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CONSUMER CREDIT PLUNGES IN APRIL

Total consumer credit fell $15.7B in April.  This was twice as much as analysts expected and the March revision was a staggering $16.6B.  This was the largest drop since the Fed began tracking consumer credit.  Total consumer credit outstanding is $2.52T.   It’s very hard to imagine a sharp economic rebound with the consumer on the ropes like this.   As we’ve mentioned before the reflation trade is certainly beginning to show some chinks in the armor.

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