Bloomberg Businessweek FOMC Preview with Frank Sorrentino
Jun 18, 2025
Frank Sorrentino, Founder and CEO of ConnectOne Bankcorp, offers valuable insights into the economy and the Federal Reserve's upcoming decisions. He discusses the potential implications of the Fed's interest rate stance amidst geopolitical uncertainties. With strong consumer demand and robust sectors like construction, Sorrentino paints a hopeful picture of economic resilience. He also delves into the importance of scenario planning for businesses navigating this unpredictability, emphasizing the financial stability of many clients despite current challenges.
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Robust Local Economy Amid Global Turmoil
- The economy in the New York metro area remains robust despite global turmoil.
- Strong demand exists in service businesses, construction, warehousing, and offices, showing recovery and growth.
Healthy Bank Credit Conditions
- Bank credit remains healthy with mild isolated stress, mostly due to tariffs.
- Banks are appropriately reserving but no systemic credit weakness is evident yet.
Labor Market and Liquidity Sustain Growth
- Low unemployment and abundant liquidity are key reasons the economy holds steady.
- Consumers benefit from job availability and rising wages, fueling growth across sectors.