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Most CUs will provide wage increases for at least some of their employees, according to CUNA's just-released Small CU Staff Salary Survey.
St. L Post Dispatch on GAO report:Consumers may not benefit from altering Interchange system;would cut card competition. http://ow.ly/ETyX
CUNA's Hampel: Consumer holiday spending will be up slightly from last year. See Tues NN.
NCCUL and WOCCU met with Romanian CUs this week. The CUs are experiencing growth and want to increase their public relations efforts.
Kent Buckham has been named by NCUA as director of the newly created Office of Consumer Protection. The 7-person dept. launches in Jan.
Economists expect Fed to cut rates Wednesday
NEW YORK (10/28/08)--As the Federal Reserve Board's policymaking body heads into a two-day meeting today, most economists surveyed say they expect another interest rate cut to be announced Wednesday.
Of the 45 economists surveyed by USA TODAY, 82% expect The Federal Open Market Committee (FOMC) to reduce the fed target for short-term interest rates from its current 1.5%. Of that group, 44% anticipate a half-point reduction and 38% expect a quarter-point cut (USA TODAY (Oct. 27).
The expectations come at a time when the nation marks the first decline in consumer spending in 17 years. A reduction to 1% would be at a level not seen since mid-2004.
The survey shows a significant deterioration in economists' assessment of the economy since the last survey conducted in July, said the newspaper. In July, 51% of economists surveyed said the nation was in a recession. In the latest survey, all but one agree the U.S. is in a recession.
The Fed's last rate cuts occurred on Oct. 8, when it cut rates in a surprise move coordinated with central banks around the world in the midst of the stock market's volatility.
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