Banks reported easing lending criteria for a range of consumer and business loans, according to the Federal Reserve's July survey of senior loan officers. The survey also found a broad–based pickup in demand for loans. Banks generally cited more aggressive competition as a primary reason behind loosening their standards and terms on loans to businesses.
While the Great Recession has been over for more than five years in the United States, its consequences continue to reverberate around the world, Fed Vice Chairman Stanley Fischer said during a recent speech, noting that monetary policymakers face unique challenges in the postrecession economy.
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