14 The combined effect of concurrent global tightening is larger than the sum of its parts. The Federal Reserve takes into account the spillovers of higher interest rates, a stronger dollar, and weaker demand from foreign economies into the United States, as well as in the reverse direction.
Standards have tightened a bit further since: In the April 2013 SLOOS, about  6  Staff calculations suggest that the FHA and VA market share dipped a bit in 2012 but remained quite elevated.