Total consumer credit fell $15.7B in April. This was twice as much as analysts expected and the March revision was a staggering $16.6B. This was the largest drop since the Fed began tracking consumer credit. Total consumer credit outstanding is $2.52T. It’s very hard to imagine a sharp economic rebound with the consumer on the ropes like this. As we’ve mentioned before the reflation trade is certainly beginning to show some chinks in the armor.
![Cullen Roche](https://pragcap.com/wp-content/uploads/2022/01/Headshot2022-1-144x144.png)
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.
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