ABCP outstanding as of May 6th, nsa.
Source: Fed
Related: US commercial paper outstanding least since 2004
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Geez, how did the economy function prior to Jan 2005…
I am not so sure about “unmitigated positive” although if it was the way you see it, I would agree. Problem is that the “dubious quality paper” is probably funded by the fed instead of the market.
JCK – surely this is an unmitigated positive, unless one shines upon the thought of magical rating-agency transformation of dubious quality paper to fund household consumption that can neither be prudently afforded nor sustained.
The Fed is trying to revive private lending and as far as C.P. is concerned, it’s not working, but it’s not necessarily a negative.
Traditional C.P. issuers may be going to the bond market or using bank credit lines.
What should we read into this? Deflation is still crippling our financial system? Or simply that the Fed is forking over more short term paper?