The credit crunch stemming from the fallout of Silicon Valley Bank has begun, with data showing clear tightening of lending standards by banks, according to Morgan Stanley’s top stock strategist Mike Wilson. In a note on Sunday, the Morgan Stanley CIO said that the last two weeks have shown the steepest decline in lending on record as banks scramble to offset the breakneck pace of deposit flight, which has accelerated in the month since SVB failed. “The data suggest a credit crunch has started,” Wilson said in the note, adding that $1 trillion in deposits has been withdrawn from US banks since the Federal Reserve began raising rates a year ago. Further illustrating the credit crunch is the most recent small business lending survey, which last week showed that credit availability has seen its largest drop in 20 years, coming alongside the highest interest rates seen in 15 years.
TOPICS AND TIMESTAMPS:
Credit Crunch 0:00
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