Fed’s Beige Book: Stress on US economy eased after SVB crisis

According to Fed’s Beige Book, released on Wednesday, stress on the US banking system has eased since the failure of Silicon Valley Bank in March.

Lending in the U.S. declined after the failure of Silicon Valley Bank and businesses hired fewer people in the early spring, but inflation also “appeared to be slowing.”

The Fed’s regular survey of the economy, known as the Beige Book, signaled the recent turmoil in the banking system had little immediate effect. U.S. growth more broadly was “little changed” in the six weeks leading up to April 10.