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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.
Credit market rallies most in two years as inflation abates. The Goldman Sachs Short Index surged 10.9% Thursday, with a two-day 17.5% spike. Read more here.
In the contemporary Fed view, the primary monetary policy transmission mechanism works through market expectations of the path of short-term policy rates. Read more.