Fed sees credit drawdown looming, shifts towards pause on rate hikes
Federal Reserve Chair Jerome Powell on Wednesday said banking industry stress could trigger a credit crunch with "significant" implications for an economy that U.S. central bank officials projected will slow even more this year than previously thought.
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### Instruction: Fed sees credit drawdown looming, shifts towards pause on rate hikes

### Response: Federal Reserve Chair Jerome Powell on Wednesday said banking industry stress could trigger a credit crunch with "significant" implications for an economy that U.S. central bank officials projected will slow even more this year than previously thought.