My new favorite index survey and the growing credit crunch it reflects

This is now my number one monthly index to watch, the Dallas Fed’s Banking Conditions Survey. They just reported its June results with the title “Loan demand continues to fall, and bankers’ outlooks remain pessimistic.” Their ‘Loan Volume’ index fell to -14.5 from -9. The ‘Loan Demand’ component fell to -47.6 from -31.8. ‘Non performing loans’ rose to 1…