US consumers are starting to feel that credit is getting harder to come by, according to survey results released by the Federal Reserve Bank of New York.
Consumer perceptions of credit access and availability declined in March, with the share of respondents reporting it’s harder to obtain credit than one year ago climbing to the highest since the New York Fed started conducting its Survey of Consumer Expectations in 2013. In March, the collapse of Silicon Valley Bank roiled the banking sector, escalating fears of a credit crisis.
It’s the largest jump in one-year inflation expectations since March of last year. Consumers’ uncertainty about future inflation outcomes also increased for the one-year horizon. However, longer-term inflation expectations decreased when looking three and five years out, according to the report. The Fed closely watches measurements of inflation expectations.
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