National Association of Federal Credit Unions (NAFCU) Chief Economist Curt Long issued the following statement today in response to British voters decision to leave the European Union.
“For the U.S. economy, Brexit will at the very least lead to increased volatility in financial markets,” said Long. “Fed action is likely on hold until the fourth quarter at the earliest. As for credit unions, they should prepare for the present interest rate environment to persist for some time as normalization is bound to proceed on an even more gradual path than the Fed has previously indicated. Credit unions are also likely to see a repeat of the second half of last year when market volatility led to a surge in share growth.”