Commercial and industrial loans, all commercial banks. Source: St Louis Fed

Commercial and industrial loan growth has slowed to the weakest level since the beginning of the recovery.

That’s not because the economy is slowing, but rather because corporations are flush with cash after eight years of underinvesting. Investment growth has been modest, probably because corporations are waiting to see the shape of the Trump tax reform before making commitments.

This isn’t good for the banks, whose earnings were the subject of a bit of irrational exuberance on the part of Wall Street analysts.

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