Moody representatives were pleased to attend the State of Economy hosted by NAIOP-Pittsburgh and BOMA-Pittsburgh. Attendees of this event were able to receive valuable information revealing the economic forecast for 2023. Keynote speaker was Gus Faucher, Ph.D., Senior VP and Chief Economist, The PNC Financial Services Group. Afterwards, Dr. Carissa Slotterback, Dean and Professor, the Graduate School of Public and International Affairs at the University of Pittsburgh moderated a panel consisting of Gus Faucher, Ph.D., Senior VP and Chief Economist, The PNC Financial Services Group and Tony Fratto, Global Head of Communications, Goldman Sachs. So, what can we expect for 2023? An increase in interest rates over the next 2 quarters should send the U.S. into a mild recession. This will allow the economy to slow down in the 2nd half of 2023. Assuming this works to bring inflation and unemployment to respectable levels, the beginning of 2024 should allow for interest rate cuts and economy to rebound. Special thanks to the presenters, panelists, NAIOP and BOMA for putting together a great event this morning.
