Market interest rates have declined since our last meeting. Financing conditions for most firms and households remain at favourable levels. 2/3  BIS central bankers' speeches  Bank lending rates for firms and households remain historically low.
Firms are still well funded as a result of their borrowing in the first wave of the pandemic, which in part explains why lending to firms has slowed. By contrast, lending to households is holding up. Our most recent bank lending survey shows that credit conditions for both firms and households have stabilised. Liquidity remains abundant.