Lending activity across the country continued to remain stable at low levels, the Federal Reserve Board said Wednesday.
In its latest Beige Book survey of economic conditions, the Fed said demand was picking up in certain districts, including Richmond and Dallas.
But overall, demand for commercial and industrial loans remained weak as businesses continued to delay capital spending plans until uncertainty was alleviated on upcoming economic and public policy changes.
Even so, the Fed noted, merger and acquisition lending did pick up in a few districts, while commercial real estate remained subdued with lending standards tight.
In Richmond, activity in the banking sector improved modestly, led mostly by gains in business lending and home refinancing. Several bankers in the district reported that volume of new mortgage loans increased slightly in September.
