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Credit unions, basking in record growth in members and loans, need not worry about a few Fed rate hikes, but they should be concerned by threats of automotive tariffs, a CUNA economist said.

Federal Reserve Board Chair Jerome Powell said Wednesday that the median forecast of Fed members was real GDP growth of 3.1% this year and 2.5% next year, which is close to CUNA’s forecast.

The Fed raised its federal funds rate 25 basis points on Wednesday, and Powell indicated another rate increase is likely in December. The Fed might raise rates three more times in 2019.

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Jim DuPlessis

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