Lending declined in many parts of the United States over recent weeks, the Federal Reserve announced Wednesday, amid financial sector troubles unleashed by the rapid collapse of Silicon Valley Bank (SVB). The conditions in New York's financial sector "deteriorated sharply coinciding with recent stress in the banking sector," according to the Book. SVB's collapse on March 10 after taking excessive interest-rate risk led to a snowball effect in the financial markets as concerned investors looked for signs of weakness in the broader banking sector in the US and Europe.