Below is a chart and brief excerpt from today's Early Look written by Macro analyst Taylor Burnette. 

Instead of headlines, we can turn our attention to the numbers.

Credit tightening remains timely and topical, and the latest Fed H.8 data demonstrates this ongoing tightening with all major line items on the left side of the balance sheet continuing to shrink.

 CHART OF THE DAY: Fed Data Demonstrates Tightening Credit - dashboard