In his testimony to the Congressional oversight panel last month, US Treasury secretary Tim Geithner noted that credit conditions had improved in recent weeks and months, with the Libor-OIS spread coming down to about 90 basis points from its October 2008 peak of 365 and corporate bond issuance and issuance of asset-backed securities both rising strongly in the first quarter.
However, he also highlighted reports on bank lending that showed big declines in consumer loans, including credit card loans, as well as commercial and industrial loans.
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