Consumer credit dropped like a rock in February but January’s rise was revised even higher. February saw consumer credit decline $7.5 bln, but January was revised to $8.1 bln from the previous report of $1.8 bln.
Net-net, traders view the data as a wash. Next month will be more telling, once the holiday effect is long-since past.
Stocks are posting a modest bounce, off lows by about half a percent. We’re still 1.9% i the hole with 50 minutes left to trade. EUR/USD is ticking up, now at 1.3280 after finding support in the 1.3240s earlier in the afternoon.
