Fed Prepares Survey to Monitor Private Credit Market

The Federal Reserve Bank of Dallas and the Federal Reserve Bank of New York are launching a pilot survey to gauge the private credit markets in the US. The organizations plan to launch the survey after the end of the third quarter this year, with aggregate findings published during the first quarter of 2027.

The survey aims to gather information on the availability of credit, lending standards, and implications for the broader economy and monetary policy. It will segment the direct lending market into three borrower sizes: upper middle market (EBITDA > $100 million), middle market (EBITDA between $30 million and $100 million), and lower middle market (EBITDA < $30 million).

The survey is part of market intelligence efforts, with findings not used for supervisory purposes. The Federal Reserve has expressed concern about private credit stress, citing it as a potential source of financial shock in its April 2025 Financial Stability Report.