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There are reports of more bank lending, but check out the small print and the story isn't quite so rosy.
Bank reserves in enormous quantities are toxic, but like nuclear waste, they pose no danger as long as they're tucked away, in the bank reserves' case, at the Fed. When banks begin utilizing excess reserves in the form of lending, the Fed must then remove the toxins, or tighten the reins.
Today's jobs data is a reminder to be respectful but leery of weak data.
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