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Credit is the lifeblood of the economy. That's why the Fed changes the prices of credit (interest rates) to speed or slow growth. Sadly, it's not very useful for making investment decisions: credit data tends to be coincident with market moves. If only there was a way to predict credit growth. Well, there is! Yesterday's loan officer survey from the Fed tells us where credit, the economy, and markets are headed. (A 3 min read at https://sunderji.substack.com/p/banks-grow-less-willing-to-l...)