01/13/2023 | News release | Distributed by Public on 01/13/2023 14:23
January 12, 2022. Malvern, Pa. - Nearly one hundred-and-fifty business leaders gathered for the Economic Forecast breakfast Thursday, hosted by The Main Line Chamber of Commerce. This year, the Economic Forecast provided business leaders with insight and news they can use from Dr. Patrick Harker, president of The Federal Reserve Bank of Philadelphia.
Dr. Harker said the Federal Reserve was committed to bringing inflation back down to two percent. He also delivered a noteworthy comment about raising interest rates at a slower pace than last year, likely at 25 basis points. Dr. Harker spoke on low unemployment rate in the Philadelphia metro area-less than four percent. He also expressed optimism, noting signs that inflation is cooling, adding that "the national economy remains relatively healthy overall."
This year's celebration was held at The Desmond Hotel, Malvern, and included remarks from the event's presenting sponsor, Truist.
The event also served as the annual meeting of The Main Line Chamber Foundation. The Main Line Chamber Foundation has awarded over $600,000 to date in scholarships to emergency responders in the area.
Benjamin Schmid, a volunteer firefighter with the Penn Wynne Fire Company and recipient of the Sean DeMuynck Memorial Scholarship presented by Walsh & Nicholson Financial Group, also spoke during the event. Ben took time to speak about Sean's legacy of learning and volunteerism, and the impact of the scholarships.