Sumber: The Fed | Editor: Hasbi Maulana
Despite the recent volatility in some financial markets, financing conditions for nonfinancial corporations and households remained accommodative over the intermeeting period and continued to support further expansion of economic activity. Gross issuance of investment- and speculative-grade bonds was slightly lower than usual in January and February, while gross issuance of institutional leveraged loans stayed strong. The provision of bank-intermediated credit to businesses slowed further, likely reflecting weak loan demand rather than tight supply. Small business owners continued to report accommodative credit supply conditions but also weak demand for credit. Credit conditions in municipal bond markets remained accommodative.
In commercial real estate markets, loan growth at banks slowed further in January and February. Financing conditions in commercial mortgage-backed securities (CMBS) markets remained accommodative, as issuance was robust (relative to the usual seasonal slowdown) and CMBS spreads continued to be at low levels. Financing conditions in the residential mortgage market remained accommodative for most borrowers, though credit conditions stayed tight for borrowers with low credit scores or with hard-to-document incomes. Mortgage rates moved up, on net, over the period, along with the rise in other long-term rates.
Consumer credit grew at a solid pace in January following a rapid expansion in the fourth quarter. Aggregate credit card balances continued to expand steadily in January. Nonetheless, for subprime borrowers, conditions remained tight, with credit limits and balances still low by historical standards. Auto lending continued to grow at a moderate pace in recent months; alÂthough underwriting standards in the subprime segment continued to tighten, there were few signs of a significant restriction in credit supply for auto loans.
