Crude oil prices battled their way to a gain for the week as worries about the economy warred with the upward pressure from a weakening dollar.

Is the much-discussed bond bubble really a "bubble"? Or is it something else entirely, more subtle and harder to define?

I thought I was seeing things yesterday.

The Federal Reserve released its weekly numbers on U.S. bank lending. And it looked like there had been some kind of mistake.

Outstanding loans and leases at U.S. commercial banks jumped by a staggering $420 billion in the week ended March 31. An unprecedented leap.

Something unusual happened the last few weeks.

Bank lending in the U.S. didn't fall significantly.

Since the onset of the financial crisis, outstanding loans at U.S. commercial banks have been in a freefall. Over $600 billion in loans have been repaid or defaulted on. Representing an 8% contraction in credit.

US Bank Loans & Credit Chart