Charts & Chat August 20, 2023

This week, CEO Eric Boyce, C

FA discusses: 1. stock valuations stretched, fueled by earnings expectations, fund flows; stocks less attractive relative to bonds 2. bond rates higher due to increased supply, 3. higher real rates may weigh on stocks; TIPS attractive 4. mixed economic data - recent production strong (autos); leading indicators down 15 straight months 5. China - subject to 3 D's - deflation, demographics and high debt - slowdown in front of us... 6. weak housing affordability offset by builder optimism 7. retail sales relatively strong, but set to weaken