The Federal Reserve warned in its semi-annual monetary report to Congress that tightening credit conditions could weigh on the U.S. economy this year.
The percentage of banks reporting stronger demand for commercial and industrial loans tumbled by 55.5% in the first three months of the year, the sharpest decline since 2009 during the global financial crisis.
Employees walk in front of a sign outside the shuttered Silicon Valley Bank headquarters in Santa Clara, Calif. Mid-sized banks are struggling, in part, from higher interest rates, which the Fed raised rapidly over the past year from near zero to more than 5%.
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