2023 Business and Economic Outlook
December 15, 2022 at 10:00 am – 11:00 am
During the last 12 months, credit union loan balances increased a remarkable 17.8%, more than three times the 5.4% pace set in the year ending August 2021, and above the 7% long-run credit union average loan growth. Credit union first mortgage loan originations dropped 33% in the second quarter of 2022 compared to the second quarter of 2021, and credit union provisions for loan losses, as a percent of assets, rose to 0.20% in the first half of 2022 from the record low 0.7% set in 2021. So what’s on the economic horizon?
Skip the fortune teller and Magic 8 Ball and join us for a frank conversation on rates, the Fed, and the overall economy with CUNA Mutual Group Chief Economist Steve Rick.
In this session, we will discuss how the U.S. economy is experiencing historic demand and supply shocks leading to the highest inflation in 40 years. The Federal Reserve may be behind the inflation curve and is now planning to tighten monetary policy. What will higher interest rates do to the economy at the end of 2022 and beyond? The Federal Reserve’s monetary policy and the Treasury Department’s fiscal policy will be important economic topics for the next few years.
Steve Rick, Chief Economist at CUNA Mutual Group and an economics professor at the University of Wisconsin, talks about the possible paths of economic recovery and what impact it will have on your balance sheets and income statements for the next two years.