NEW YORK — Global consulting firm J.S. Held today published the results of its Q3 2026 Lending Climate in America survey, offering insight into how US lenders are assessing economic conditions, credit risk, borrower activity, and market expectations. The latest findings point to a lending environment marked by growing caution. Concerns regarding geopolitical instability, recession risk, and policy uncertainty remain elevated, while lender expectations for both near-term and longer-term economic performance have weakened. Despite this more guarded outlook, borrowers continue to pursue investment and expansion initiatives, highlighting a notable disconnect between lender sentiment and borrower activity. …Lenders Grow More Cautious About the Economic Outlook. …Geopolitical and Recession Concerns Continue to Shape Decision-Making. …Borrowers Continue Investing Despite Greater Economic Uncertainty. …Underwriting Remains Selective as Risk Management Takes Priority.