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Rola Calaf of H.T.

good morning. Yesterday brought the CPI inflation report, the US federal government was open for business. But the closures, so we have to decide, like Walmart’s American CEOs he said Wednesday said consumers are resilient and “this is a very strong economy we’re dealing with”. Even if you work for a large company, send us your observations: @fts@ft.com.

Credit wires: – IDISYNYNICER or systematic?

In the second quarter, the Japanese fetus received a $170 million lawsuit from the “70 million dollar lawsuit” from the auto lender Anesthesia. “We make mistakes,” COO JAMIY DEAN said earlier this week. But he prophesied that his bowels would not be alone for long. When my antenna is like this, my antenna goes out. Maybe I shouldn’t say it, but when you see one cockroaches, maybe there are many… Everyone should be careful about this. “

He already knew the style of the stone slab, but the one that Dean was using turned out to be an absolute denial.

Trilogy and the auto parts supplier were the first two puppies of the first two bugs. And just as it was read, two more bad things disappeared from the bottom of the refrigerator. On Wednesday afternoon, the embryo bank was found in control.

And on Thursday, the other part of the bank, Western Alliance, compared to the return of commercial real estate lenders, said that it took a fraud case. The bank said the loan was covered. Zion and the Western Alliance lost a lot yesterday.

The broader market responded as well. Bank shares have not only sold with them visiting the broader market, but the two-year high appreciation of the Treasury has weakened greatly. All this is the market is valued at a certain level and the stock (non-governmental) has a higher value than the expected volume of stock in the financial system or economy. all of them It should be noted that they come down to credit bugs. Thursday bank or banks, He tapped FADE ROOPER REPORTER for the second day for the second day to add to the unusual-nervous atmosphere in the financial markets, which may add to the uncertainty).

Financial dress that reads systematic crisis is not It is a very sad feeling. If you have a mistake, it is a mistake that people remember, which is a serious prognocaness that says that they are fast. But the evidence so far suggests that the widening recent cracks are more or less the result of a hot credit market, rather than signs of a deeper systemic or economic problem. To extend the Enotocological metaphors: there will be more stone views, but the temmons do not seem to have been treated through the base.

In the first place, in both things, all the bad loans of Zion and the Western alliance are linked and the fraud is not so or usually systematic. As a fixed income portfolio manager at Wellington Management, we’ve got a portfolio manager and a lot of money. In the same way, the Apollo arco will soon be the Apollo Rose He told the FT Such a “late-cycle emergency” is to deliver lenders with plenty of cash and “to win in a competitive market that sometimes leads to shortcuts.”

Of course, cheating can be a symptom of bigger problems and even cause it. Creditors are under economic pressure and may resort to fraud. And bad enough fraud – something on the balance of Eron can lead to a correction in the property market to drag the economy. But as of today, there is little evidence of a major problem. For other single loans and higher loan default rates are not increasing, according to Modshyshy’s

And despite recent risks, the overall provisions and books in the third quarter reports are below the second quarter and below. After the Western lawsuit said, after the Western lawsuit fell, the “possible / happened / to be done” assets are now lower than at the end of the second quarter. With the exception of certain sectors such as housing, the economy seems to be strong, with low unemployment, immigration policy and demographics. Yes, the consumer economy is K-shaped, and it’s full of rich people. But that is an old story.

There is no more evidence of broader system issues or economic arrangements, it doesn’t scream from a bug or two views. But we will be alert.

A good read

They are the same for the poor and the rich.