Charts & Chat - August 17, 2025

This week, CEO Eric Boyce, CFA discusses:

1. Look back at lack of manufacturing growth following 2018 tariffs

2. Tariff revenue high; potential upside in capital spending in advanced manufacturing, sources of power for data centers, and other infrastructure spending

3. Misery index not foreshadowing recession; small business credit conditions remain tight

4. freight volumes, pricing subdued - may portend slowdown in consumer spending

5. consumer delinquencies picking up in some areas; paying close attention to trends

6. market breadth thin - not your father's S&P 500 anymore

7. drawdowns lead to opportunity; bond volatility higher than equity volatility & may be more seasonal than we think