Fund-Flows and Financial

Bank credit increased by a spectacular $99B in the week ended April 16/25. All loan types increased, but commercial and industrial, and loans and leases led the charge higher.

The financial stress index has made substantial progress recovering from the volatility spike (chart below). The fact that it is dropping lower is reassuring.

This is positive, but with the “Trump Touch” disconnecting the market from the fund-flows, the effect on stock prices is unpredictable.

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