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You're not alone if you feel like the economy is sending mixed signals. Although "uncertainty" is a label that can always be applied to the future, it's a spectrum from high to low. For nearly a decade, the Federal Reserve Bank kept interest rates below 1% – which also marked a period of relatively low uncertainty. Today, the Fed has signaled a desire to keep the rate steady at around 5.25%. Despite the supposed stability, uncertainty is very high and concerns about a recession carry weight. Credit unions need to stay alert for how economic headwinds in 2024 could affect their credit portfolios.
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