Get the best daily market and macroeconomic commentary anywhere for less than $7 per month.
Already have an account? log in
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 😉