Bank Directors Seminar, Coeur d'Alene, ID, September 15-17, 2019

49

In Conclusion… • Current economic expansion longest in American history…and weakest • Consumers confident for now, but signs of peaking

• Jobs plentiful • Wages rising • Spending strong • Businesses slightly less optimistic • Manufacturing slowing • Trade and Labor concerns • Government and Fed creating uncertainty? • Trade policy uncertainty rising? • Monetary policy in “Hall of Mirrors” with markets?