The Federal Reserve warned Friday that tighter U.S. credit conditions following a spate of bank failures in the spring could hinder economic growth this year.
In its semi-annual monetary report to Congress, the central bank noted that bank lending conditions have “tightened notably” over the past year due to the rapid increase in interest rates and the recent turmoil within the financial sector.
Read More : Fed Cautions That Tighter Credit Conditions Could Impact US Growth