31 July 2023
Under Biden’s administration, which heavily relies on the Federal Reserve’s lax monetary policy resulting from the drastic overreaction to the COVID-19 shutdowns, the US economy is showing concerning signs. The growth of commercial and industrial (C&I) lending and bank credit are both plummeting. Moreover, the US Treasury’s 10-year to 2-year yield curve is considerably inverted at -91.031 basis points and the M2 Money growth is nosediving. Additionally, the 30-year mortgage rate hovers around a high 7.27%.