Charts & Chat - July 16, 2023
Eric Boyce • July 17, 2023
This week, CEO Eric Boyce, CFA discusses:
1. consumer and producer inflation continues to drop in a positive trend, but when will the Fed end its interest rate increases.
2. credit card delinquencies and bankruptcies are on the rise...amidst the positive economic data, keeping one eye on the cracks developing.
3. Shelter component of consumer inflation coming down - positive for CPI decline next few months.
4. short term interest rates finally above inflation; money supply growth turns positive
5. Stock valuations above 5-yr and 10-yr trends...outlook...?
6. Attractive international stock valuations relative to US

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




