Also, right now, it may be a mistake to assume that credit growth must be strong for the economy to surge. Companies may just be in a period when they need fewer loans to fuel strong growth. The tax cuts passed late last year have provided firms with more of their own cash to spend on their investments and hiring. In the latest bank lending survey from the Fed, some banks said their corporate customers had less demand for loans. One reason borrowers gave: They were generating more funds internally from their operations.

But something else may hinder a strong revival in borrowing. Companies may have taken on so much debt that they may not want to borrow much more, or their creditors may not be as willing to lend. Analysts at Bank of America Merrill Lynch on Wednesday noted that the “net leverage” of investment-grade corporations is now at its highest level since 2002. Debt, after subtracting cash holdings, is 1.82 times earnings before interest, taxes, depreciation and amortization for the companies, excluding financial firms and corporations in the energy, utilities and metals sectors.

Some economists say sluggish credit growth could act as a drag on the economy. Paul Kasriel, an economist at the Legacy Private Trust Company, contends that the slowing growth of bank credit and another monetary measure could signal that demand in the economy will weaken in 2018.

Of course, we may now just be in a lending lull that will soon give way to a rebound. But the longer credit growth remains subpar, the less likely a Trump boom becomes.

- Peter Eavis