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Hedgeye Financials & Housing analyst Josh Steiner warned subscribers about a deterioration in the Senior Loan Officer Survey on The Call @ Hedgeye this morning. “The reversal here is extraordinary,” he explains. “Credit conditions tightened across the board to a degree that I haven’t seen in a very long time.”

Why does this matter?

“This is the definition of reflexive,” says Steiner. “When banks in the aggregate are tightening financial conditions, that creates this growth slowdown, or growth drag, that then precipitates credit problems which then causes banks to further tighten.”

“If you go back and look at every historical cycle, you don’t see a reversal in this financial condition setup until very far into the point where the Fed has been easing.”

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