The Fed, one eye on inflation, the other on credit conditions

Whether banks tighten access to credit or the Fed raises policy rates, in both cases there are negative effects on the real economy. What is the equivalence between the two phenomena? In March, after the SVB crisis, Jerome Powell had roughly estimated that it could be the equivalent of a rate hike or perhaps more than that, let's say somewhere between 25bp and 50bp. In the meantime, there has been no systemic banking crisis, but the pressure remains on some mid-sized banks. If th...