Consumer credit - blah.

Let’s just add here that there is no sign at all that lending is rising to the household sector. Indeed, consumer loans and residential mortgage credit from the banks have declined now in each of the past two weeks. And despite the Fed’s latest QE move to entice banks to lend, cash on their balance sheets continues to exceed $1 trillion, total net new credit creation is still non-existent and the money multiplier is actually contracting.
---Rosenberg 1/4