Fed data shows rejection rate for US credit applicants climbed to its highest in 5 years

<p>A Federal Reserve survey published on Monday pegged the rejection rate for U.S. credit applicants at to 21.8% in the twelve months through June</p><ul><li>the highest level seen since the same period five years ago</li><li>and compares with 17.3% in the previous, February, survey prior to the failure of Silicon Valley Bank and other regional lenders</li></ul><p>More Americans have been getting rejected for loans as banks tighten credit conditions amid rising borrowing costs. </p><p>The survey logged sharp increases in reported expectations that applications for new mortgages, mortgage refinancing, or increases in credit card limits would be rejected.</p><p>—</p><p>Meanwhile, all is well in equities …</p><p>S&amp;P 500 up 0.5% Monday:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.