By Daniel J. Peterson
As we quickly approach the end of another calendar year, I am reminded of last year when the residual effects of the COVID-19 pandemic still cast uncertainty into the new year. Though many of us can agree that the pandemic no longer directly impacts us in the ways seen previously, it has continued to force record-level inflation and recessionary fears onto the wallet of every Wisconsinite.
As our neighbors look to bankers as experts on both the economy and communities they serve, it is important that we as banking leaders take the opportunity to interpret and pass on the economic data and trends that we will likely see into 2023.
Annually, the Wisconsin Bankers Association (WBA), in partnership with several other Midwestern banking associations, hosts a virtual Midwest Economic Forecast Forum. This forum is focused specifically on providing bankers with the chance to hear from nationally renowned experts on the challenges expected to impact our industry in the new year and also opportunities that are in store.
This year’s forum will once again be held virtually and provide individual or group rates to banks interested in inviting staff, business customers, directors, and others to join in on the viewing. Mark your calendars now for January 12, 2023 from 10:30 a.m.–noon CT and visit wisbank.com/econ to register.
This year, bankers will gain an economic outlook from James Bullard, president of the Federal Reserve Bank of St. Louis and member of the Federal Open Market Committee (FOMC), as well as Gus Faucher, senior vice president and chief economist at the PNC Financial Services Group.
The last several years have certainly proven it is difficult to predict what is to come. As uncertainty continues to surround many aspects of our economy, it is necessary for the continued prosperity of our banks and community members that we look ahead. Without doubt, 2023 will create challenges and opportunities and prove to be a very unique year for many industries. The interest rate environment will cause many to pause and reevaluate, with fears of a recession on the horizon. Bankers will need to stay tuned in to the economic environment as we navigate through the next year.
I look forward to the discussion on these topics at the Midwest Economic Forecast Forum and hope many of you will join us.
Peterson is president and CEO of The Stephenson National Bank & Trust, Marinette, and the 2022–2023 WBA Chair.