U.S. banks are making it much harder to borrow money

America's banks have become more reluctant to lend money to businesses and households — an intended side effect of the Fed's rate-hiking campaign.

Why it matters: New research shows that phenomenon playing out to an extraordinary degree. Making credit more expensive and harder to get will weigh on economic activity and quell inflation.

This spring's bank failures may have also sped up that process, though the extent to which that has happened remains unclear.

What's new: An analysis from Evercore ISI finds that the shift in bank lending standards has...