Greece's two-year note is now at a record yield at over 22%.
Loan Demand Is Comatose
U.S Bancorp CEO Richard Davis referred to loan demand as 'fragile.'
In yesterday's U.S. Bancorp (USB) earnings conference call, Richard Davis, the company's chairman, stated the following in response to questions on loan demand:
[Loan demand] is still measured, slow and slightly positive, but there is nothing remarkable about it. I think we have seen the economy slow a bit in the second half of the first quarter [since] we last had a question in a public forum to talk to all of you. Things are actually not quite as positive as we thought they would be at the middle of the quarter.... And I do think it is fragile."
Whether you agree or disagree, run, don't walk, to read Dr. John Hussman's most recent missive, "Anatomy of a Bubble."
Wells Fargo: A Closer Look
On the negative side, the tax rate dropped, mortgage-servicing rights were written up, net interest margins were slightly worse and the quarter benefited from small security gains.
On the positive side, credit was stronger and loan growth expanded from the prior period and was above consensus.