Economic & Market Outlook
“It’s tough to make predictions, especially about the future.” – Yogi Berra
As major league baseball’s regular season comes to an end and prognosticators turn their attention to the postseason and which teams have the best chances to win it all, we are reminded of Yogi Berra’s perspective on predictions.
The Federal Open Market Committee (FOMC) met in September to assess the state of the economy and decide about the level of interest rates and projected path forward. At the post-meeting press conference, Federal Reserve Chairman Jerome Powell was asked a question about how much confidence he has in the Fed’s Summary Economic Projections or SEP. Powell said, “Well, forecasts are highly uncertain. Forecasting is very difficult. Forecasters are a humble lot with much to be humble about.” Yogi would have appreciated that response.
Please find the latest edition of the PeoplesBank Wealth Management Economic & Market Outlook below for your reference.