{"id":23030,"date":"2025-10-10T10:24:00","date_gmt":"2025-10-10T09:24:00","guid":{"rendered":"https:\/\/latribune.lazardfreresgestion.fr\/?p=23030"},"modified":"2025-10-10T10:24:00","modified_gmt":"2025-10-10T09:24:00","slug":"united-states-when-banks-only-lend-to-financial-institutions","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/united-states-when-banks-only-lend-to-financial-institutions\/","title":{"rendered":"United States: When Banks Only Lend to Financial Institutions"},"content":{"rendered":"<h2>Chart of the Week<\/h2>\n<p>The Federal Reserve publishes weekly data on loans issued by banking institutions. The credit boom between 2020 and 2022 gave way to a contraction at the end of 2023, which is generally a negative signal for the US economy. Since early 2024, bank lending has picked up again, but it is interesting to note that the beneficiaries of this growth are to be found among other financial institutions.<\/p>\n<p>In early 2025, the Fed instructed banks to reclassify their loans to better capture lending to these financial institutions \u2014 including insurers, private equity funds, hedge funds, brokers, investment funds, and other financial vehicles. Loans secured by securities were also moved into the \u201cother loans\u201d category.<\/p>\n<p>Historical data has not been adjusted, which explains the jump at the beginning of 2025 that disrupts the reading of this statistical series. Even so, the new classification reveals that since the beginning of the year, 92% of new bank loans have gone to finance non-bank financial institutions \u2014 far outpacing lending to businesses or households.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-23041 size-full\" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/10\/Capture-GDS.jpg\" alt=\"\" width=\"1444\" height=\"587\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/10\/Capture-GDS.jpg 1444w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/10\/Capture-GDS-300x122.jpg 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/10\/Capture-GDS-1024x416.jpg 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/10\/Capture-GDS-768x312.jpg 768w\" sizes=\"auto, (max-width: 1444px) 100vw, 1444px\" \/><\/p>\n<h3><b>OUR <\/b><b>ANALYSIS<\/b><\/h3>\n<p>The data does not indicate which players contributed most to the growth in credit, nor the maturity profile of these loans. Research shows that banks have significantly increased their lending to private debt funds, while figures from the Office of Financial Research reveal a sharp rise in hedge fund leverage over the past two years. Together, these trends have likely fueled the surge in U.S. asset prices, raising concerns about the risk of market adjustment.<\/p>\n<p>***<\/p>\n<p>Written on October 10 2025. Opinions subject to change.<\/p>\n<p>See also: <a href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/pharma-sector-shines-again\/\">Pharma Sector Shines Again<\/a><\/p>\n<p>This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 \u2013 Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES \u2013 75008 PARIS, FRANCE<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Reserve publishes weekly data on loans issued by banking institutions. <\/p>\n","protected":false},"author":101016,"featured_media":23028,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[2677,2361,1921],"class_list":["post-23030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","tag-european","tag-federal-reserve","tag-us"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>United States: When Banks Only Lend to Financial Institutions<\/title>\n<meta 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