Changing State of the US Consumer
What’s the Road Ahead for Travel This Summer and Beyond
Join us for a webinar on May 13 for a discussion on:
- The evolving consumer economy and legislative outlook
- How will consumers’ plans for travel drive credit for the summer and beyond
This webinar is part of the Changing State of the US Consumer series. Register today to learn about future events.
Sign Up
-
Agenda
-
13:00
The Evolving Consumer Economy and Legislative Outlook
As US economic growth accelerates and the labor market recovery gathers steam – each aided by greater pandemic control, re-openings, growing consumer confidence, and extraordinary government support – the outlook for consumer strength grows ever more positive, with particular benefits for spending on services. Adding to this momentum is President Biden’s American Jobs Plan (AJP), which would provide $2+ trillion in federal spending designed to tackle a wide range of challenges beyond traditional infrastructure improvements and an expectation that another spending package is forthcoming. Against this backdrop, our panelists will discuss a number of near- and longer-term trends that could support or undermine this momentum.
- How are consumers across income cohorts and geographies responding to the changing employment landscape?
- Where might we see more long-lasting labor market scarring?
- What are the potential paths and pitfalls for the AJP in coming congressional negotiations and how might the legislation affect employment, taxes and consumer strength?
-
13:35
How will Consumers’ Plans for Travel Drive Credit for the Summer and Beyond
With widespread vaccinations helping to tame the pandemic and Americans looking likely to step up travel over the summer, what will be the effects on credit in sectors such as airlines, airports, rental car ABS and lodging? And will pandemic-driven changes in US consumer behavior have lingering effects on the travel and hospitality industries and related issuers going forward? Our panelists will tackle these questions and others relevant to the credit quality of the issuers most exposed to these trends.
- How is the summer shaping up for domestic and international travel?
- What will be the effects of the differing pace of recoveries in leisure and business travel?
- How will credit quality evolve amid a turbulent recovery in air passenger demand?
- How quickly will things return to “normal” or will there be a “new normal” ahead?
- What role will vaccine passports and other safety measures play in the interim?
-
-
SpeakersCris deRitis Deputy Chief Economist Moody's Analytics
Marisa DiNatale Senior Director - Economic Research Moody's
Kathyanne S. Cohen Senior Vice President-Government & Public Affairs Moody's Corporation
Robard Williams Senior Vice President/CSR, Credit Strategy & Standards Moody's Investors Service
Janice Hofferber Managing Director - US Public Finance Moody's Investors Service
Karen Ramallo Senior Vice President - Head of US Corporate ABS Moody's Investors Service
Jonathan Root Senior Vice President - Corporate Finance Group Moody's Ratings
Peter Trombetta Vice President - Senior Analyst Moody's Investors Service
Loading feed
For any questions, email nazia.hussain@moodys.com
Confirm cancellation
Something went wrong.
An error occurred trying to play the stream. Please reload the page and try again.
CloseSign In
Please sign in to your account:
| Robard Williams is a Senior Vice President in Moody’s Credit Strategy and Standards Group, where he conducts research on a variety of areas – ranging from technology &innovation to demographics & financial services – that have the potential to influence creditworthiness across sectors and geographies. Robard joined Moody’s in 2012 as a Vice President in the Global Financial Institutions Group Research Team, with responsibility for monitoring and analyzing financial market developments that impact the creditworthiness of Moody’s-rated banks and securities firms. Prior to joining Moody’s, Robard spent 12 years at the Federal Reserve Bank of New York, where he worked in the Bank Supervision Group, managing a team with responsibility for identifying emergent risks to financial system stability. Robard holds a Master’s Degree in Law and Diplomacy from the Fletcher School at Tufts University and bachelor’s degree from Haverford College, Pennsylvania. |
Cristian deRitis is a senior director at Moody’s Analytics, where he conducts economic analysis and develops econometric models for a wide variety of clients. His regular analysis and commentary on consumer credit, policy and the broader economy appear on the firm’s Economy.com web site and in other publications. He is regularly quoted in publications such as the Wall Street Journal for his views on the economy and consumer credit markets. Currently he is spearheading efforts to develop alternative sources of data to measure economic activity more accurately than traditional sources of data. Before joining Moody’s Analytics, Cristian worked for Fannie Mae and taught at Johns Hopkins University. He received his PhD in economics from Johns Hopkins University and is named on two U.S. patents for credit modeling techniques.
Marisa DiNatale is a Senior Director and Head of Global Forecasting at Moody’s. Marisa oversees all forecasting and publication operations in the Economics group within Predictive Analytics at Moody’s. Her areas of specialization and research are U.S. labor markets, household balance sheets and credit, and international economics. She is a cohost of the Moody’s weekly podcast “Inside Economics”. Marisa started her career as a labor economist at the Bureau of Labor Statistics in Washington, DC. She holds a master’s degree in Applied Economics from Johns Hopkins University and a bachelor’s degree in International Relations from Boston University.
