WASHINGTON, DC (June 24, 2016) — 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.”
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
