Chattanooga Chamber to host Federal Reserve Bank of Atlanta chief

Chattanooga Area Chamber of Commerce logo (Photo: facebook.com/CHAchamber)
Chattanooga Area Chamber of Commerce logo (Photo: facebook.com/CHAchamber)

The Chattanooga Chamber of Commerce will host Dr. Raphael Bostic, president and CEO of the Federal Reserve Bank of Atlanta, as the keynote speaker for the Chattanooga Chamber of Commerce's Economic Outlook breakfast on Jan. 9 at the Chattanooga Convention Center.

The annual chamber event celebrates local business success over the previous year and looks ahead to the future.

Bostic, who is responsible for all the Bank's activities in Atlanta and is a member of the Federal Open Market Committee that helps set interest rates, will share his expertise related to economic trends and what to expect for doing business in 2019.

Delta forecast cuts stock price

Delta Air Lines said Thursday that its profit will rise next year but not as much as Wall Street expected, and that helped push airline stocks lower.

Forecasts of slower global economic growth are weighing on airlines because a slowdown would likely hurt demand for travel, which has been strong throughout 2018.

Fuel is among an airline's biggest expenses, so naturally pricier fuel raises carriers' costs. At the same time, however, airlines find it easier to boost fares when oil and fuel prices are rising - meaning that airline revenue rises too.

Delta predicted that its revenue will rise in 2019, but - as with profit - not as much as analysts predicted. CEO Ed Bastian said Delta was prepared to predict "significantly higher" revenue back when it looked like fuel prices would also be much higher. Fuel-price forecasts have come down with the drop in oil prices that began two months ago.

Elliott Davis ranked No. 1 for internships

For the second straight year, the accounting firm of Elliott Davis has been ranked No. 1 among all accounting firms for its summer internship program, according to Vault.

The ENVISION program at Elliott Davis was ranked third among all businesses ranked for internship programs on Valutl's annual 50 Best Internships rankings. Elliott Davis acquired the former Joseph Decosimo and Associates at the start of 2015.

"Our team works hard to provide our interns with an array of opportunities to enrich themselves both personally and professionally, and this honor offers proof that their efforts are resonating," said Rick Davis, CEO of Elliott Davis.

ENVISION is a paid, eight-week summer internship that included 51 students last summer.

Mortgage rates dip to three-month low

U.S. long-term mortgage rates fell this week to their lowest level in three months, an inducement to prospective homebuyers in a haltingly recovering market.

Continued steep declines in the stock market pushed home borrowing rates lower, although they remain much higher than a year ago. Mortgage giant Freddie Mac said Thursday the average rate on the benchmark 30-year, fixed-rate mortgage dropped to 4.63 percent from to 4.75 percent last week. The key rate stood at 3.93 percent a year ago.

The rate on 15-year fixed-rate loans fell to 4.07 percent from 4.21 percent the previous week.

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