At this point it will probably not come as a surprise that at the same time as C&I and resi loan demand slumped, US consumers expressed no interest for consumer loans either, as a net 9.6% and 6.6% of banks reported weaker demand for credit card and auto loans, compared to unchanged and a net 8.5% of banks reporting weaker demand for auto loans in January, respectively. Ominously, the demand for credit card loans tumbled to match the lowest print in the past 6 years, an indication that US consumers may have finally hit their peak for credit cards demand; if so, and with the US savings rate near all time lows, the US household’s purchasing power – that driver behind 70% of US GDP – is about to collapse..
https://www.zerohedge.com/news/2018-05-15/rate-hangover-arrives-us-consumer-loan-demand-tumbles
