Chart 1 is just that Net % of Lenders Tightening Standards from previous tweets but inverted (up = looser lending standards) mapped vs ISM Chart 2 adds in BTC (pink) and commodities (green) with ISM (purple) and lending (white) Lending standards tend to bottom out marginally later than the manufacturing cycle peaks and commodities peak around the same time if not a little later than lending standards bottoming (and one can draw parallels with stuff like watches which also peak late with commodities)