Worcester Business Journal

12 Worcester Business Journal | June 24, 2024 | wbjournal.com make all the difference REL ATIONSHIPS At Country Bank, we're made a little different. We have the expertise, resources, and tools you need to turn opportunities into growth. It's not just banking to us. We're here to make a difference for your business and we believe that it starts with a great relationship. F O C U S M I DY E A R E C O N O M I C F O R E C AS T At the start of the year, the Federal Reserve indicated it was planning on bringing down interest rates a couple of times this year, although officials have walked back some of those statements as inflation remains above its 2% targeted increase and other key indictors remain too hot. Do you think the Federal Reserve will get around to lowering interest rates this year? Yes, more than once. Do you anticipate having to make any significant expense cuts in the second half of 2024? What impact has high interest rates had on your business? They are negatively impacting our operations. Nationally, commercial real estate has been on a roller coaster since the COVID pandemic, as more companies shrink their office space in favor of remote and hybrid work plans for employees, although the impact hasn't been as significant on Central Massachusetts real estate. Do you plan on renewing your company's current lease for your operations? Yes, but just once. No, but they will be lowered next year. No, any decreases are a long way off. 5% 52% 32% 11% They are positively impacting our operations. No significant direct impact. 50% 3% 47% No 61% Yes 39% Yes, we plan on staying where we are. Yes, although our lease renewal isn't up for a couple of years. No, we are looking for a smaller space. No, we need more space. We own our real estate and don't plan on moving. We own our real estate and are actively looking to sell. 33% 9% 8% 2% 46% 3%

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