Læs hele referatet fra Federal Advisory Council, som består af bankdirektører
The Council believes the economy is stronger than the recent negative market sentiment would imply. • Lenders are generally still highly competitive on rates, and looser structures are becoming more common, particularly on buyout financing.
• The demand for loans is anticipated to increase moderately through 2016, consistent with a moderately expanding U.S. economy. Soft commodity pricing may reduce some demand for working capital credit. • More stress in the energy sector and in the manufacturing sector are to be expected going forward.
To date, oil and natural gas prices remain weak and show little prospect of significant increase in the near term. Ongoing low oil and natural gas prices, combined with decreasing protection from price hedges, along with tightening credit standards, will extend the current high-stress environment for many petroleum-related companies into 2016. High-level economic indicators for the manufacturing sector are also cooling down, as recent consecutive contractionary readings in the ISM manufacturing index were the lowest since the last recession. Several regional purchasing-manager surveys have also indicated contraction over the past year.
• The financial markets will be greatly influenced by the decisions of the FOMC on monetary policy, with discussion centering on the speed of the rate-increase cycle. • Commercial real estate and construction demand is steady, with strong competition for quality credits.
