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.