Banks Tighten Lending Standards, Raising Recession Fears
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Banks have tightened lending standards for business, consumer, and real estate loans due to economic concerns.
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Loan demand has weakened across all categories as number of inquiries dropped.
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Tighter lending standards expected to weigh on economic activity and hiring.
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Economists worry tightening credit conditions could push economy into recession in 2023.
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Stock markets were down and 10-year Treasury yield rose as banks tightened lending standards.