Non-Financial Debt (NFD) expanded $408 billion during Q1 to a record $53.015 trillion. This was down from Q1's $765 billion expansion. On a seasonally-adjusted and annualized (SAAR) basis, Q2 NFD growth slowed to $1.652 trillion from Q1's booming $3.061 trillion. The slowdown was chiefly explained by the timing of federal government borrowings. Federal debt expanded SAAR $1.751 trillion during Q1 and then slowed markedly to $382 billion during Q2. Averaging the two quarters, NFD expanded SAAR $2.360 trillion. This compares to 2018's annual $2.274 trillion growth in NFD, the strongest annual Credit expansion since 2007's