This Only Happens When We Are Currently in a Recession

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Consumer credit has historically been a solid recession signal, particularly how consumers alter their usage of credit cards. Some of that by choice, for many it is the bank's. Either way, when this happens it is more compelling evidence backing the rise in the unemployment rate.

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September 2008 FOMC Transcript
https://www.federalreserve.gov/monetarypolicy/files/FOMC20080916meeting.pdf

March 2001 FOMC Transcript
https://www.federalreserve.gov/monetarypolicy/files/FOMC20010320meeting.pdf

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