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Excerpt from Raymond James Economist Dr. Scott Brown's latest economic commentary:

The Fed’s survey of senior loan officers showed a further tightening of credit for a wide range of consumer and business loans. Anecdotal reports suggest that loans generally remain available for creditworthy borrowers, but terms and standards have been tightened across the board. Following a substantial tightening of credit for subprime and nontraditional residential mortgage loans, credit has also been tightened for prime residential mortgages. Banks also tightened lending conditions for commercial and industrial loans and for commercial real estate loans. Such bank credit tightening is consistent with a general economic slowing...

The housing market correction, a tightening in credit, and an inflation squeeze on household budgets will contribute to slower growth in the near term. Fed rate cuts and fiscal stimulus will not make these problems go away. However, the stimulus should prevent a broader decline and will provide support into the second half.