Kathyanne S. Cohen is a Senior Vice President in Government & Public Affairs at Moody’s. Kathyanne opened Moody’s Washington, DC office in November 2013. She represents the company’s domestic and international interests in DC. Kathyanne is also responsible for supporting Moody’s global engagement strategies. This role encompasses developing and implementing Moody’s US plan, including managing relationships with trade associations, think tanks and other third parties, as well as advancing outreach efforts beyond the US, in particular in Asia and Latin America.
Kathyanne joined Moody’s in September 2008 with nearly 10 years of experience as an attorney. As a litigator, she practiced in a wide range of areas, including civil law cases involving contractual disputes, fraud actions, insurance claims and international law, as well as white collar investigations and inquiries. Prior to Moody’s, Kathyanne held positions at Kaplan Landau LLP and O’Melveny & Myers LLP. She clerked in federal court for the Honorable Lowell A. Reed, Jr., S.J. for the Eastern District of Pennsylvania.
Before working as a lawyer, Kathyanne spent several years in Washington DC, where she held positions at the Democratic National Committee and the Women’s Campaign Fund.
Kathyanne graduated with a J.D. from the Temple University School of Law, where she was on Law Review. She received a B.A. in History from the University of Pennsylvania.
Janice Hofferber is Head of US Public Finance for Moody’s Investors Service (MIS) overseeing ratings and research for over 12,000 State and Local Governments, Hospitals, Higher Education institutions, Charter Schools and other tax exempt obligors.
Prior to this role, Janice was a Managing Director in the North America Corporate Finance Group leading analytical teams covering over 500 investment grade and high yield issuers in the Real Estate, Consumer, Retail, Gaming, Lodging, Apparel, and Restaurant sectors since 2013. In addition, Janice is a leader in a number of company- wide initiatives including spearheading Moody’s efforts to deliver globally consistent and high quality market and customer engagements, acting as an Ambassador for Ratings and Research support to improve recruitment and training for Moody’s young credit professionals. Janice is an active supporter of Moody’s equity, diversity and inclusion efforts including serving as the co-chairperson of the Policy and Recruiting committee for the Veteran’s BRG where she helped to lead important changes to Moody’s leave policies for employees.
Janice has extensive experience working in the financial service industry. She rejoined the firm in June 2006 as the lead analyst for the US consumer products and tobacco sectors and as a rating committee chairperson for multiple industry teams. She started at Moody’s as a senior analyst covering investment-grade food and beverage issuers from 1995-1996.
Janice also bring a wealth of knowledge from other senior position held over the 20 years she worked in investment banking, fixed income and equity analytics sectors. She served in leadership positions at Fulcrum Global Partners, an independent equity research boutique, was a Director of Equity Research at Van der Moolen, the NYSE Specialist firm and served as a Vice President in the mergers and acquisitions and investment banking groups covering media and consumer products companies at JP Morgan Chase.
Janice holds a LEAD Certificate from Stanford University School of Business, an MBA in Finance from New York University, a BA in Psychology from Rutgers University and is a Chartered Financial Analyst.
Earl Heffintrayer is the U.S. airport sector lead analyst and covers a diversified portfolio concentrated in transportation. In addition to Earl’s work in the airport sector, he actively leads new ratings on bids in the US public private partnership market. Prior to joining Moody’s in June, 2011, Earl worked at the Port Authority of New York and New Jersey where he primarily analyzed alternative capital project delivery methods. Earl began his career as a civil engineer on large infrastructure projects in the New York City region. Earl is a CFA charter holder. Earl holds a BS in Civil and Environmental Engineering from the University of Rhode Island and an MBA from Stern School of Business at New York University.
Karen Ramallo heads the U.S. Corporate ABS team in the Structured Finance Group at Moody’s Investors Service. The U.S. Corporate ABS team assigns new ratings to commercial and esoteric ABS transactions, covering over twenty sectors including
equipment, wireless towers, fleet leasing, rental car, stranded utilities, tax liens, and aircraft lease, among others.
Previously, Karen acted as a Rating Committee Chair and senior lead analyst for the U.S. Commercial Real Estate Finance group, where she covered conduit and large loan transactions. She also previously held lead analyst positions within the Latin America
ABS and the U.S. RMBS New Ratings teams.
