Charts & Chat - December 11, 2023
Eric Boyce • December 11, 2023
This week, CEO Eric Boyce, CFA discusses: 1. recent momentum in the market, some perspective on valuation and on the Magnificent 7 2. credit tightening, but private credit remains strong 3. payroll growth, wages moderating, strength in prime age working population. 4. modest economic growth expectations 4Q, thoughts on prospective rate cuts in 2024 5. spending, income, credit trends evolving 6. rents rolling over, constructions spending stronger, offset by continued manufacturing recession 7. gasoline, nat gas prices lower just in time for the new year...

By Eric Boyce
•
April 13, 2026
This week, CEO Eric Boyce, CFA discusses: 1. final 4Q GDP revision reflects weaker year-end environment. First quarter estimates are trending down, reflecting pressure from geopolitics 2. personal income trending lower, although credit outstanding remains flat 3. PCE prices are elevated, primarily from goods prices - housing continuing to drop 4. energy market impacts from Iran conflict - disproportionate impact on lower income, Asia energy markets 5. forward looking equity returns look to be more limited, following three years of above average returns - private investments will likely play a greater role going forward 6. still a considerable gap on individuals with retirement plans, even at the higher income levels 7. earnings estimates moving higher, especially for tech firms; accordingly, tech P/E multiples back down to overall index average




