Charts & Chat - October 20, 2024
Eric Boyce • October 21, 2024
This week, CEO Eric Boyce, CFA discusses:
1. GDP estimates for 3Q in the increase; liquidity higher, and economic data on balance has been more positive.
2. liquidity improving in US and abroad - tends to favor profits increases and risk asset investment over time
3. retail sales stronger than expected, labor market softening as expected
4. gold strong, other energy commodities are off somewhat
5. chapter 11 filings up, expectations for delinquencies on the rise
6. regional economic surveys (Philly Fed, Empire State) paint mixed picture on manufacturing
7. investor optimism much higher on stocks versus bonds; improving stock price and earnings breadth across sectors expected

By Eric Boyce
•
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




