American banks experienced a historic contraction in the final two weeks of March, greater than even during the 2008 financial crisis, in the clearest indication yet that credit conditions are tightening as a result of deteriorating economic conditions.
According to Federal Reserve data dating back to 1973, commercial bank lending saw a drop of nearly $105 billion in the two weeks ending March 29th. The final week saw a decrease of over $45 billion, which can be attributed primarily to a decline in small banks’ loan offerings.
This reduction in lending has particularly impacted real estate, commercial, and industrial loans. The […]
Read the rest of this story here: redstate.com
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