BMO generously donated experts to discuss the 2023 Economic Outlook for the Chicago region and beyond - to Illinois, the Midwest, the US and the world. Considering the recent developments with mid-sized banks and some market disruptions, the timing was good for an update.
Yung discussed recent failure of Silicon Valley Bank and other bank challenges, along with economic forecasts on labor, inflation and more. He answered a variety of questions related to business for the benefit of our members. This is an essential conversation.
Stop everything and watch this HERE.
The upshot? Yung predicts a mild recession with a soft landing. There were many important points that he made including around the U.S. labor market having 5 million more jobs than job seekers... unprecedented even during boom times.
He also spent time discussing inflation, geopolitical issues, China - and expected future outcomes. Truly an amazing amount of insights that will likely comfort you regarding the future.
Thank you Kevin Brown of BMO for bringing in Yung for the presentation. Outstanding!
Thank you as well to Demitrus Evans of the Evans International Law Firm, who is also the Global Chamber® Chicago Advisory Board Chair.
Speakers
- Yung-Yu Ma, PhD - Chief Investment Strategist at BMO Wealth Management
Yung-Yu Ma is the Chief Investment Strategist for BMO Wealth Management in the U.S. and joined the organization in 2016. He brings a dynamic combination of academic achievements and industry experience to the Investment Strategy team.
As Chief Investment Strategist, he is responsible for guiding strategic and tactical asset allocations for client portfolios and leads a team that conducts macroeconomic and market analysis, and also modeling across asset classes. He is frequently cited in print media including the Wall Street Journal, NY Times, Barron’s, etc., and has appeared on NPR, CNBC, and Yahoo Finance television.
Prior to joining BMO, Yung-Yu was a finance professor at Lehigh University, where he taught courses in equities, fixed income, and derivatives. His academic studies have been cited in leading finance journals (including the Journal of Finance), top law journals, the Wall Street Journal, the Handbook of High Frequency Trading, and in the Oxford Handbook of Corporate Governance. During his tenure at Lehigh, he was awarded the Staub Outstanding Teacher Award, awarded to one faculty member by a vote of faculty and students. Prior to his academic career, Yung-Yu worked for a global consulting firm with operations in Hong Kong, Taiwan and Mainland China where he performed financial, macroeconomic, and market analysis for global companies. Later, he served as a regional manager at a Fortune 500 subsidiary in Taipei and Mainland China.
Dr. Ma earned his Ph.D. in Finance at the University of Utah and his B.A. in Economics and Political Science, magna cum laude, at Williams College in Massachusetts.
Kevin BrownKevin is a seasoned commercial banker who brings more than 30 years of experience to BMO Harris’ Commercial Banking Team. He re-joined BMO Harris (one of the Top 10 commercial lenders in North America -- with offices in 25 states and global reach via BMO Capital Markets) in 2010, after spending several years here earlier in his career. In his current role as a Managing Director of Commercial Banking, Kevin leads a team of commercial banking professionals that is focused on delivering customized banking solutions to privately held companies and non-profit organizations located throughout the Chicago Metropolitan Area (and BMO’s U.S. footprint) – helping these clients to expand their businesses, improve working capital efficiencies, enhance their bottom lines, and increase shareholder value.
With a consultative, relationship-oriented approach and a wide array of industry contacts, Kevin serves as a trusted advisor to his clients in the areas of C&I Lending, Treasury & Payment Solutions, International Banking / Trade Finance Services, Capital Markets Solutions, and Leasing. Current and past clients include manufacturers, wholesalers, distributors, importers / exporters, professional service firms, contractors, transportation & logistics providers, and non-profit organizations.
Kevin holds a Bachelor’s degree with majors in Finance and Marketing from the University of Wisconsin – Madison, where he was a recipient of a full athletic scholarship for football. He is also active in the community, having served as a past member of several local chambers of commerce, the school board and finance committee for a local private school, and the City of Geneva’s Master Plan Committee. He has also served as a youth basketball and football coach, and as a volunteer assistant football coach for North Central College (Naperville, IL).
Doug Bruhnke - Global Chamber®
BMO is a leading North American bank driven by a single purpose: to Boldly Grow the Good in business and life. Our Purpose informs our strategy, drives our ambition, and reinforces our commitments to progress: for a thriving economy, a sustainable future and an inclusive society.
As the 8th largest bank in North America by assets, we provide personal and commercial banking, global markets and investment banking services to more than 12 million customers. We’re proud to be fueling progress for individuals, families and businesses across North America.
We’re focused on building, investing and transforming how we work to drive performance, because the stronger we perform, the more good we’re able to grow for our customers, clients and communities. Helping customers make real financial progress, and financing clients’ growth and innovation. Investing in the future-readiness of our workforce, and leading efforts for a thriving economy, a more sustainable future and an inclusive society.
Global Chamber® is a growing and collaborating community of CEOs, executives and leaders in over 525 metro regions around the world, connecting member businesses to new opportunities for advancing growth and success. It's the only chamber of commerce in the world operating in hundreds of locations that helps exporting, importing and investing for members to connect through warm introductions to clients, partners, projects and resources.
Global Chamber® has been a registered trademark for Global Chamber LLC since 2014.
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