Sometimes you hope others pivot when you have new information that should change policymakers’ minds. We got our non-farm payroll numbers and they were predictably strong, but because of how poorly tabulated numbers are we may be getting a false reading. We’ve been waiting for the other shoe to drop, and it’s truly beginning to do so. We know this because of a story Friday from Bloomberg about how U.S. bank lending contracted by the most on record in the last two weeks of March. Commercial lending fell by nearly $105 billion in the last two weeks of March, with a huge chunk from small banks, which represented local loans to local businesses — the businesses that would be most impacted by tighter …
