Friday at 4:15 PM (EDT). Nobody is paying attention to economic news at that time. And yet, the best news of the week came exactly then.
That’s when the Fed released its latest H.8. report, which offers up a weekly tally of assets and liabilities at commercial banks.
So what did it show?
The total amount of loans and leases held at commercial banks in the United States just hit yet another post-crisis high.
More exciting, perhaps, is the year-over-year change in the amount of total credit. At 4.64% annual growth, this was the second best number of the year, and it reversed a tiny dip in the week before.
Credit is the lifeblood of the economy. We’re now well past the cold winter, and the trend of more and more loans and leases being made is a sign of an economy hitting into high gear.