The Fed's closely watched Senior Loan Officer Opinion Survey showed that while credit conditions got more strict, demand declined as well.
The Fed's closely watched Senior Loan Officer Opinion Survey, released Monday, showed that while credit conditions got stricter, demand declined as well.
Those results are important as economists who expect a recession believe that the most likely source will be from the banking system — which has had to respond to a series ofas well as a momentary crisis in March when three mid-size institutions failed. On the issue of consumer lending, banks "reported having tightened standards for credit card loans and other consumer loans, while a moderate net share reported having done so for auto loans."
In the critical $2.76 trillion commercial and industrial lending segment, the survey noted that a "major" share of banks said they have seen lower demand for loans amid tightening standards across all business sizes.
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