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
•
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




