The latest bank lending survey shows further contraction.
The Fed bumped up rates another quarter point last week but suggested it could possibly pause the hikes at its next meeting in June. | Win McNamee/Getty ImagesRecession 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 rate increases helped tamp down a historic rise in consumer inflation in the wake of the Covid pandemic. But prices are still rising significantly faster than the Fed’s target of around 2 percent per year. Still, there remains heavy concern across Wall Street and among many economists that the Fed’s rapid and intense campaign of rate hikes meant to battle inflation will smash the brakes on the economy hard enough to create a recession.
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