S3E4: Richard Wobbekind and Brian Lewandowski - Economic Update and Forecast
If we look at the events that have unfolded in the first part of the year, our guests believe likelihood of a recession has increased, and changed expectations for the economy.
Joining us today for this discussion on the economy and a look ahead, are Rich Wobbekind, the Dean for Business and Government Relations and Senior Economist at Leeds as well as Brian Lewandowski, Executive Director of the Business Research Division at Leeds.
We dive deeper into the SVB crash and its ripple effects this episode, including effects on smaller community banks, the current status of inflation and interest rates on a national and state level, the status of labor shortages and where cryptocurrency fits in the economy.
Leeds Business Insights Podcast is a production of Leeds School of Business and is produced by University FM.
EPISODE QUOTES:
What are the implications of the collapse on smaller community banks?
[00:08:40] Richard Wobbekind: People have much more technology-based mobility now than they've had historically, and that is allowing or encouraging the flow of these funds out of the banking system.
On the current status of inflation and interest rates
[00:25:09] Brian Lewandowski: When we look at Fed policy, the fear or concern is that the Fed would stop too soon. If they pause or even make that bold decision to change direction and lower interest rates because of what's going on in the economy, that signal would sort of derail some of the progress that's being made on inflation right now.
Post-pandemic trends that may contribute to recession
[00:24:49] Richard Wobbekind: I think we've gotten much better at working remotely. We've really adapted to the use of technology more. We've become efficient in a number of ways, and it helps us recruit people from all over the country. If you have a remote job, we can have people working anywhere. And that's one of the things that may be impacting us locally.
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