The Equifax advisory team reviews the U.S. economy in 2024, discussing key developments and their implications for lenders and consumers. Jesse Harden, Em Aliff, Tom O'Neill, Dave Sojka, and Maria Urtubey explore interest rates, inflation, housing, labor trends, and consumer credit.

The Federal Reserve's rate cuts aimed to cool inflation and support affordability, yet high borrowing costs persisted, impacting home purchases and refinances. The labor market showed resilience, with steady job creation, but challenges like rising unemployment and slower hiring added complexity. Consumer behaviors reflected cautious optimism as high credit card rates and rising debt levels strained budgets.

The panel revisits their 2024 predictions and look ahead to 2025’s economic landscape.

Host Tom O'Neill sits down with Equifax’s Chief Strategy Officer, Ian Wright, to discuss strategies for growing and protecting deposits in today’s competitive financial landscape. With traditional banks, fintechs, and neobanks all vying for deposit share, how can institutions gain a competitive edge? Ian shares insights on leveraging financial data to identify valuable customer segments, including young affluents and high earners, and how banks can nurture loyalty with targeted strategies. 

The Risk Advisor team at Equifax discusses the recent 50 basis point rate cut by the Federal Reserve and its wide-reaching impact on the U.S. economy. Topics including consumer sentiment, the housing and auto markets, and the lending landscape offer valuable insights into how these changes will affect both households and financial institutions. The panel also explores potential challenges ahead, including the federal deficit and global economic factors.

In this episode:

• Overview of recent Fed rate cut (50 basis points)
• Impact of the rate cut on the U.S. economy
• Consumer sentiment and its effect on household spending
• Effects of rate cuts on household debt, budgeting, and savings
• Influence on the housing market (mortgages, refinancing, HELOCs)
• Impact of rate cuts on credit card users and auto loans
• Lending institutions’ response to rate cuts (funding, credit, and lending standards)
• Deposits and savings rates amidst a changing interest rate environment
• U.S. government's economic challenges (federal deficit and budget)
• Global economic factors, including conflicts and their effects on the U.S. market
• Outlook for the U.S. financial system

In this illuminating panel discussion, Tom Aliff, Risk Advisors Leader at Equifax, delves into key economic concerns and forecasts with economists Amy Crews Cutts, President at AC Cutts and Associates LLC; Robert Wescott, Founder and President of Keybridge; and Mark Zandi, Chief Economist of Moody's Analytics. They explore the implications of budget deficits on interest rates, with varying views on how these factors might influence economic growth and policy decisions. The conversation covers potential Fed rate actions, the impact of global events like the conflict in Ukraine and China's economic slowdown, and the differing economic visions of the U.S. presidential candidates. 

Bob Homer, General Manager and VP of Insurance and Alliances at Equifax, and Stephen Crewdson, Senior Director of Global Business Intelligence at JD Power, discuss the sharp rise in home and auto insurance premiums, driven by both economic and social inflation, and the impact on consumer affordability and behavior. Bob and Stephen explore how insurers are responding to these challenges, including staffing reductions, ad spend cuts, and proactive communication with customers. 

In this episode:

·       Rising Insurance Premiums: Post-pandemic premium surge and reasons behind it

·       Economic and Social Inflation: Impact on insurance costs from inflation and litigation

·       Consumer Impact and Behavior: Response to higher premiums, increased shopping, uninsured drivers

·       Insurer Responses: Managing affordability with staffing, ad spend cuts, communication

·       Customer Trust and Satisfaction: Effect of rising premiums on trust and relationships

·       Popularity and benefits of usage-based insurance policies

·       Predictions and strategies for managing insurance affordability

Resources:

•  CreditForecast.com is a joint venture between Equifax and Moody’s Analytics. Get actionable consumer credit, economic and demographic data, forecasts, and analysis.
• Register for Market Pulse webinars to get relevant economic and credit insights to help your business make more confident decisions.
• Learn more about our Market Pulse podcast, and contact us at [email protected]

The Equifax Risk Advisors team explores the complexities of the current economic landscape, discussing key topics such as the K-shaped recovery, inflation's impact on consumer sentiment, and rising delinquency rates. They also respond to recent comments by economists on trends in consumer spending, credit risk, and the nuanced effects of economic policies. 

With 93% of small business owners anticipating growth, the timing of potential Fed interest rate cuts remains a critical factor. Sarah Briscoe, lead commercial statistical analyst at Equifax, sheds light on the latest trends in small business lending, delinquency, and default rates, highlighting the unique insights from the Equifax small business indices. 

In this episode: 

• What small business indices data shows about lending activity and defaults
• Factors small and commercial businesses should be watching in current economic climate
• State and industry level trends that stand out
• How commercial businesses can incorporate small business indices into their decision making

 Connect with Sarah Briscoe at [email protected]

Resources:

• CreditForecast.com is a joint venture between Equifax and Moody’s Analytics. Get actionable consumer credit, economic and demographic data, forecasts, and analysis.
• Register for Market Pulse webinars to get relevant economic and credit insights to help your business make more confident decisions.
• Learn more about our Market Pulse podcast, and contact us at [email protected]

Our all-female panel of financial experts answer your burning questions about consumer credit, loan performance, and economic trends shaping affordability. Our panelists including Amy Crews Cutts, president and chief economist at AC Cutts & Associates, and Equifax’s own Maria Urtubey, Anna Fisher, and Mariette de Meillon address questions submitted during the March Market Pulse webinar.

In this episode:

• Deep dive into credit trends
• Credit scores and loan performance
• Utilization and delinquencies
• Insights on delinquent loans and consumer profiles
• Pandemic impact and consumer spending
• Student loan debt and consumer behavior
• Strategies: Adapting credit models post-pandemic
• Innovative approaches in credit risk management

Join the Risk Advisors Group at Equifax as they discuss the current state and future trends of interest rates and their profound impact on the U.S. economy. The conversation delves into the Federal Reserve's strategies in response to inflation and economic shifts, exploring how these changes affect various sectors including banking, mortgages, and auto financing. 

Scott McMahon, alliance manager for Automotive Partnerships at Equifax, leads a panel discussion on current trends, the rising challenge of fraud in the automotive space, and the industry's outlook, with a special focus on consumer affordability and the evolving electric vehicle (EV) market. His esteemed panel includes Steve Greenfield, general partner at Automotive Ventures; Marguerite Watanabe, president of Connections Insights; and Jeremy Robb, senior director of Economics and Insights at Cox Automotive. 

In this episode:

• Growing concerns and types of fraud in the automotive industry
• The transition of the automotive industry into a more digital realm
• Analysis of current economic factors influencing the auto market
• Predictions on short-term consumer behaviors and market trends
• EV market trends and future prospects

Resources:

•  CreditForecast.com is a joint venture between Equifax and Moody’s Analytics. Get actionable consumer credit, economic and demographic data, forecasts, and analysis.
• Register for Market Pulse webinars to get relevant economic and credit insights to help your business make more confident decisions.
• Learn more about our Market Pulse podcast, and contact us at [email protected]