The warning signs of a credit slowdown are beginning to appear. Late Friday, the Federal Reserve's weekly H.8 report showed that growth in lending for commercial and industrial (C&I) loans has significantly cooled off in recent weeks. According to Bespoke Investment Group, the annualized quarter-over-quarter growth rate of C&I loans fell to 15.17% based on Friday's data. Just two weeks ago this was 19.34%.