Even before the regional banking crisis, one of the recessionary headwinds facing the US economy was tightening credit. In that regard, few data points are more important than today’s Senior Loan Officers Survey, which is why we went as far as to suggest it could even change the Fed’s policy path. That didn’t happen, and today’s data was undoubtedly better than it could have been. However, as we will illustrate, we don’t believe it is anything to celebrate.
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