PLW - The White House Fed Inflation And Flow Of Funds For June 2022

• The private sector balance increased by over $112 billion in May 2022.
• Credit creation from commercial banks was strong at $116B+.
• The seasonal pattern is up from here until the end of September, however midterm election years tend to be flat until then.
• Fed rate increases and tapering are happening, providing a negative monetary backdrop.
• G5 fiscal flows point to weaker international trends to reinforce the weak national outlook.

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