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In the March Survey of Consumer Expectations, the bank found that the share of households who said credit is harder to get versus a year ago rose to the highest level in a survey that dates back to 2014. The bank’s report also said, “respondents were more pessimistic about future credit availability as well, with the share of households expecting it will be harder to obtain credit a year from now also rising.”
While the Fed report does not mention the situation, the survey took place in a month where the financial system was rattled by the failure of Silicon Valley Bank and troubles at other financial institutions, which has led the Fed to lend significant amounts of money to the banking community. Fed officials have stressed they view the banking system as solid and they see trouble spots as isolated.
