Strategist confirms evidence of credit crunch for investors.

The chief economist and partner at Apollo Global Management, Torsten Slok, has warned that the "credit crunch has begun" after the latest Fed data showed a sharp drop-off in bank lending post the Silicon Valley collapse. Slok highlighted several notable points in that data, such as the biggest two-week decline in bank lending in US history, the biggest two-week fall in lending to real estate on record, the biggest two-week fall in bank lending to corporates on record, the biggest decline ever in lending to multifamily construction, a fall in auto lending, and a surge in banks selling mortgages and drawing on the Fed and the Federal Home Loan Bank system to help meet deposit demand.