Skip to main content

The number comes from the Fed's Consumer Credit Report released today.

Consumer Credit April 2020

Concumer Credit April 2020

The above shot is from the credit report. I added the yellow highlights.

The lead chart is from this Tweet.

That is from Bloomberg, but I cannot match it in Fred. This is what Fred depicts.

Change in Total Consumer Credit Owned

Total Consumer Credit Owned april 2020

Using numbers from the Fed Table: 4,202.0 - 4,133.7 = 68.7

Scroll to Continue

RECOMMENDED ARTICLES

Other than the obvious spikes, the charts are the same. I believe the spikes are related to reclassification of student debt and other changes in reporting of Student Loans. 

Change in Total Consumer Revolving Credit 

Change in Revolving Credit April 2020

The change in revolving credit is -58.32 billion. That also matches the Fed report which has it at 1,078.1 - 1,019.8 = 58.3 Billion. 

Total Revolving Credit

Total Revolving Credit  April 2020

The above chart provides a needed perspective on the Fed report which shows revolving credit fell an annualized 64.9%. 

Clearly, consumers have a lot more rebalancing to do. Equally clearly, the Fed wants to prevent just that.

$68.7 billion is an unprecedented decline, but what's coming (or doesn't) is more important.

Mish