Businesses across the country said banks have tightened their lending standards since last month’s banking crisis, according to an economic survey from the Federal Reserve
released Wednesday. Overall economic activity held steady in recent weeks, with nine of the central bank’s 12 regional districts reporting no change, or slight growth; and three others reporting modest gains. The report captures the effects of last month’s banking turbulence on businesses and banks themselves.
Banking crisis fallout Several small and midsize banks in the New York Fed’s district reported “widespread declines in loan demand across all loan segments.” Several bankers in the Cleveland Fed’s district said that customers have reached out to ask if their deposits were safe. Other banks in the Richmond Fed’s district reported higher inflows of deposits following the collapse of Silicon Valley Bank, the report said.
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