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The ratio between these two gauges acts like a stress test for the financial system and a signal for risk assets.
High Ratio means companies are paying much more than just the general overnight rate to borrow (think of it as a "premium for trust").
US ISM Purchasing Managers Index (PMI) vs US Net Percentage of Domestic Banks Tightening Standards for Commercial and Industrial Loans 1 Quarter Forward Inverted to:
-Small Firms
-Large & Middle-Market Firms
