Federal Reserve's Dallas and New York banks to survey $1.3 trillion U.S. private credit market

The Federal Reserve Banks of Dallas and New York announced a pilot survey of the U.S. private credit market, an estimated $1.3 trillion sector that has grown since the 2008 financial crisis as an alternative to bank financing. The survey will begin in the third quarter of 2026 and publish findings in the first quarter of 2027. It will divide the market into three borrower-size segments – upper middle market (EBITDA over $100 million), middle market ($30 million‑$100 million EBITDA) and lower middle market (under $30 million EBITDA). By gathering data on credit availability, lending standards and market evolution, the Fed aims to improve transparency, assess potential risks to the broader economy and inform monetary‑policy decisions. The initiative reflects regulators’ concern over limited visibility into private‑credit lending and its growing role in financing riskier businesses.