Bankers more optimistic about economy
A survey of Wisconsin bankers shows optimism about the economy.
Rose Oswald Poels with the Wisconsin Bankers Association tells Brownfield their semi-annual survey surprised her as member bankers had a more positive outlook than they did six months ago. “They do see some signs of inflation easing and I think that you know, we’ve seen validated by actions of the Fed recently where they did not choose to raise rates again.”
Eighty-six percent of the bankers predicted inflation to fall or stay the same compared to 76% last fall. “There still remains a little bit of, you know, concern over recession looking ahead, but pessimism definitely is lessening.”
Oswald Poels says national data from the Federal Deposit Insurance Corporation shows the agricultural sector is healthy, and farm loans have increased two and a half percent year over year. “We are seeing some continued steady growth there, certainly not astronomical or of great concern. I think it demonstrates that farmers are prudently borrowing and banks are very willing to continue to lend.”
Oswald Poels says defaults are at near-record lows and bank reserves are healthy, and her ag lenders are not having problems making ag equipment or operating loans.