Money Matters: Economic changes and outlook for Hawaii in 2017

Living808

There’s certainly been some interesting economic news since the November election; however, some of the positive new is not necessarily as a result of the election.

Interest rate increase

  • The Federal Reserve increased the Fed Funds rate in December 2016 due to healthier economic growth prospects.
  • Additionally, the brightened economic outlook prompted the Fed to forecast three (3) rate increases in 2017, an increase from the two (2) originally anticipated.

Stock market rally

  • Following the election, the stock market rallied to record highs, fueled by the President-elect’s proposed fiscal stimulus plan that includes tax cuts, regulatory changes, and greater infrastructure spending.

Hawaii Economy

  • The outlook for Hawaii’s economy remains positive post-election.
  • Hawaii’s economy has benefited from strong employment growth, diversified tourism industry, and higher construction spending.

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