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The FOMC statement and dot plot were viewed as somewhat more hawkish than expected. System credit growth has slowed - and the risk of a precipitous lending slowdown is rising. Read more.
At a seasonally-adjusted and annualized (SAAR) $3.284 TN pace, Non-Financial Debt (NFD) growth slowed from Q2’s SAAR $4.318 TN and Q1’s SAAR $5.438 TN.