关税阴霾有所消散？美联储调查：美大中型企业商贷需求回暖

Core Insights - The demand for commercial loans from large and medium-sized enterprises in the U.S. has significantly increased in Q3 compared to the same period last year, marking the largest growth in nearly three years, while small businesses' loan demand remained stable [1][2] - Despite the increase in loan demand, banks are tightening credit conditions across various types of enterprises, although the tightening is less severe than earlier in the year [1] - The Federal Reserve's recent interest rate cuts may be undermined by the tightening of loan standards, complicating efforts to support economic growth and the job market [1] Group 1: Loan Demand Trends - The Federal Reserve's Senior Loan Officer Opinion Survey indicates a substantial rise in loan demand from large and medium-sized enterprises, while small businesses show little change [1] - The improvement in loan demand is attributed to a reduction in trade uncertainties following preliminary trade agreements between the U.S. and major trading partners, including China [2] Group 2: Credit Conditions - Banks are still cautious about lending to enterprises with significant trade exposure, indicating a preference for approving loans to businesses with lower trade risks [2] - The tightening of credit conditions may limit overall credit growth in the U.S., despite the improved demand for loans [1]