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
•
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






