Goldman Sachs on Wednesday lowered its 2023 economic growth forecast, citing a pullback in lending from small- and medium-sized banks amid turmoil in the broader financial system.
The firm lowered its growth forecast by 0.3 percentage points to 1.2% under expectations that smaller banks will attempt to preserve liquidity in case they need to meet depositor withdrawals, leading to a substantial tightening in bank lending standards.
Source: www.cnbc.com
Goldman Sachs said deposits have started to move out of U.S. banks and towards money markets funds, as investors seek the safety in Treasury securities amid worries about stresses in the banking sector. Retail money […]
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