Private Credit and Non-Banking Financial Intermediation (NBFI)
Semi-liquid private credit: historical U.S. scale
USD bn
Sources: [2] Federal Reserve May Financial Stability Report: funding risks · 2026-05-08; updated May 28
Private-credit withdrawals keep attention on the links between funds and banks
British regulators highlight persistent pressure, while the broader question is how separate balance sheets respond to the same shock.
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