'24 Economic Forecast Summit Highlights

Economic Powerhouse: Insights from Bellevue’s 2024 Economic Forecast Summit

Bellevue, WA — The Bellevue Chamber of Commerce hosted its highly anticipated 2024 Economic Forecast Summit at the Bellevue Grand Hyatt on Thursday morning. Sponsored by Bank of America, the event featured Joe Quinlan, Chief Market Strategist at Bank of America, marking his 17th consecutive appearance. Bellevue Chamber CEO Joe Fain moderated a dynamic conversation about the state of the U.S. and global economies, offering insights that resonated with a packed audience of over 500 business leaders and policymakers.

Opening Remarks: A Bright Future for Bellevue

The morning began with Bellevue Mayor Lynn Robinson celebrating the city’s fiscal health. “Earlier this week, the Bellevue City Council approved a balanced $1.75 billion biennial budget,” Robinson said, drawing applause from the audience. She praised the collaborative efforts of the city’s leadership and staff, emphasizing Bellevue’s commitment to growth and innovation.

Keynote by Joe Quinlan: Resilience Amid Uncertainty

Quinlan began his keynote by reflecting on his long-standing relationship with the Bellevue Chamber. “I think I’ve been doing this since, I don’t know, 2007 or 2008. I’ve come out every year. It’s one of my favorite trips,” he said. Quinlan praised Bellevue’s growth, noting, “Every year I come here, I see three new skyscrapers. It’s quite impressive.”

The Strength of the U.S. Economy

Quinlan’s message was clear: despite global challenges, the U.S. economy remains resilient. “We are crushing it,” he declared. “We’re running away from the rest of the world. We’re halfway through this decade. We’re 25% through this century. It’s our world, if we’re smart, it will stay that way.”

A Fireside Chat with Joe Fain

After the keynote, Quinlan joined Joe Fain for an engaging Q&A session. Fain, a skilled moderator, steered the conversation into practical territory, asking, “Last year, you predicted that the S&P 500 could hit 5,000 by spring or summer, and it went even higher. What were the factors that contributed to this above-projected performance?” Quinlan attributed the strong market performance to better-than-expected earnings from major companies like Amazon. “Part of it was some of the great companies in this room,” he said. “Earnings were better than expected. The economy... is strong.”

Closing Thoughts: Optimism for the Future

As the event concluded, Quinlan left the audience with a call to action. “The U.S. economy has challenges, but it also has unparalleled strengths. As leaders, it’s our job to focus on solutions and seize opportunities,” he said. Fain echoed this sentiment, adding, “This summit isn’t just about forecasting; it’s about equipping our community with the tools to shape a better future.”