US deleveraging isn’t just about defaults and charge-offs
So the New York Fed is now blogging, and its first post happens to be about one of our favourite topics, consumer deleveraging. More specifically, the authors scrutinise the Consumer Credit Panel...
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US household deleveraging flattened in Q1
The Federal Reserve Bank of New York’s Q1 report on household debt and credit is out, and it was the first quarter where total consumer debt held steady after nine straight quarters of declines:...
View ArticleA deleveraging detail
Credit Suisse have just published a note that adds a small bit of nuance to the US deleveraging narrative. Household debt as a percentage of disposable income is the ratio typically used when...
View ArticleAre US banks turning Japanese?
An important question given struggling financial stocks, a stalling US economy, US public sector cuts and concerns over the impotence of QE3. Take your pick, really. Fortunately it was also a question...
View ArticleStruggling back to neutral, (monetary) policy edition
Ezra Klein has offered a name for the current situation that’s not nearly as sexy as the ones we came up with, but which is reasonable enough: If it were up to me, we would call what we’re in a...
View ArticleKoo: I’LL tell YOU when we’re delevered!
Nomura’s Richard Koo is back, suprising us with another note following quickly on his last. But we can see how it happened. Heck, some people are suggesting that the West’s balance sheet recession is...
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