Prior to joining Moody’s in 2005, Karen worked at NorthFork Bank Corp. (acquired by Capital One Financial) as a credit risk officer, where she prepared risk analytics for senior management and determined the quarterly Allowance for Loan Loss Reserves
for the bank’s owned residential mortgage and small commercial loan portfolios.
Karen holds a Bachelor of Science in Economics from the University of Pennsylvania’s Wharton School of Business. She is natively fluent in English and Spanish and conversant in French and Portuguese
Jonathan Root is a Senior Vice President in Moody’s Corporate Finance Group. Jonathan is the U.S. airline analyst and has rating responsibility for Enhanced Equipment Trust Certificates on a global basis. He has led Moody’s analysis on more than 55 EETCs since he began covering the airline sector in 2009. Jonathan also covers selected aerospace & defense companies including The Boeing Company, General Dynamics, Lockheed Martin and Northrup Grumman and the global package delivery companies, UPS and FedEx.
Prior to joining Moody’s, Jonathan was a Director of Finance at Automatic Data Processing, including at its European headquarters based in Paris. Jonathan started his career as an auditor with Ernst & Young and has performed different roles in financial services, including in US and Australian insolvency, litigation consulting and M&A advisory work.
Jonathan is a CFA charter holder. He has an M.B.A. in Finance from the Stern School of Business at New York University and a B.S. in Accounting and Finance from the State University of New York at Buffalo.
Pete Trombetta, a Vice President-Senior Analyst on the Manufacturing, Aerospace, Defense, Lodging Team, is responsible for a portfolio of lodging, cruise and diversified manufacturing companies. Previously, Pete covered companies in the restaurant, gaming, retail, and apparel industries. Before joining Moody’s in August 2005, Pete was an Assistant Vice President in the capital recovery group and lending groups at PNC Bank.
Pete received a B.A. in Psychology from Widener University and an MBA from the Stillman School of Business at Seton Hall University
Cristian deRitis is a senior director at Moody’s Analytics, where he conducts economic analysis and develops econometric models for a wide variety of clients. His regular analysis and commentary on consumer credit, policy and the broader economy appear on the firm’s Economy.com web site and in other publications. He is regularly quoted in publications such as the Wall Street Journal for his views on the economy and consumer credit markets. Currently he is spearheading efforts to develop alternative sources of data to measure economic activity more accurately than traditional sources of data. Before joining Moody’s Analytics, Cristian worked for Fannie Mae and taught at Johns Hopkins University. He received his PhD in economics from Johns Hopkins University and is named on two U.S. patents for credit modeling techniques.
Marisa DiNatale is a Senior Director and Head of Global Forecasting at Moody’s. Marisa oversees all forecasting and publication operations in the Economics group within Predictive Analytics at Moody’s. Her areas of specialization and research are U.S. labor markets, household balance sheets and credit, and international economics. She is a cohost of the Moody’s weekly podcast “Inside Economics”. Marisa started her career as a labor economist at the Bureau of Labor Statistics in Washington, DC. She holds a master’s degree in Applied Economics from Johns Hopkins University and a bachelor’s degree in International Relations from Boston University.
Kathyanne S. Cohen is a Senior Vice President in Government & Public Affairs at Moody’s. Kathyanne opened Moody’s Washington, DC office in November 2013. She represents the company’s domestic and international interests in DC. Kathyanne is also responsible for supporting Moody’s global engagement strategies. This role encompasses developing and implementing Moody’s US plan, including managing relationships with trade associations, think tanks and other third parties, as well as advancing outreach efforts beyond the US, in particular in Asia and Latin America.
Kathyanne joined Moody’s in September 2008 with nearly 10 years of experience as an attorney. As a litigator, she practiced in a wide range of areas, including civil law cases involving contractual disputes, fraud actions, insurance claims and international law, as well as white collar investigations and inquiries. Prior to Moody’s, Kathyanne held positions at Kaplan Landau LLP and O’Melveny & Myers LLP. She clerked in federal court for the Honorable Lowell A. Reed, Jr., S.J. for the Eastern District of Pennsylvania.
Before working as a lawyer, Kathyanne spent several years in Washington DC, where she held positions at the Democratic National Committee and the Women’s Campaign Fund.
Kathyanne graduated with a J.D. from the Temple University School of Law, where she was on Law Review. She received a B.A. in History from the University of Pennsylvania.
| Robard Williams is a Senior Vice President in Moody’s Credit Strategy and Standards Group, where he conducts research on a variety of areas – ranging from technology &innovation to demographics & financial services – that have the potential to influence creditworthiness across sectors and geographies. Robard joined Moody’s in 2012 as a Vice President in the Global Financial Institutions Group Research Team, with responsibility for monitoring and analyzing financial market developments that impact the creditworthiness of Moody’s-rated banks and securities firms. Prior to joining Moody’s, Robard spent 12 years at the Federal Reserve Bank of New York, where he worked in the Bank Supervision Group, managing a team with responsibility for identifying emergent risks to financial system stability. Robard holds a Master’s Degree in Law and Diplomacy from the Fletcher School at Tufts University and bachelor’s degree from Haverford College, Pennsylvania. |
Janice Hofferber is Head of US Public Finance for Moody’s Investors Service (MIS) overseeing ratings and research for over 12,000 State and Local Governments, Hospitals, Higher Education institutions, Charter Schools and other tax exempt obligors.
