Credit unions should enjoy the good times now, and start preparing for a mild recession in 2019, CUNA Mutual Group chief economist Steven Rick said Thursday.
The U.S. economy's expansion is expected to continue at an annual rate of up to 2.4% into 2018, but U.S. GDP could begin to contract the next year, he told attendees at CUNA Mutual Group's eighth annual Discovery Conference in Madison, Wis.
"We continue to benefit from the second longest economic expansions in U.S. history and credit unions have benefited from these tailwinds," said Rick. "But we should continue to expect to see the Federal Reserve raise interest rates in the next year. We could also see a modest recession in 2019, due to a short-term credit cycle recalibration, but this will not emulate the recession we experienced in 2008."
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