Banks Expect to Tighten Loan Standards for Rest of 2023: Fed.
Banks Expect to Tighten Loan Standards for Rest of 2023: Fed.
Federal Reserve survey shows tightened lending standards and weakening loan demand amid uncertain economic outlook.
A survey conducted by the Federal Reserve found that banks tightened their lending standards for businesses and households in the second quarter and expect this trend to continue throughout 2023 due to an uncertain economic outlook, deteriorating credit quality, funding cost concerns, and potential legislative changes. The survey also revealed a weakening demand for new loans across various categories, including consumers, businesses, and real estate. The growth in US bank lending has been slowing since the beginning of the year as the Fed raised interest rates to combat inflation. While slowing bank lending can serve as a recession indicator, the Fed is not forecasting a recession in 2023, and recent data suggests a strong economy. For more information click the link!
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