J.S. Held Survey Shows US Lenders Growing More Cautious Amid Economic Uncertainty
The Q3 2026 J.S. Held Lending Climate in America survey reveals that U.S. lenders are becoming increasingly cautious due to rising economic and geopolitical risks. Respondents reported weaker expectations for both near-term and long-term economic performance, with heightened concerns about recession risk and global instability. Despite this more conservative outlook, borrowers continue investing in growth initiatives such as product development, capital investment, market expansion, and hiring. Lenders are maintaining disciplined underwriting practices, emphasizing liquidity strength and resilience amid uncertainty. The survey highlights a growing focus on risk management over aggressive lending. Geopolitical tensions remain the top concern for near-term economic impacts, followed closely by recession fears. These findings suggest that while credit remains available to strong borrowers, lenders are prioritizing caution in their decision-making processes.
Topics: economic expectations geopolitical risk lending behavior recession concerns