Trade war between the U.S. and China.
CUNA Chief Economist Mike Schenk said the trade war with China will further slow growth, but probably won't sink the U.S. economy into recession.
"Credit unions should expect their seasonal loan growth to rev up this summer as usual, and will come in at healthy levels during the year," Schenk said in the CUNA Economic Update released Thursday. "Consumers on the margin should remain willing and able to borrow in the current environment, in part because the Fed isn't likely to increase interest rates anytime soon."
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