Charts & Chat - September 8, 2024
Eric Boyce • September 8, 2024
This week, CEO Eric Boyce, CFA discusses:
1. Third quarter GDP growth looking like 2% annualized
2. Leading indicators have troughed; however, beige book and other indicators suggest slowing economy
3. Labor market continues to slow, as desired by the Fed; inflation and labor trends provide vast cover for interest rate declines this month
4. Service PMI still positive; manufacturing/construction back in decline
5. Yield curve un-inverted this week for the first time in 783 days
6. Stocks typically are weaker in September; also weaker in two months heading into Presidential election (usually get post election bounce tho)
7. increased volatility overall as of late - should create opportunity for small caps and equal weight S&P over time

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





