Federal Reserve Board · · Revised 704 series
US consumer credit jumps $27.8bn in September, led by credit card balances
US consumer credit, a measure of household borrowing, rose $27.8 billion in September. That is a 6.4% annualised pace, up from 1.9% in August. Credit card and other revolving debt led the rise with $16.3 billion.
A data update from FactIQ, written from Federal Reserve Board figures. What is FactIQ?
Key figures
- US consumer credit increase, September, seasonally adjusted
- $27.8bn6.4% annualised pace, after +$8.2bn (1.9%) in August2022-10-312026-09-30Total consumer credit owned and securitized, seasonally adjusted flow, monthly rate
- US revolving consumer credit (mainly credit cards) increase, September
- $16.3bn14.5% annualised, after a fall of $5.0bn in August2022-10-312026-09-30Revolving consumer credit owned and securitized, seasonally adjusted flow, monthly rate
- 2-year US Treasury yield, 5 November
- 4.46%down 12bp on the day and from 4.81% on 21 Oct2026-08-282026-11-05Market yield on U.S. Treasury securities at 2-year constant maturity, quoted on investment basis
- 10-year US Treasury yield, 5 November
- 4.84%down from 4.90% the day before and 5.15% on 19 Oct2026-08-282026-11-05Market yield on U.S. Treasury securities at 10-year constant maturity, quoted on investment basis
Credit card balances drove the September rise in household borrowing
The Federal Reserve's G.19 consumer credit report tracks how much households borrow. That borrowing helps pay for consumer spending. The figures are seasonally adjusted.
- Credit cards and other revolving debt rose $16.3 billion in September, a 14.5% annualised pace. In August this debt fell. The August drop was revised slightly deeper, to -$5.0 billion.
- Nonrevolving credit, which covers loans with set repayment schedules, rose $11.5 billion. That is in line with recent months.
- Total consumer credit outstanding reached $5.22 trillion.
- The August rise in total consumer credit was revised to $8.2 billion, from $8.3 billion.
Short-term Treasury yields fell most after the midterm elections
The Federal Reserve's H.15 release reports daily interest rates. On 5 November:
- The 2-year Treasury yield was 4.46%. It fell 12 basis points (hundredths of a percentage point) on the day and was down from 4.81% on 21 October.
- The 10-year yield was 4.84%. It was 4.90% the day before and 5.15% on 19 October.
- The 30-year yield was 5.25%. The 10-year inflation-linked yield was 2.60%. That implies breakeven inflation of roughly 2.24%, which is the inflation rate the bond market expects.
- The gap between 2- and 10-year yields widened to about 38 basis points, from 32 basis points the previous day.
Policy rates did not change
The effective federal funds rate, which banks pay to borrow from each other overnight, held at 3.88%. The primary credit rate, which the Federal Reserve charges banks for short-term loans, stayed at 4.00%. The bank prime rate stayed at 7.00%.
Bank lending kept growing, and earlier consumer credit revisions were modest
The Federal Reserve's H.8 weekly bank data cover the week to 28 October.
- Bank credit at all commercial banks rose about $9.5 billion to $20.02 trillion.
- Commercial and industrial loans reached $2.999 trillion, up roughly $46 billion since late September.
- Deposits rose $26.5 billion to $19.80 trillion.
Consumer credit growth for June was revised to 3.45%, from 3.57%. Growth for May was revised to 0.75%, from 0.67%.
Source: Federal Reserve Board. See all FRB data in FactIQ.