US DATA: Q1 Flow of Funds shows domestic nonfinancial debt +4.7% vs
+4.9% in Q4:2011, with Household and S&L debt falling but corp and
Federal rising in same pattern as in Q4; in fact HH has been declining
since ’08. Household net worth was $62.9T at end of Q1, up $2.8T from
Q4, led by advances in holdings of corp equities and mutual funds. Data
on Tsys show $1.3T SAAR issuance in Q1, of which foreign took $336.7b
and households $208.6b; most of the balance went to MMF’s $268.3b, other
mutual funds $91.8b, banks $33.4b, and broker-dealers $150.6b. S&L govts
and ABS issuers sold Tsys.