Recession risks rise for Biden and Democrats
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Recession has not yet slammed U.S. shores and badly damaged President Joe Biden’s reelection hopes. But the most recent survey of bank lending suggests an economic slowdown could be on the way at the worst time for Democrats and the incumbent president.
The latest survey of lending standards by banks, released by the Federal Reserve on Monday and intently watched by Wall Street for recession signals, reflected “tighter standards and weaker demand for commercial and industrial loans to large and middle-market firms as well as small firms over the first quarter.” The Fed survey added that “banks reported tighter standards and weaker demand for all commercial real estate loan categories.”
Bank lending standards, which already stood at levels consistent with past recessions in the last quarterly survey released in January, tightened even further over the last three months following a banking sector crisis that sank three major lenders including Silicon Valley Bank, Signature Bank and First Republic.