DALLAS — Members of the Credit Union Economics Group met with top officials from the Dallas Federal Reserve Bank last week to share credit unions' view of things.
During the informal meeting, CUEG economists discussed the housing market and credit quality issues, credit union taxation, employment conditions and the group's economic outlook with Fed Bank President Richard W. Fisher and others from the bank.
CUNA Mutual Group Chief Economist and CUEG member Dave Colby told Fed staff, "CUEG forecasters see the economy expanding by 2.6% in 2007 with growth improving to just under 3% through 2008. Inflation is expected to remain stubbornly above the Fed's comfort zone, so CUEG sees little change in interest rates." He stated that the current CUEG forecast is less optimistic than previous outlooks, and there are sizable variations in forecasts, based on the geographic location of CUEG members.
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"The purpose of the meeting was to provide the Federal Reserve current information on credit unions and exchange information of mutual interest," NAFCU Chief Economist and CUEG member Tun Wai explained.
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