WASHINGTON–Lending has declined slightly, the nation’s Federal Reserve Banks are reporting.
According to its latest Beige Book data, which is based on information collected through Oct. 6, banks told the Fed they have seen slight to modest declines in loan demand in their districts. In addition, the Beige Book reports that bankers described consumer credit quality as stable or healthy, with delinquency rates increasing slightly, although they remain low by historical standards.
“The near-term outlook for the economy was generally described as stable or having slightly weaker growth,” according to the Beige Book. . “Expectations of firms for which the holiday shopping season is an important driver of sales were mixed.”
The Road Ahead
Looking forward, respondents to the Beige Book survey said they are expecting increases over the next few quarters, but at a slower rate than the previous few quarters. The Fed reported that several of its district banks have reported decreases in the number of firms expecting significant price increases moving forward.
The Beige Book data can be found here.
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