There's a big sign that the US economy is about to slow down

The warning signs of a credit slowdown are beginning to appear.

Late Friday, the Federal Reserve's weekly H.8 report showed that growth in lending for commercial and industrial (C&I) loans has significantly cooled off in recent weeks.

According to Bespoke Investment Group, the annualized quarter-over-quarter growth rate of C&I loans fell to 15.17% based on Friday's data. Just two weeks ago this was 19.34%. 

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