New Members Reception:

We gathered NACD Northern California's newest members for an evening of education and networking. During the reception, Joe Brusuelas, chief economist and principal at RSM, led an insightful fireside chat on the economic trends expected to shape 2026.

Thank you to the RSM team, including Taylor Lapsys and Ahmad Ejaz, for hosting us on their wonderful rooftop terrace. 

LISTEN TO THE AUDIO

KEY TAKEAWAYS

• Immigration & Workforce Supply—baby boomer retirements (approximately 11,000 daily) and reduced immigration will keep labor markets tight. Boards must plan for long-term talent shortages and generational transitions.
• Persistent Inflation—Expect inflation to remain in the 3–4 percent range for the foreseeable future. Tariffs take one to two years to pass through to consumers, adding complexity to planning.
• Yield Curve & Interest Rates—There is a steepening yield curve, with implications for banks, interest margins, and broader economic expectations. More rate cuts are expected later this year, paired with business expensing and tax shifts.
• Technology & Automation—Artificial intelligence and robotics integration will accelerate productivity, but also create uneven impacts on jobs and industries. Boards must weigh investment timing, return on investment, and workforce implications.
• Education & Employment Pathways—Traditional routes into the workforce are shifting. Retraining and nontraditional entry points will matter more, and firms may bear greater responsibility in supporting transitions.
• K-Shaped Economy—Economic polarization is widening, with the top 10 percent driving nearly half of spending. Boards should consider how this affects strategy, customers, and workforce planning.

Find more of Brusuelas’s insights at The Real Economy.

SPEAKER

Joe Brusuelas

Chief Economist, Principal, RSM US LLP

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Joe is an award-winning economist with more than 20 years of experience analyzing U.S. monetary policy, labor markets, fiscal policy, international finance, economic indicators and the condition of the U.S. consumer. A member of The Wall Street Journal’s forecasting panel, Joe regularly briefs members of Congress...

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Thank you to our partner for making this event possible.