The “Outlook for U.S. and Global Economy in 2024” panel on the first day of Quinnipiac University’s 13th Global Asset Management Education (GAME) Forum in New York was optimistic that inflation is, with bumps in the road, on the correct downward course.
The panel was hosted by Katie Greifeld, a Bloomberg Markets anchor. Blerina Uruçi, chief U.S. economist for T. Rowe Price, said she’s “optimistic there will be a soft landing for the U.S. economy this year,” and said it was remarkable that the Federal Reserve could raise interest rates without unduly affecting unemployment.
Mattthew Luzzetti, chief U.S. economist at Deutsche Bank, said that historical precedents suggesting at least a “mild” recession are likely to be wrong in the current case.
Michael Gapen, managing director and chief U.S. economist for Bank of America Global Research, estimated that the economy is already two-thirds of its way into the soft landing, “though we can’t declare victory just yet. But unemployment is at record lows.”
Factors in the low unemployment are large numbers of Baby Boomers exiting the job market, and employers “hoarding” workers and not letting them go, said Dana M. Peterson, chief economist at The Conference Board.
At Greifeld’s prompting, the panelists explored the current two percent inflation target. “Two percent just felt like the right level, though there’s no clear empirical evidence for it,” said Luzzetti. “Other central banks have set that same goal.”
Gapen added, “The target is the target, and if it is you should work to achieve it. Setting the inflation rate is in the Fed’s DNA.” Uruçi said two percent “is not magical,” and said it might make sense to set a range for acceptable inflation numbers.
Although predictions that artificial intelligence (AI) will cause mass layoffs are common, the panelists were positive about its likely economic effects. Uruçi said AI is creating jobs and adding value to tech companies, and will possibly lead to shorter work weeks. Peterson said it will “be labor-enhancing in the long run, freeing employees from mundane tasks.” She added, “We will always need human workers. AI isn’t able to do critical thinking.” Gapen said he’s “optimistic on AI.”
The GAME conference drew more than 1,500 participants from 130 universities. There were 29 panels, over 110 speakers, and 70 companies represented.
Scenes from GAME XIII
Relive the excitement of GAME Forum XIII in this edition of A Quinnipiac Minute.
Matthew Luzzetti, Chief U.S. Economist and Head of U.S. Economic Research at Deutsche Bank, and Katie Griefeld, Anchor and Reporter for Bloomberg Media, participate in a panel focused on the outlook for the U.S. and global economies in 2024.
Michael Gapen, Managing Director and Head of U.S. Economics at BofA Global Research, shares insights with fellow panelists and GAME Forum XIII attendees.
More than 1,500 attendees representing 130 colleges and universities attended GAME XIII to immerse themselves in the financial world's epicenter and gain invaluable insight.
Quinnipiac University student Grace Port Vliet, GAME Forum's Chair of Public Relations, introduces panelists as they take their seats on stage.
As the world’s largest student-run financial conference, the Global Asset Management Education Forum offers students the opportunity to learn in a setting unique to higher education.
Student emcee Reinett Chefu ’24 revved up the crowd between sessions alongside co-emcee Ryan Keaveney ’23, MBA ’24 , highlighting giveaways and the QU GAME Forum app.
Former Oversight Chairman Dylan Jones ’24 and former Chair of the Student-Managed Portfolio Competition Committee, Cameron Davignon ’22, MBA ’23, taking in GAME Forum XIII from a learner's perspective rather than a managerial one.
The expansive roster of participating schools included Yale University, the University of Miami, New York University, Temple University, Columbia University, Pace University, the University of South Florida and Pepperdine University. The University of Saskatchewan and American University of Beirut gave the event an international flavor.
Katie Greifeld moderates panelists Blerina Uruçi, Dana M. Peterson, Matthew Luzzetti, and Michael Gapen during a conversation focused on the outlook for U.S. and global economic growth in 2024.
Students took their seats in the Metropolitan Ballroom of the Sheraton New York Times Square Hotel on Thursday morning as the two-day conference kicked off with a series of keynote speeches.
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