Federal Reserve Financial institution of New York President John Williams stated that whereas the banking sector has stabilized following the second-largest financial institution collapse in US historical past, the latest stress could make it more difficult for households and companies to entry credit score.
“The banking system is sound and resilient,” Williams stated Wednesday in remarks ready for an occasion organized by the Cash Marketeers of New York College. “Nonetheless, these developments will possible result in some tightening in credit score situations for households and companies, which in flip will weigh on spending.”