I want to congratulate everyone on making it through 2023 and wish you all a happy and prosperous 2024. Last year was quite the rollercoaster ride. We saw interest rates continue to climb during the first half of the year. The Prime interest rate currently sits at 8.50%...a full 5% higher than in March of 2022. This unprecedented increase was in response to high inflation brought on by pent up demand and supply chain issues caused in large part by the pandemic. All of us have felt the sting of inflation when shopping for just about anything. Inflation has come down to just over 3% in November, prompting the Federal Reserve Board to pause interest rate hikes and to actually start talking about rate cuts in 2024. 

At Wasatch Peaks Credit Union, we strongly believe in giving back to our community. We are dedicated to supporting various community initiatives and organizations, always striving to make decisions that benefit the entire community. Through the Wasatch Peaks Foundation, we have the incredible opportunity to give back to the communities that have shown unwavering support to our credit union, employees, and members.

I want to start by wishing you all a safe and happy summer season. As a kid, summers were the best…no school, no shoes, no problems! Summer might not be quite as fun for adults, but it’s still pretty awesome, especially here in Utah. Whether you like the mountains, or the lakes, or the red rocks, Utah has some pretty incredible places to go and things to do during the summer months.