The Fed's Senior Loan Officer Opinion Survey: What It Means for the Economy and the Fed

The Fed's senior loan officer opinion survey looked at bank lending activity over the first quarter of this year. It reported that lending standards tightened and demand weakened for both commercial and industrial loans. Powell had a similar take on the Swiss data that he shared at the May FOMC meeting. We think that the data is probably enough to conclude that they're comfortable pausing on hikes for now.