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The bond price bubble will eventually pop as rates rise, creating potential for the next crisis: a one-two punch of deposit withdrawals and negative spreads as  hundreds of credit unions fall short of the earnings needed to compete on deposit rates. The cost of funding will overwhelm asset yields and punish even the strongest balance sheets due to the interconnectedness of credit unions that leads to a phenomenon we call the growth tax.

Tonya Knudesn

Credit Union Times

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