Effective December 1, 2020, the Pottersville Branch of Peapack-Gladstone Bank will be temporarily closed. We expect the branch to re-open for normal business hours on Monday, December 7.
All other Peapack-Gladstone Bank branch locations are open
with fully operational drive-up and ATM services only.
All Peapack-Gladstone Bank lobbies remain closed. Schedule an Appointment
Do you need to visit a branch to conduct a transaction? Access your safe deposit box? Schedule an appointment online. It's easy!
Would you like to open an account remotely? No problem, we can help using Zoom.
The Weekly Economic & Market Recap
December 4, 2020
The U.S. economy is beginning to show signs of fragility as the recent surge of Covid-19 cases causes some states reimpose certain restrictions in order to attempt to mitigate the spread of the disease. High frequency data shows that while consumer credit and debit card transactions are on par with last year, the number of U.S. seated diners, as well as travel and navigation app usage, are trending down over the last month and are roughly 50% lower on an annual basis. With that being said, it was not surprising that some market participants were dismayed when it was announced that the Treasury Department would terminate some of the Fed’s liquidity facilities by the end of year and take back the massive amount of capital that the Fed had received. The leaders at the Fed have been very vocal about the need for additional fiscal and monetary stimulus and the previously mentioned action removes key capital market backstops. Luckily, the market’s reaction to the early removal of the credit facilities has been muted thus far, which shows how much market confidence has been restored since the dislocations experienced back in March. It is also important to note that only a small fraction of the credit facilities were utilized as the Fed was able to restore proper market stability by the sheer announcement of the programs back in early spring. Credit spreads are currently very tight from a historic perspective and the need for additional monetary policy stimulus may not be apparent right now, however, the Fed should have all the necessary tools available to respond to potential hardships moving forward. With Janet Yellen selected as the new Treasury Secretary (it is probable that she will be confirmed by the Senate), the relationship between the Treasury Department and Fed is projected to be quite strong moving forward. Yellen’s incredible experience at the Fed coupled with her extraordinary communication skills should comfort market participants to a degree and assist greatly in the rebuilding of the economy.
Click below to listen to this week's Peapack Private Wealth Management Market Report as heard on WCBS NewsRadio 880.