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What’s Next for the Economy?

FED President to Speak at the Chamber

For more than a year we have seen interest rates increase and inflation driving up the price of virtually everything.  The Federal Reserve Bank  has been on a mission to combat inflation. To achieve this, they have steadily increased the discount rate which has dramatically pushed up interest rates for mortgages, business loans, credit cards and auto loans.  To combat inflation the FED wants to slow down demand for products and services by making it more expensive to borrow.

A few weeks ago, Federal Reserve Bank decided to take a break from another interest rate increase.  But will there be additional rate hikes in the future?

Needless to say, there is a lot of uncertainty about future economic conditions. The pandemic may be in the rear-view mirror, but inflation hit all parts of the economy and interest rates have really jumped up over the last 12 months.  There is a lot of concern about a potential recession.   Investors, analysts and business owners are going to keeping a close eye on the inflation and what the FEDs next move will be.

So, what does all of this mean for your business?

To help provide some answers, the Chamber is hosting its Economic Outlook Breakfast on July 12th to share important information about future economic conditions. We are pleased to have the President of the Richmond Federal Reserve Bank, Tom Barkin, as our keynote speaker. The FED plays a leading role in establishing economic policy in the United States by setting interest rates, controlling the money supply and regulating many financial institutions. 

Our second speaker is Eric Lascelles, the Chief Economist from RBC Global Asset Management who will also focus on future economic conditions. He maintains the firm’s global economic forecast and advises its portfolio managers on key themes and risks. He is a frequent media commentator on global economic and financial trends, appearing regularly on CNBC, BNN and other networks.

The Economic Outlook Breakfast will be held at the Anne Arundel Community College on July 12th with registration and networking starting at 8:00am with Coffee and Donuts provided. The program will start at 8:30am. It costs $25 to attend and the proceeds will support the Chamber’s small business seminar series.  To register, click HERE.  It should be a very timely and informative presentation and discussion.  

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