Credit
Last Update: 06-Nov-09 15:38 ET
10-Yr: +06+/32..3.499%..
USD/JPY: 89.9005..
EUR/USD: 1.4843Credit: "As expected, consumer credit fell for the eighth consecutive month. Credit declined $14.8 billion in September, far worse than the consensus forecast of -$10.0 billion. The consumer credit decline for August was revised up to -$9.9 billion from -$12.0 billion. The reason for the decline in consumer credit has not changed. Consumers continue to believe they too highly leveraged and are working to repay their debts. At the same time, banks are worried about possible loan defaults, and in return, they have tightened lending conditions and pulled available credit from even the most credit worthy borrowers. The data provided by the Fed does not provide a way with determining if the drop in consumer credit was driven more by consumers not wanting additional funds or banks not willing to lend."