November 1, 2023 — Today, the Federal Reserve announced they will keep the federal funds rate at the 5.25-5.5% range. Though consumer prices increased 0.4% monthly, the core CPI cooled for the sixth consecutive month and was up 4.1% annually. The cooling of core CPI may be a harbinger of inflation being tempered, though at 3.7% it is still significantly higher than the 2% target set by the Federal Reserve.
Even though inflation remains higher than the Fed’s 2% goal, some economic signs suggest inflation may be moving closer to the target. The rise in unemployment and decline in wage growth could be signs of inflation potentially cooling. Though inflation and rates may be near or at their peaks, there are many other potential headwinds, such as international turmoil and the election year ahead, that may have a strong impact on business performance.
Uncertainty is nothing new in the Insurance, RIA, and CPA business sectors we serve. The savvy business owners within these industries understand agility is key to navigating challenging headwinds. An agile business can adjust quickly and effectively to economic turmoil, market fluctuations and ever-changing customer demands. These businesses focus on creating a culture of collaboration, learning, and innovation while maintaining alignment between the company’s vision, strategy, and goals with the needs and expectations of their customers.
As businesses in the industries we serve look to become more agile and capitalize on opportunities, such as deals for a strategic acquisition, partner buy-in or a succession change, it has been important for them to find partners who also exhibit agility and have successfully navigated challenging times. There is no substitute for working with partners that have deep expertise and leverage a proven stream-lined process to ensure deals are closed efficiently and effectively, especially if deals need to be made before the end of this year.
Though 2023 is quickly coming to a close and market uncertainties continue, we are still seeing many Insurance, CPA, and RIA owners looking to close deals before the end of this year. If you are still seeking funding for 2023, we are here to help.
Here’s to your continued success.
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 317-733-8700 Rae@HostetlerPR.com