The percentage of banks reporting stronger demand for commercial and industrial loans tumbled by 55.5% in the first three months of the year, the sharpest decline since 2009 during the global financial crisis.
Employees walk in front of a sign outside the shuttered Silicon Valley Bank headquarters in Santa Clara, Calif. Mid-sized banks are struggling, in part, from higher interest rates, which the Fed raised rapidly over the past year from near zero to more than 5%.
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