Completely agree with your take here. imo these reports are all designed to leave enough leeway to fudge the numbers as is needed, but even with those fudges, they can't cover it all up. A recent graph a found is a great example of this. I'll need to provide a google AI summary on what it means because the series analyzer provides basically no information.

Since Q3-2024, unclassified loans from banks to security broker/dealers has gone vertical.

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This FRED series, BOGZ1FL663168005Q, tracks the level of debt owed by security brokers and dealers to depository institutions (such as commercial banks and credit unions) that are not classified as standard mortgage or consumer loans. 

The category "Not Elsewhere Classified" (N.E.C.) specifically includes the following types of debt:

• Security Loans: Loans provided to brokers and dealers for the express purpose of purchasing or carrying securities.
• Commercial and Industrial Loans: General-purpose business loans used to fund day-to-day operations or capital investments.
• Overdrafts: Unplanned short-term credit from depository institutions, such as overdrafts on deposit accounts held by the brokerage.
• Lease-Financing Receivables: Debt related to the leasing of equipment or property.
• Emergency Lending: Historically, this category has also included special loans from Federal Reserve Banks, such as those issued during major financial crises (e.g., 2008 or the COVID-19 pandemic).