Cracks Finally Emerge in the Credit Markets

Credit card delinquencies are on the rise

Highlights

• The Fed does not fully appreciate the wreckage it has created… 

• … auto and credit card delinquencies are on the rise, bankruptcies are ticking up, and the housing market is in disarray 

• The devil is in the details of Friday’s NFP report — the labor market is weaker than the headline suggests 

• The U.S. dollar is to get even stronger… a problem for everybody