Hardly A SLOOS Fest

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Mixed session as traders await Wednesday’s inflation report
Fed’s quarterly loan survey showed continued tightening of credit and weaker business loan demand
Biden’s debt meeting scheduled for Tuesday at 4pm

US stocks wavered after a quarterly loan survey showed a first quarter filled with overall tighter credit conditions and much weaker business loan demand. The quarterly Senior Loan Officer Opinion Survey on Bank Lending Practices – SLOOS, for short did not deliver any major surprises with the exception of an uglier picture for loan demand. This survey showed the broadest share of banks had weaker loan demand since 2009. The share of banks tightening credit rose from 44.8% to 46.0%.

The report highlighted that, “Banks most frequently cited an expected deterioration in the credit quality of their loan portfolios and in customers’ collateral values, a reduction in risk tolerance, and concerns about bank funding costs, bank liquidity position, and deposit outflows as reasons for expecting to tighten lending standards over the rest of 2023.”

With an extra bank holiday for King Charles III’s coronation, it was a slow start to the trading week. Wall Street was excited as many traders were first going to pay attention to the Fed’s Senior Loan Officer Opinion Survey for the first time. Stocks were little changed as it was not a SLOOS Fest, rather a snooze fest that confirmed the grim outlook for the economy.

A couple key takeaways from the Fed survey were that the commercial real estate space is going to feel more pain soon and as banks expect to tighten standards across all loan categories for the remainder of the year. This key survey should support recessionary calls for the third quarter.

Investors will shift the focus back to inflation, with a close look at core services, excluding shelter. This inflation report might prove to be sticky and that could help delay Fed rate cut bets.

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Ed Moya

Višji tržni analitik, Amerika at OANDA

Ed Moya je z več kot 20-letnimi izkušnjami na področju trgovanja višji tržni analitik pri OANDA, ki izdeluje najnovejšo analizo med trgi, pokriva geopolitične dogodke, politike centralne banke in se odziva trga na novice podjetij. Njegovo posebno znanje se nanaša na široko paleto razredov premoženja, vključno z deviznimi sredstvi, blagom, fiksnim dohodkom, delnicami in kriptovalutami. Ed je v svoji karieri sodeloval z nekaterimi vodilnimi posredniki na forexu, raziskovalnimi skupinami in oddelki za novice na Wall Streetu, vključno z Global Forex Trading, FX Solutions in Trading Advantage. Nazadnje je sodeloval s trgovino TradeTheNews.com, kjer je zagotovil tržno analizo ekonomskih podatkov in poslovnih novic. Ed s sedežem v New Yorku je redni gost več večjih finančnih televizijskih omrežij, vključno s CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business in Sky TV. Njegovim stališčem zaupajo najbolj znane svetovne medijske hiše, med njimi Reuters, Bloomberg in Associated Press, redno pa ga citirajo v vodilnih publikacijah, kot so MSN, MarketWatch, Forbes, Breitbart, The New York Times in The Wall Street Journal. Ed je diplomiral iz ekonomije na univerzi Rutgers.