The Bank Credit Crunch has arrived. The Fed survey of bankers showed 46% tightened lending standards in Q1 2023. That’s heavily in “recession” territory.
1) Banks are tightening credit in response to fed rate hikes, economic uncertainty, and money supply contraction. This tends to be a "leading indicator" of where the economy is heading. And suggests a big slowdown in lending in H2 2023 …