Prior to this role, Janice was a Managing Director in the North America Corporate Finance Group leading analytical teams covering over 500 investment grade and high yield issuers in the Real Estate, Consumer, Retail, Gaming, Lodging, Apparel, and Restaurant sectors since 2013. In addition, Janice is a leader in a number of company- wide initiatives including spearheading Moody’s efforts to deliver globally consistent and high quality market and customer engagements, acting as an Ambassador for Ratings and Research support to improve recruitment and training for Moody’s young credit professionals. Janice is an active supporter of Moody’s equity, diversity and inclusion efforts including serving as the co-chairperson of the Policy and Recruiting committee for the Veteran’s BRG where she helped to lead important changes to Moody’s leave policies for employees.
Janice has extensive experience working in the financial service industry. She rejoined the firm in June 2006 as the lead analyst for the US consumer products and tobacco sectors and as a rating committee chairperson for multiple industry teams. She started at Moody’s as a senior analyst covering investment-grade food and beverage issuers from 1995-1996.
Janice also bring a wealth of knowledge from other senior position held over the 20 years she worked in investment banking, fixed income and equity analytics sectors. She served in leadership positions at Fulcrum Global Partners, an independent equity research boutique, was a Director of Equity Research at Van der Moolen, the NYSE Specialist firm and served as a Vice President in the mergers and acquisitions and investment banking groups covering media and consumer products companies at JP Morgan Chase.
Janice holds a LEAD Certificate from Stanford University School of Business, an MBA in Finance from New York University, a BA in Psychology from Rutgers University and is a Chartered Financial Analyst.
Karen Ramallo heads the U.S. Corporate ABS team in the Structured Finance Group at Moody’s Investors Service. The U.S. Corporate ABS team assigns new ratings to commercial and esoteric ABS transactions, covering over twenty sectors including
equipment, wireless towers, fleet leasing, rental car, stranded utilities, tax liens, and aircraft lease, among others.
Previously, Karen acted as a Rating Committee Chair and senior lead analyst for the U.S. Commercial Real Estate Finance group, where she covered conduit and large loan transactions. She also previously held lead analyst positions within the Latin America
ABS and the U.S. RMBS New Ratings teams.
Prior to joining Moody’s in 2005, Karen worked at NorthFork Bank Corp. (acquired by Capital One Financial) as a credit risk officer, where she prepared risk analytics for senior management and determined the quarterly Allowance for Loan Loss Reserves
for the bank’s owned residential mortgage and small commercial loan portfolios.
Karen holds a Bachelor of Science in Economics from the University of Pennsylvania’s Wharton School of Business. She is natively fluent in English and Spanish and conversant in French and Portuguese
Jonathan Root is a Senior Vice President in Moody’s Corporate Finance Group. Jonathan is the U.S. airline analyst and has rating responsibility for Enhanced Equipment Trust Certificates on a global basis. He has led Moody’s analysis on more than 55 EETCs since he began covering the airline sector in 2009. Jonathan also covers selected aerospace & defense companies including The Boeing Company, General Dynamics, Lockheed Martin and Northrup Grumman and the global package delivery companies, UPS and FedEx.
Prior to joining Moody’s, Jonathan was a Director of Finance at Automatic Data Processing, including at its European headquarters based in Paris. Jonathan started his career as an auditor with Ernst & Young and has performed different roles in financial services, including in US and Australian insolvency, litigation consulting and M&A advisory work.
Jonathan is a CFA charter holder. He has an M.B.A. in Finance from the Stern School of Business at New York University and a B.S. in Accounting and Finance from the State University of New York at Buffalo.
Pete Trombetta, a Vice President-Senior Analyst on the Manufacturing, Aerospace, Defense, Lodging Team, is responsible for a portfolio of lodging, cruise and diversified manufacturing companies. Previously, Pete covered companies in the restaurant, gaming, retail, and apparel industries. Before joining Moody’s in August 2005, Pete was an Assistant Vice President in the capital recovery group and lending groups at PNC Bank.
Pete received a B.A. in Psychology from Widener University and an MBA from the Stillman School of Business at Seton Hall University