According to Federal Reserve data, the growth rate of bank consumer lending has slowed, from 10.8% year-over-year growth in January, to 7.3% YoY growth in June, to only 5.9% YoY growth in July. Moreover, overall consumer loan balances at U.S. banks fell for the first time since 2020, from $1.89 trillion in June, to $1.84 trillion in July. These changes coincide with bank’s tighter lending standards and decreased demand from consumers.

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