Charts & Chat - May 21, 2023
Eric Boyce • May 30, 2023
This week, CEO Eric Boyce, CFA discusses:
- Discrepancies in the estimates for both economic growth in 2Q and the pace of Fed rate changes
- Home prices and sales are both in decline
- Bankruptcies, delinquencies, and credit lending standards are all moving higher.
- Wages remain sticky, productivity was negative last quarter
- Stocks have limited market breadth right now...

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




