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The Marriner S. Eccles Federal Reserve building stands in Washington, D.C., U.S. Photographer: Andrew Harrer/BloombergFederal Reserve officials, meeting for the first time under Chairman Jerome Powell, raised the benchmark lending rate a quarter-point and forecast a steeper path of hikes in 2019 and 2020, citing an improving economic outlook. Policy makers continued to project a total of three increases this year.
“The economic outlook has strengthened in recent months,” the policy-setting Federal Open Market Committee said in a statement Wednesday in Washington. Officials repeated previous language that they anticipate “further gradual adjustments in the stance of monetary policy.”
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NCUA and Fed data also show credit unions’ share of auto loans in September has fallen from a year earlier.
With this rate shift and its many implications in mind, now is the time for CUs to reevaluate their lending strategies.
Results for 10 of the largest credit unions point to auto loans as the biggest factor in falling production.
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