Our US focus page looks at credit conditions and shelter inflation. The left-hand chart shows that the percentage of banks which have tightened lending standards has been rising. We expect this to increase further over the course of 2023 given the recent stress in the banking sector. The right-hand chart plots shelter CPI against the Case-Shiller home price index with a one year lead. Given house prices fell substantially in 2022, shelter inflation may soon start to slow.