Like the proverbial canary’s demise in the coal mine, the initial rumblings of things to come can be subtle, and therefore easily misinterpreted. With that caveat, we’re cautious of reading too much into yesterday’s news from the Fed that consumer credit dropped for the second consecutive month in November, as the chart below reveals. The October/November stumble is the first back-to-back monthly decline since 1992.
…..DOES THE STUMBLE HAVE LEGS?
