Fresh data from ELFA shows US business equipment borrowing took a hit in November—down over 4% year-over-year. That's a pretty notable dip when you think about what it signals: companies are tightening their belts on capital investments. For crypto folks watching macro trends, this kind of pullback in traditional borrowing cycles often correlates with broader risk appetite shifts. When corporates slow down on equipment financing, it usually means they're being cautious about growth spending.