Consumers are starting to take the high cost of borrowing into account, according to ConnectOne CEO Frank Sorrentino. With the Federal Reserve planning on keeping rates higher for longer, Sorrentino says that “there’s now a value and a dollar amount that has to be put on a budget line item that people, for the most part, discounted before,” adding that the cost is starting to factor into decision making. Watch the video above to find out why Sorrentino says there still seems to be “pretty strong” confidence in the economy.
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