This is some hair on fire analysis. 1. These are seasonally adjusted numbers. The unadjusted numbers are smaller. 2. The article does not account for the $60b

This is some hair on fire analysis. 1. These are seasonally adjusted numbers. The unadjusted numbers are smaller. 2. The article does not account for the $60b in loan sales (unadjusted) to nonbanks the week of 3/22. Lending definitely tightened up the week ending 3/22, but not to the extent the article suggests Table 9 is the important one (banks outside the top 25, not seasonally adjusted), and you want to focus on the commercial loans (in assets). Also look at what’s happening in deposits in liabilities https://www.federalreserve.gov/releases/h8/current/default.htm https://www.federalreserve.gov/releases/h8/current/default.h...