2022 has not been a good year to many, mainly due to the rising cost of inflation. Despite best efforts to bring down gas prices, they continue to sit at an all-time high; and housing and food costs aren’t going down either. We’ve already seen what some businesses are trying to do to stay afloat…but where does this leave the banks?
This new blog over on IMF kind of gives an indication. Several banks, including the Federal Reserve, Bank of England and Bank of Canada, have already increased interest rates, with more hikes suggested later on in the year. The rate of price is expected to pick up as well, going around two percent within the next two to three years, depending on how much the market fluctuates.
While there has been a rise in borrowing costs for consumers and businesses alike, banks may turn to tightening of financial conditions in the hopes of pushing inflation back to a reasonably level. The question is whether or not it’ll get there.
Helping us makes sense of the current financial mess is our guest, Steve Beaman, CEO of Elevare Club, a provider of services to small businesses.
Q&A:
- How much of a crucial role will banks play in attempting to quell growing inflation? Can they really make as much of an impact as they’re hoping?
- More people seem to be borrowing money as of late, trying to catch up on bills. Do you expect this to increase over time, especially with rumors of a possible recession in the next year?
- How do you think banks will react to this trend? With higher rates?
- Some banks are seeing higher interest rates for the first time in years. Do you believe they’ll continue to increase over time, or could they manage to control them and keep them reasonable?
- Elevare Club deals with small businesses on a regular basis. What trends have you been seeing in terms of what they’ve been doing to stay afloat through COVID and now inflation?
- Could the government get involved with banking business at one point if the waters get too rough, so to speak?
- Some businesses may need financial advice now more than ever. Tell us more about The Elevare Club and where we may get more information on the services you offer to small businesses.
Steve Beaman is a self-made millionaire who sunk to the depths of financial despair and rose back up to the heights of economic prosperity. Having enjoyed years of a happy marriage to falling into the depths of divorce, destruction, and despair, Steve has seen it all. Steve worked at Wharton Econometrics, Zacks Investment Research, and the E.F. Hutton Company. A founding partner of the Wall Street firm Chicago Investment Analytics, Steve sold the firm to Charles Schwab in 2000. Currently, Steve is CEO of Elevare Club, a holding company for a group of companies providing services for small businesses, including the capital, payment processing, accounting, legal, advertising, and even help in hiring. Steve is a licensed scuba diver, a private pilot, and the father of six children.
CONTACT: To schedule an interview with Steve Beaman, call Jerry McGlothlin at 919-437-0001 or email jerry@specialguests.com
