A slowdown in bank lending is turning into ground zero for adebate over the growing gap between economic hope and reality inthe wake of Donald Trump's U.S. election win.

The deceleration in loans made to companies and consumers hasbefuddled some analysts who worry that the worst growth rate inabout six years bodes ill for the U.S. recovery at a time whenexpectations remain high. With credit acting as the lubricant foreconomic expansion, solving the mystery of the downturn has gainedfresh urgency as investors wait to find out if the enthusiasm tiedto Trump's pro-growth agenda will translate into a tangibleboost.

“One of the stories for optimism at the start of the year wasthat the gain in confidence and financial market deregulation wouldspur a rebound in credit creation,” said Michelle Meyer, aneconomist at Bank of America Corp. “Surprisingly, the data show theopposite.”