The Federal Reserve reported a sharp rise in delinquencies, especially credit cards and auto loans. That wasn't all, as the New York branches also showed record high rejections strongly indicating where things really stand in the credit cycle. As a result, we have to pay some attention to CRTs, otherwise known as SRTs, the latest financial engineering akin to the 2020s version of credit default swaps.  Eurodollar University's Money & Macro Analysis FRBNY Household Debt and Credit Report Q3 2024https://www.newyorkfed.org/microeconomics/hhdc/background.html Bloomberg Ally Auto Borrowers With 2022 Loans Now Struggling, CFO Sayshttps://www.bloomberg.com/news/articles/2024-11-07/ally-auto-borrowers-with-2022-loans-now-struggling-cfo-says Bloomberg Ally’s Charge-Offs, Bad-Loan Provisions Beat Expectationshttps://www.bloomberg.com/news/articles/2024-07-17/auto-lender-ally-reports-stronger-than-expected-debt-management Federal Reserve Frequently Asked Questions about Regulation Qhttps://www.federalreserve.gov/supervisionreg/legalinterpretations/reg-q-frequently-asked-questions.htm https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU