Charts & Chat - July 23, 2023
Eric Boyce • July 23, 2023
This week, CEO Eric Boyce, CFA discusses:
1. inflation deceleration and implications
2. present consumer expectations remain strong, future expectations dropping
3. Philly Fed current manufacturing conditions weak, expectations look better 6 months out
4. Leading indicators suggest slowing, as does bankruptcy filings, credit tightening by banks
5. Housing appears headed to a stall, but not a crash
6. stock inflows remain strong, bond outflows from high credit to more speculative credit - consistent with increased complacency

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




