November's presidential election will impact the economy of Illinois and the country as a whole, Elmhurst Chamber of Commerce and Industry President and CEO John Quigley said in his president's message for 2016 released last week.
Quigley also said that the announcement last month that the Federal Reserve would raise interest rates by .25 percent would not have any significant impact on the market.
"It marked the Fed’s first rate increase since topping 5 percent in 2006 and, since the 2008 financial crisis, the rate has lingered near zero," Quigley said. "While the Fed expects rate increases to 1.4 percent and 2.4 percent by the end of 2016 and 2017, respectively, that’s still well below historical norms of 3.5 percent to 4 percent."
Quigley also reminded chamber members of upcoming events that include Elmhurst's Downtown Plan Open House, set for 6 to 9 p.m. Wednesday in Elmhurst Cith Hall. It will be led by representatives from consulting firm Houseal Lavigne.
Elmhurst Mayor Steve Morley is scheduled to deliver his annual State of Our City Address during the chamber's Membership Breakfast on Jan. 12, which will be sponsored by Community Bank of Elmhurst.
"The program will be taped by Elmhurst Our Kind of Town for airing on cable TV and online viewing at elmhursttv.com," Quigley said.
Jan. 26 will mark the Suburban Life’s Hometown Forecast 2016 Luncheon at the Lisle Hilton-Naperville, at which chamber member and Choose DuPage President and CEO John Carpenter will be the keynote speaker.
"Members of the Chamber’s Board of Directors and Governmental Affairs Committee will join me for the Illinois Chamber of Commerce’s Annual Legislative Summit on Jan. 28, where the governor is typically among Illinois’ key elected leaders networking with chamber representatives from across out state," Quigley said.
Quigley recognized Carl Tannenbaum, chamber member and senior vice president and chief economist at Northern Trust and former Fed official, who spoke to USA today in 2015 and predicted that low oil prices would decrease inflation in 2016.
"Tannenbaum’s hand-picked successor as our multichamber Economic Outlook Keynote Speaker, William Strauss, senior economist at the Federal Reserve Bank of Chicago, will share his insights with some 300 DuPage County business people at the 14th annual Luncheon on Feb. 24," Quigley said.