Bank Directors Seminar, Coeur d'Alene, ID
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hŶŝŶƚĞŶĚĞĚ ĐŽŶƐĞƋƵĞŶĐĞƐ ŽĨ ƚĂdž ƉŽůŝĐŝĞƐ ĂƉ ŽŶ ^ƚĂƚĞ ĚĞĚƵĐƚŝŽŶƐ ^ĞƌǀŝĐĞ ^ ŽƌƉƐ ^ƚĂƚĞ ĂŶĚ >ŽĐĂů dĂdž WŽůŝĐLJ WŽƚĞŶƚŝĂů ĨŽƌ ĐŽŶƚŝŶƵĞĚ ƌĂƚĞ ǀŽůĂƚŝůŝƚLJ ŽŶ ƚŚĞ ůŽŶŐ ĞŶĚ ŽĨ ƚŚĞ ƌĂƚĞ ĐƵƌǀĞ ŽŶƐƵŵĞƌ ƐĞŶƚŝŵĞŶƚ ŝƐ ŚŝŐŚ ďƵƚ ĚĞĐůŝŶŝŶŐ
ŽƌƉŽƌĂƚĞ ƚĂdž ƉŽůŝĐŝĞƐ ŽŶƐƵŵĞƌ ƐƉĞŶĚŝŶŐ ĐŽŶƚŝŶƵĞƐ ƚŽ ŝŶĐƌĞĂƐĞ ZĞĂů ǁĂŐĞƐ ŚĂǀĞ ŐƌŽǁŶ
/ŶƚĞƌĞƐƚ ƌĂƚĞƐ ƌĞŵĂŝŶ ůŽǁ ďLJ ŚŝƐƚŽƌŝĐ ƐƚĂŶĚĂƌĚƐ ,ŽŵĞ ƉƌŝĐĞ ǀĂůƵĞƐ ĐŽŶƚŝŶƵĞ ƚŽ ŵŽǀĞ ƵƉǁĂƌĚƐ DŽƌƚŐĂŐĞ ĚĞůŝŶƋƵĞŶĐŝĞƐ ĐŽŶƚŝŶƵĞ ƚŽ ĚĞĐůŝŶĞ
ƵƌĂďůĞ ŐŽŽĚƐ ĚŽǁŶ
WĞƌƐŽŶĂů ƐĂǀŝŶŐƐ ĚĞĐƌĞĂƐĞĚ
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U.S. Inflation is low, but rising of late (CPI inflation, 2.9% year over year)
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