Charts & Chat - August 20, 2023
Eric Boyce • August 20, 2023
This week, CEO Eric Boyce, CFA discusses:
1. stock valuations stretched, fueled by earnings expectations, fund flows; stocks less attractive relative to bonds
2. bond rates higher due to increased supply
3. higher real rates may weigh on stocks; TIPS attractive
4. mixed economic data - recent production strong (autos); leading indicators down 15 straight months
5. China - subject to 3 D's - deflation, demographics and high debt - slowdown in front of us...
6. weak housing affordability offset by builder optimism
7. retail sales relatively strong, but set to weaken





