It's Wednesday,

Wednesday,

26 It's Wednesday, August 26, 2020, just after market closed in New York.

This is the Real Vision Daily Briefing.

I'm Ash Bennington in New York, joined shortly by our managing editor, Ed Harrison.

But first, with the day's stories, Nick Correa.

Thanks, Ash.

Back in March, the Fed released a memo

laying out how they would be supporting

the flow of credits households and businesses.

As part of their efforts to achieve that, they announced that they would be reducing reserve

requirements to zero for the time being.

Between unprecedented levels of quantitative easing and a reserve requirement of zero,

Banks' excess reserves have grown rapidly.

Of course, to encourage the flow of liquidity, rates have been cut close to zero, as have the interest rates paid to banks on excess reserves.

As a result, there was a major credit glut, especially in the beginning, with large corporations and businesses clamoring to secure debt to finance their operations

as they faced extreme slumped demand. The Fed's liquidity injections that began in March

helped assuage investors and officials fears of a tighten credit market.

But are credit markets tightening?

There's some data that indicates that they are.

The July 2020 Senior Loan Officer Opinion Survey on Bank L lending practices covers the terms and

demand for bank loans to businesses and households for the past three months

...