Charts & Chat - September 22, 2024
Eric Boyce • September 22, 2024
This week, CEO Eric Boyce discusses:
1. The implications of the recent rate cut by the Federal Reserve
2. Global growth expectations remain weak despite considerable easing by foreign central banks
3. Economic and earnings growth expected to continue; investor optimism high; potential for volatility heading into election
4. Gold at a new high; dollar is range bound but perhaps moving lower with rate decreases
5. wage growth no longer decelerating; increase apartment supply should keep rents falling
6. Philly Fed manufacturing looking up; manufacturing tends to improve following the first rate cut
7. mortgage rates falling; increased home supply helping to normalize conditions in residential real estate

By Eric Boyce
•
September 21, 2026
This week, CEO Eric Boyce, CFA discusses: 1. global oil inventories are falling, creating additional risk within the energy markets 2. Fed rate increase this past week following inflation data, more hikes expected. Dollar strong as a result 3. interest rates and yields rising, impacting cost of capital and risk repricing. Corporate balance sheets remain strong, though 4. Philly Fed data positive; housing starts and sentiment remain weak; retail sales ahead of expectations 5. Import and export prices above expectations, more energy related price impacts likely. Tech import prices accelerating 6. gold ETF inflows strong, more central bank gold investment and US Treasury disinvestment; foreign investment remains strong, however 7. earnings growth expectations remain very strong, anchored by tech AND energy; industrial valuations now ahead of tech





