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      "text": "Source: (Left) Federal Reserve, Refinitiv Datastream, J.P. Morgan Asset Management. Data is from the Senior Loan Officer Opinion Survey. Periods of “recession” are defined using US National Bureau of Economic Research (NBER) business cycle dates. (Right) European Central Bank, Refinitiv Datastream, J.P. Morgan Asset Management. Data is from the Euro Area Bank Lending Survey. Guide to the Markets – UK. Data as of 31 May 2023.",
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