From the Desk of Rick Dennen: Fed Holds Steady, Markets Stay Strong

May 1, 2024 Oak Street Funding

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May 1, 2024 — Following today’s Federal Open Market Committee (FOMC) meeting, the Fed, as expected, maintained the current federal funds rate target range of 5.25% - 5.50%. After a third straight month of higher-than-expected inflation and job creation, the timetable for rate cuts has been extended. There is some expectation of continued market volatility due to the upcoming presidential election and continued global conflicts.

However, the stock markets have remained resilient and there is a strong belief the markets will remain strong for the year. This resilience can be attributed to several factors. Firstly, many industries have reported strong corporate earnings, demonstrating the underlying strength of the U.S. economy. Secondly, the unemployment rate has remained below 4%, with the latest report reflecting 3.8% unemployment. Lastly, although the recent GDP report came in with slower overall growth than expected, consumer spending and investing grew, showing continued economic growth.

The current market environment presents opportunities for forward-thinking businesses in the RIA, CPA, and insurance industries. M&A activity is poised for a surge as stronger valuations combined with a competitive landscape encourage more transactions. While some businesses may remain hesitant due to potential market uncertainly, those who capitalize on strategic M&A opportunities now will be well-positioned for future growth. Merging with a complementary company can expand your client base, service offerings, and geographic reach.

Additionally, M&A is a strategy that can help address the talent shortages impacting many businesses today. Acquisition for the purpose of increasing your talent pool can bolster your business and allow you to grow to the next level. Another solution is to invest in technology solutions that automate routine tasks and streamline workflows. This frees up your existing staff to focus on higher-value activities and allows you to potentially serve a larger client base, even with a limited team. Lastly, create a work environment that attracts top talent and encourages current employees to stay. With a skilled and motivated team, you can not only navigate the current talent shortage but also thrive in any market environment.

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About Oak Street Funding
Indianapolis-based Oak Street Funding, a First Financial Bank company, provides customized financial solutions for businesses in various industry sectors and third-party loan servicing for financial institutions. Oak Street Funding incorporates industry knowledge, easy-to-use technology and exceptional employees to deliver top-quality service and capital products to niche businesses nationwide. With in-house sales, underwriting, and servicing teams, and direct access to the CEO and executive team, Oak Street Funding is well-positioned to meet lending needs of borrowers in all stages of the business life cycle.

Media Contact:
Rae Hostetler
Hostetler Public Relations
Representing Oak Street Funding

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