Special Briefing: Recession? Soft Landing? … Impact on States and Cities

The Volcker Alliance and Penn Institute for Urban Research (Penn IUR) invite you to join an online Special Briefing focusing on whether Federal Reserve moves to slow inflation may result in a recession or soft landing in coming months and how states and localities may be impacted. 

Our panel of experts includes Zac Jackson, Indiana budget director; Eric Kim, senior director, Fitch Ratings; Torsten Slok, chief economist, Apollo Global Management; Matthew Stitt, director and national lead for equitable recovery and strategic financial initiatives, PFM’s Management and Budget Consulting team, and former CFO, Philadelphia City Council; and Kate Watkins, president and chief economist, Bright Fox Analytics, and former chief economist, Colorado state legislature's Legislative Council Staff. 

Notable Quotes:

 “We are seeing delinquency rates going up on credit cards, and auto loans for consumers, and we are seeing default rates going up for high yield companies that are highly leveraged, but we’re still not quite seeing any significant slowdown in the broader economic data.” - Torsten Slok 

“Regardless of recession or not, there are some important implications for state and local governments when it comes to our revenue streams…” - Kate Watkins

 “Fitch’s view is that state governments as a whole are in a relatively strong fiscal position because tax collections have been just extraordinary…” - Eric Kim “

We took a very responsible approach when it came to using our stimulus funds in order to avoid building fiscal cliffs down the road where the state would have to supplant that one time federal money with ongoing state dollars.” - Zac Jackson 

“I think when cities are really thinking about their budgets, they're always trying to look ahead to take care of your core expenses, your core services...” - Matt Stitt 

Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.