Charts & Chat Nov 27 Market Update

This week, CEO Eric Boyce, CFA discusses:

1. Thanksgiving dinner items up 25% in 3 years, amidst continued drop in inflation forecasts through end of 2024

2. importance of holiday season sales to the economy

3. wages sticky, rents falling - impact on inflation

4. Leading economic indicators negative 19 straight months - foreshadow economic slowdown; other data still positive on the margin

5. continued shift in bank deposits into money funds - associated impact on lending capacity

6. mortgage rates falling again, builder sentiment likely to fall, more home buying transactions failing

7. Magnificent 7 stocks will be hard pressed to maintain valuations; majority of market ~3-4% YTD

8. Equal weight S&P 500 P/E suggests 7-9% annual returns next 10 years... 9. 10-years treasury yields down off highs, dollar down YTD, gold up close to $2000/oz

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Charts & Chat - October 11, 2026 | Boyce

By Eric Boyce • October 12, 2026

This week, CEO Eric Boyce, CFA discusses: 1. More confirming data points on economic expansion; pricing power 2. stable employment trends, with declining continuing claims and 3. Atlanta Fed GDP Now estimates 3.6% annualized growth in 3rd quarter 4. Long term inflation expectations are anchored; demand driven 5. higher interest rates taking toll on interest rate sensitive sectors (home/auto) 6. Rents trending higher, shift from buyers to renters amidst declining supply and homeowner cost push 7. AI theme intact; potential volatility if expectations falter; rapid rise in semis and tech imports 8. in 4th year of bull market in stocks - 5th year average return 12%; valuations still high yet off peaks; breadth declining; small caps underperforming. 9. bond sell-off may be near conclusion; helping to drive dollar higher; yield change reflects increase in real yields, partially driven by demand for credit