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Global Economy Throwing Up Red Flags For Oil

Global Economy Throwing Up Red Flags For Oil

Investors are feeling increasingly gloomy…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

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Bank Lending and Other Key Stats Take a Turn for the worse

I wrote last month that several economic indicators seemed to be turning positive.
I may have spoken too soon.

The last two weeks a number of key stats have taken a notable turn for the worse.
U.S. commercial paper yields, for one. I know I've been talking about this a lot lately, but the action in this market is getting very unsettling.

On Friday, yields on 90-day asset backed commercial paper spiked to 0.49%. Their highest since July 1, 2009.

US Commercial Paper Rates

90-day yields settled back yesterday, but at higher levels than we've seen for the last several months. There is a notable flight from this market.

Bank lending has also taken a nosedive of late. Since April 7, outstanding loans at U.S. commercial banks have fallen by over $50 billion. The biggest two-week drop so far in 2010.

US Bank Loans & Credit

(Remember, the big "jump" for the week of March 31, was a statistical anomaly. Caused by banks bringing loans held in special purpose vehicles back onto their balance sheets, as mandated by new accounting rules.)

It seems that, after a short respite, the economic climate has once again turned dubious. Forewarned is forearmed.

By. Dave Forest of Notela Resources


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