In observance of Martin Luther King, Jr. Day, all Peapack-Gladstone Bank
locations will be closed on Monday, January 21.
IMPORTANT NOTICE :
NEVER trust wiring or ACH instructions sent via email. ALWAYS confirm with the sender by phone or in-person. Cyber criminals are hacking email accounts and sending emails with fake wiring instructions. These emails are convincing, sophisticated, and often appear to come from someone you know or work with. Always independently confirm wiring or ACH instructions in-person or via a telephone call to a trusted and verified phone number. NEVER wire or ACH money without double-checking that the wiring or ACH instructions are correct.
The Weekly Economic & Market Recap
January 18, 2019
Back in 1973, the U.K. joined the European Economic Community (the EEC was eventually absorbed by the EU) to become part of a free-trade zone which helped forge a global political force. As time progressed, people of the U.K. began to believe that the independence and freedom they had given up by being a member of the EU started to outweigh the benefits. The main issue of concern that was used to increase public support to leave the EU related to control over immigration. The movement gained so much momentum that a referendum was held in June of 2016 where the British people voted 52% to 48% to exit the EU. The U.K.’s decision sent its currency tumbling, which produced financial shock waves around the globe and caused the Bank of England to initiate additional accommodative monetary policies to assist with the uncertainties which resided ahead. The U.K. Prime Minister at the time, David Cameron, resigned and left the herculean task of negotiating Brexit up to Theresa May. This past Tuesday, the Brexit plan that May had been devising for almost two years was defeated by a margin of 230 votes, which was the biggest British legislative defeat in over a century. On Wednesday, May survived a no-confidence vote and must work diligently with members of Parliament and the EU to devise another Brexit plan. At this juncture, the road ahead is far from certain. One of the potential outcomes is a no deal Brexit, which would cause extreme economic hardship and possibly a recession. We feel that a no deal Brexit is an improbable outcome and believe that if an amenable agreement cannot be reached, then the current deadline of March 29th will be extended until both sides come to an agreement or another referendum is initiated.
Click below to listen to this week's Peapack-Gladstone Bank Market Report as heard on WCBS NewsRadio 880.