Total loans and leases at commercial banks in the U.S. fell $23 bln in the last three weeks. Data from the Fed shows loans shrunk to $6.991 trillion in the week ending Mar 21, from $7.013 trillion on Feb 29. This is the first 3-week sequential decline since early Jan. Could be pointing to a slowing economy.
Private credit growth will be crucial if the economy is to withstand ongoing cuts in government spending. Data from the Treasury department shows that total Federal spending is down $458 bln versus last year.