Charts & Chat - June 9, 2024
Eric Boyce • June 9, 2024
This week, CEO Eric Boyce, CFA discusses:
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Gold performance relative to bonds and size of government budget; increase of gold in use as reserve asset
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Labor force participation and debt levels, and increased treasury issuance
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yield curve dynamics and lack of breadth evident in equities; equity risk premium very low relative to bonds
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diversification benefits from other asset classes, foreign markets
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residential home price declines, office vacancy and the looming debt cliff for commercial real estate
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job market in good shape but softening; consumer spending rising but so are delinquencies
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small banks responding to balance sheet issues
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disinflation tendencies in place - need patience

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




