The Federal Reserve conducts a quarterly survey of senior loan officers at banks to gauge the tightness or looseness of credit. The latest survey was released today which showed tighter credit conditions and an expectation for tighter credit conditions in the second half of 2023. ZeroHedge has a good summary here. The chart below shows the net percent of respondents tightening credit on commercial and industrial loans; which is now over 50%. This level has only been reached during past recessions which is another indicator suggesting a near recession.