ARLINGTON, Va. – Credit unions should look for the Federal Reserve to hike interest rates early next year and that the overall increase could be 150 to 200 basis points by the end of 2004, according to Jeff Taylor, Senior Staff Economist for NAFCU. Taylor said he expected that the continually improving economic situation would bring an overall growth rate of 4% next year and that the Federal Reserve will increase interest rates to keep inflation from becoming a problem. He noted, however, that unexpected events like an act of terrorism on American soil could slow the economy down again.
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