President Donald Trump's pledges to overhaul taxes, trade, infrastructure and health care may thrill some corporate leaders, but it's causing many to delay expansions. That's bad for banks.

Lending growth probably decelerated for a fourth straight quarter in the three months ended Sept. 30 across more than a dozen of the biggest U.S. banks, according to Royal Bank of Canada analysts and Bloomberg calculations. Their total loans may have ticked up just 1.8%, the smallest increase in more than two years, as commercial and industrial customers held off on buying equipment and building plants.

Executives are “hesitant to borrow in the face of uncertainty,” said Jason Goldberg, an analyst at Barclays. “Whether it's potential tax reform, health-care uncertainties, or they're unclear what infrastructure spending is going to look like, you've definitely seen corporates take a pause.”