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Key Fed Survey Suggests Marginal Improvement In Credit Conditions
Market interest in the latest vintage of the Fed’s senior loan officer opinion survey was certainly heightened compared to pre-Fed tightening/pre-SVB levels of anticipation, but after two anticlimactic releases in a row (the April and July editions), it'd be a stretch to suggest anyone was on tenterhooks.
As noted in this week's macro preview, it was a foregone conclusion that credit conditions would remain weak. It was just a matter of whether the situation would deteriorate at the margins.
WeWork’s bankrupt is a sign commercial real estate is seeing it’s delayed reckoning and student loan payments are resuming. The Fed just needs to talk the markets out of a bubble (before they turn the QE back on 😉