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Bank Credit jumped $23.5 billion (up $101.9bn in 6 weeks!) for the week of December 8 to $6.814 Trillion. Bank Credit has expanded $540 billion during the first 49 weeks of the year, or 9.1% annualized. For the week, Securities holdings dipped $3.7 billion, while Loans & Leases surged $27.2 billion. Commercial & Industrial loans gained $3.2 billion, and Real Estate loans rose $9.8 billion. Real Estate loans are up $300 billion y-t-d, or 14.3% annualized. Consumer loans added $2.3 billion last week, and Securities loans rose $2.8 billion. Other loans jumped $9.0 billion. Elsewhere, Total Commercial Paper rose $4.9 billion to $1.397 Trillion. Financial CP added $1.6 billion to $1.261 Trillion, expanding at a 9.0% rate thus far this year. Non-financial CP gained $3.3 billion (up 27.0% annualized y-t-d) to $136.0 billion. Year-to-date, Total CP is up $128.8 billion, or 10.6% annualized.


Fed Foreign “Custody” Holdings of Treasury, Agency Debt declined $3.1 billion to $1.329 Trillion for the week ended December 15. Year-to-date, Custody Holdings are up $262.5 billion, or 26.1% annualized. Federal Reserve Credit dipped $1.5 billion for the week to $782.7 billion, with y-t-d gains of $37.6 billion (5.3% annualized).


This week’s ABS issuance totaled about $12.5 billion (from JPMorgan). Total year-to-date issuance of $617.4 billion is 37% ahead of comparable 2003. 2004 home equity ABS issuance of $407.7 billion is running 81% ahead of last year’s record pace.....

<ul> ~ http://www.prudentbear.com/creditbubblebulletin.asp</ul>