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:
![](https://moslereconomics.com/wp-content/graphs/2014/07/credit-1-small.png)
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Year over year- a relatively small blip up at the end, but in general looks boring to me:
![](https://moslereconomics.com/wp-content/graphs/2014/07/credit-2-small.png)
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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?
![](https://moslereconomics.com/wp-content/graphs/2014/07/credit-3-small.png)
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![](https://moslereconomics.com/wp-content/graphs/2014/07/credit-4-small.png)
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Not much happening here, either:
![](https://moslereconomics.com/wp-content/graphs/2014/07/credit-5-small.png)
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![](https://moslereconomics.com/wp-content/graphs/2014/07/credit-6-small.png)
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![](https://moslereconomics.com/wp-content/graphs/2014/07/credit-7-small.png)
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![](https://moslereconomics.com/wp-content/graphs/2014/07/credit-8-small.png)
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Seems to be a macro constraint on income:
![](https://moslereconomics.com/wp-content/graphs/2014/07/credit-9-small.png)
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![](https://moslereconomics.com/wp-content/graphs/2014/07/credit-10-small.png)
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![](https://moslereconomics.com/wp-content/graphs/2014/07/credit-11-small.png)
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