Charts & Chat - July 14, 2024
Eric Boyce • July 14, 2024
This week, CEO Eric Boyce, CFA discusses:
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recent trends in estimates for economic growth
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analysis of the latest consumer and producer inflation reports, which moved in different directions
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core inflation, rents and wages moderating
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small business optimism stronger; hiring intentions softer, however
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high yield spreads and portfolio insurance reflect a high degree of complacency in the markets
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equity valuations high overall, limited breadth but improvements likely; only 25% of the S&P 500 stocks are beating the index
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equal weight valuations much more attractive than the headline S&P 500
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active hurricane season likely...ramifications on certain economic sectors (energy) and potential additional volatility to markets over the summer...

By Eric Boyce
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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



