ... leads to ??? (recession...)
Taking tight money to a whole different level ...
And the bond market is reinforcing the Fed's position as is the USD ... no Greenspan style 'conundrum' here! The only money headwind the US economy isn't facing is corp spread widening... (watch that space...)
No great surprise here ... loan growth is very slow...
Private credit continues to evolve as banks reposition themselves …
Evidence builds...
Long run data … and smack on the long run average …
A point well made … private credit is a great source of RE returns right now …
Some sense prevails …
