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Thursday, June 30, 2022

US Credit Card Debt Soars Back Over $1 Trillion As Pandemic “Excess Savings” Run...

When looking at the latest debit and credit card spending data out of Bank of America two weeks ago, one thing stood out: usage of credit cards among the lower income cohort has spiked with a 23% growth rate over a 2-year period, up from the summer average of 15%. This surge in credit card…

What Do Credit Markets Know That Record-High Stocks Are Choosing To Ignore?

It's often said (or at least it was before The Fed killed every market signal) that 'Credit anticipates and equity confirms'.If that is coming true right now, Powell and his tapering-pals may have a problem.Th US high yield credit market is trading at its weakest since March (despite stocks hitting record highs)...Source: BloombergWe've seen this…
consumer-credit-soars-most-on-record-as-credit-card-borrowings-hit-an-all-time-high

Consumer Credit Soars Most On Record As Credit Card Borrowings Hit An All Time...

The American consumer has made a triumphal return.After several months of subdued increases in consumer credit, moments ago the Fed reported that in June, total consumer credit surged by the most on record, soaring by $37.69 billion, nearly double the consensus estimate of $23 billion. The monthly increase was a whopping 10.6% SAAR, pushing the…
consumer-credit-soars-most-on-record-as-credit-card-borrowings-explode

Consumer Credit Soars Most On Record As Credit Card Borrowings Explode

The American consumer is making a triumphal return.After several months of subdued increases in consumer credit, moments ago the Fed reported that in May, total consumer credit surged by the most on record, soaring by $35.28 billion, nearly double the consensus estimate of $18 billion and sharply higher from last months' $20.04 billion. The monthly…
consumer-credit-hits-new-record-despite-unexpected-decline-in-credit-card-usage

Consumer Credit Hits New Record Despite Unexpected Decline In Credit Card Usage

After several months of blowout consumer credit prints, including two consecutive months in which revolving (i.e., credit card) debt, rose after shrinking 10 of the previous 11 months, America's credit-funded spending spree abruptly slowed in April, when total consumer credit rose by $18.6BN, down from $25.8BN in March (since revised conveniently to $18.6BN), and missing…
credit-suisse-hires-former-prime-brokerage-head-to-restore-business-after-archegos-blowup

Credit Suisse Hires Former Prime Brokerage Head To Restore Business After Archegos Blowup

After firing a raft of senior employees including its head of risk, Lara Warner, Credit Suisse has been struggling to move past a series of major risk-management failures that together could cost the bank $10 billion, or more, though the final tally of losses from the Archegos blowup isn't yet known as the bank weighs…
consumer-credit-explodes-higher-as-americans-rediscover-their-love-for-credit-cards

Consumer Credit Explodes Higher As Americans Rediscover Their Love For Credit Cards

Just yesterday, we showed that only a few quarters after banks effectively shut down, refusing to give out C&I, credit card or auto loans and mortgages to virtually anyone as a result of record Draconian credit standards, credit standards saw a complete U-turn and as of April, lending standards for credit cards and autos were…
credit-suisse-board-weighs-sacking-one-of-its-own-as-shareholders-revolt

Credit Suisse Board Weighs Sacking One Of Its Own As Shareholders Revolt

Credit Suisse has already fired a raft of senior-level employees (including head of risk-management Lara Warner) as CS scrambles to reform its risk-management protocols following one of the worst quarters in recent memory, where the parallel implosions of pioneering trade finance firm Greensill Capital and family office Archegos Capital Management saddled the bank with billions…
credit-suisse-prime-brokerage-heads-fired-over-archegos-blowup

Credit Suisse Prime Brokerage Heads Fired Over Archegos Blowup

Apparently, firing half a dozen executives including its head of risk management (Lara Warner, also one of the most high-ranking women in the global financial services industry) hasn't done enough to quiet shareholders' demands for change atop Credit Suisse, the Swiss banking giant that reported a $4.7 billion loss from the collapse of Archegos Capital…
biggest-beat-on-record:-consumer-credit-explodes-higher-as-americans-rediscover-their-love-for-credit-cards

Biggest Beat On Record: Consumer Credit Explodes Higher As Americans Rediscover Their Love For...

Earlier this week, when looking at the latest BofA card spending data, we observed that "whereas previously the bulk of the upside spending game from debt card outlays, in recent weeks we have seen a solid increase in credit card spending as well as consumers turn more optimistic on their financial futures. This means that…
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