MADISON, Wis.–International events and domestic inflation have led CUNA’s economists to adjust their economic outlook for this year and next.
Mike Schenk, deputy chief advocacy officer for Policy Analysis and Chief Economist for CUNA, said CUNA’s economists recently met and are in the process of putting forward a new economic forecast.
“We’ve adjusted our view to reflect the Federal Reserve’s obvious and more aggressive stance against inflation,” said Schenk.
In its new forecast, which will also be released via video by CUNA, Schenk said the trade group is forecasting that there are very strong indications of higher interest rates on the horizon, and “sooner rather than later.”
In addition, Schenk said CUNA has adjusted its expectations for economic growth “down just a bit this year and next as a consequence. In general, we think there is going to be somewhat noticeable effect on credit union operations. Our outlook for loan growth is a bit lower. The changes are pretty modest.”
Schenk said the video with the updated forecast will be updated later this week on CUNA.org.