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Key data shows the situation is critical and it keeps coming in worse, not better.
Crisis borrowing at the Fed's emergency BTFP surged this week to a new high as #bankingcrisis grows critical. We're seeing more and more signs of serious #creditcrunch which, if it continues like this, won't take long to imperil more markets and the general #economy. #recession
Eurodollar University's weekly conversation w/Steve Van Metre
Bloomberg: Ackman-Backed Builder Says 48 Lenders Rejected Apartment Project
https://www.bloomberg.com/news/articles/2023-06-08/real-estate-builder-backed-by-ackman-says-lenders-rejecting-new-apartment-deals
Twitter: https://twitter.com/JeffSnider_AIP…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.