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  "documentTitle": "Year-end Macro Brief Into the Fog of Winter",
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  "notes": "The chart tracks the index of weighted net change in credit standards, where values > 0 indicate tightening.",
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      "text": "Monetary policy tightening since early 2022 has already been leading banks to scale back lending and tighten their credit standards. US banks tightened standards for all kinds of business and consumer loans while demand for most types of loans weakened, and growth for all types of loans slowed. In the US and the UK, lending standards remained tight in Q3'23, reaching their highest points in 2023. Growing market and regulatory pressures in the aftermath of recent bank failures could prompt banks to further reduce risk-taking and increase their provisions for credit losses. An intensifying credit crunch could raise the risk of more severe recession outcomes via a squeeze on household and corporate funding.",
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      "text": "Note(s): The date of each datapoint refers to the quarter in which the bank lending survey was conducted but reports the assessment of credit conditions in the prior quarter. Lending standards for US and EU reflect a weighted index constructed using select survey questions to measure tightening or loosening standards to both households and enterprises. UK lending standards series based on inverted series of use of credit scoring. Source(s): Haver Analytics, EU Bank Lending Survey, BoE, Board of Governors of the Federal Reserve System, Accenture Strategy analysis",
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