US consumer credit fall $1.7 bln in January. That’s not good news, but compared to the record $21.8 bln drop from November, it’s a huge improvement. Could just be a blip for Christmas shopping, but growing consumer credit will signal the worst is over for the US economy.
Stocks were already rebounding and they are bouncing even faster now. The S&P is down 0.8%. EUR/USD has firmed to 1.3633 from lows of 1.3585 at early afternoon.