Charts & Chat - June 2, 2024
Eric Boyce • June 2, 2024
This week, CEO Eric Boyce, CFA discusses:
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stocks outperform the economic surprise index; valuations high, but earnings growth leading to increased capital spending expectations and share repurchase
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individual ownership of stocks increasing, helping to contribute to bouts of volatility
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stock and bond correlations very high, making it more challenging to diversify between traditional approaches
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interesting trends in hybrid working environments
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housing optimism remains low; renters spend less than owners on housing; sale inventory increasing, but there still dislocations - prices higher but more discounting; also drop in pending sales
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GDP revisions from the first quarter - consumer spending and inventory growth less robust

By Eric Boyce
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March 16, 2026
This week, CEO Eric Boyce, CFA discusses: 1. Potential near and longer term impacts of the energy shock, understanding that sentiment tends to overstate the eventual impact and that most energy shocks are transitory 2. headline and core inflation in line, driven by continued decline in core services and rents 3. consumer spending remains resilient, but 4. tariff-impacted goods and price increases risk inflation - estimates moving higher as we watch costs in the food chain in apparel increase 5. probability of recession moved up a little in the prediction markets and the likelihood of interest rate cuts in 2026 are largely off the table for the time being. 6. equity markets are in sell off mode, especially in consumer discretionary; S&P 500 index not nearly as useful as a diversification vehicle as it used to be due to increasing concentrations 7. interest rates continue to tweak higher, increasing mortgage rates at a time when affordability is tempered. Bond market volatility picking up a little 8. Deep dive into the topic of Retirement Savings - aging populations, use of social security versus pensions; growth of 401k's, yet meaningful percent of workers do not have retirement accounts




