In 2024, Commercial Banks increased their🔵Loans and Leases by $353B.   This was $84B more than 2023's increase of $269B - but 2023 was the lowest annual increase in the last 10 years (including 2020), which makes 2024 the 3rd smallest increase in Credit in the last decade (think nominal dollars)

Of the $353B in Loans originated in 2024, $125B of them (35%) were Loans made to🟡Non-Depository Financial Intuitions like Securities Brokers, Hedge Funds, Pension and Insurance Companies

If we back out Loans to NDFI's, 2023 and 2024 become the smallest increases in Credit to the general public since 2010 and 2011 

How does inflation work if we aren't creating Deposits🤔