By contrast, at the other end of the lending market, bankers are tightening their credit standards, according to Steven Blitz, chief U.S. economist at TS Lombard. This is a response to the Fed’s previous rate hikes, which have boosted the central bank’s target range for federal funds to 2.25%-2.50%, as well as narrowing the spread versus the two-year Treasury note, which yielded 2.533% Wednesday. The Fed sets the overnight fed-funds rate, while two-year note yield reflects expected future rates.
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