Maybe just a bounce from a dip/shift from/to bank lending. We’ve been here before and turned down. And in the last cycle growth was much higher and lagged the end of the cycle:

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Year over year- a relatively small blip up at the end, but in general looks boring to me:

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Same here. The latest blip up looks like just a bit of vol.

And also note that it tends to go up before a recession?

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Not much happening here, either:

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Seems to be a macro constraint on income:

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