MCCC Economic Development Committee Meeting Featuring Federal Reserve Bank of Richmond

On February 8, 2023, the MCCC Economic Development Committee received an economic forecast briefing from Andy Bauer, Vice President and Regional Executive for the Baltimore branch of the Federal Reserve Bank of Richmond. Andy provided a briefing on national and regional economic conditions and the Federal Reserve’s role in our economy. He focused his remarks on important issues impacting regional businesses including inflation, labor markets, and growth prospects, including the impact of a possible recession. He said he expects moderate economic growth in the near term, but lingering supply chain issues, a challenging international outlook, higher prices, and rising interest rates