‘Twas the Night Before New Year’s, twenty-twenty-four,
And all of us wondered what might lay in store
For the coming new year. What would twenty-four bring?
Just what to expect had us all pondering.
The Fed, they appear to be done with their hiking;
A prospect we find to be much to our liking.
And yet many households can still feel the squeeze
Of higher inflation, which causes unease.
But that doesn’t seem to dissuade most consumers
From spending like crazy. Although there are rumors
That all of this spending will soon start to fade –
The piper, it seems, will soon have to be paid.
With real income growth stagnant, consumers are tapping
Their credit card lines, and the growth rate is sapping
Their ability to make all their payments on time.
Have they dug a hole out of which they can’t climb?
Even worse, some folks financed their profligate ways
With hardship withdrawals from 401(k)s!
This is clearly a trend that we cannot sustain
Without substantial economic pain.
And amidst all the spending, the saving rate fell,
Causing declines in deposits as well.
So just like their members, CUs had to borrow,
To reinforce growth for a stable tomorrow.
Meanwhile, in D.C., an election year’s looming,
And based on the numbers, many are assuming
A rematch between Donald Trump and Joe Biden.
But are there some unrevealed challengers hidin’
Somewhere in the wings, waiting for the best chance
To take on the front-runners and join the big dance?
In the theater that has become politics,
It’s too soon to tell just who might have some tricks
Up their sleeve. So stay tuned; keep some popcorn at hand
(Or perhaps a stiff drink, it might help you withstand
The onslaught of campaign ads, debates on the stage,
And the opposing parties’ invective and rage.)
As all this unfolds, lawmakers keep spending;
Their zeal for more debt, it appears never-ending:
More aid for our allies, more programs for all,
Will tax rates increase? They most surely won’t fall.
And new regulations pop up every day,
With increasing burdens, to all our dismay.
More class-action lawsuits, more privacy rules,
Testing our policies, training and tools.
Technology also brings challenges new:
Remote work, the cloud, and AI are a few.
At this pace of change, keeping up is a test,
Let alone striving to rise to the best.
But amid the uncertainty, challenge and threat,
There’s no need to worry, there’s no need to fret,
For you have a partner to help you foresee
Not only the risks, but the right strategy.
We have the tools, and we have expertise
That can help you succeed, and put your mind at ease.
We’ll work hand-in-hand with you, help with the task.
We’re here to help – you need only but ask.
While the new year may lead us through some stormy seas,
We also see many opportunities.
So join us in facing this time without fear,
As we wish you success in the coming New Year!