Charts & Chat - February 22, 2026

This week, CEO Eric Boyce, CFA discusses:

1. the changes inherent in the Supreme Count ruling on the IEEPA tariffs of the Trump Administration

2. GDP for the 4th quarter lighter than expected, driven in part by the government shutdown. Real final sales to domestic purchasers remains strong, suggesting that consumption remains robust enough to keep the economy going

3. Trade deficits higher, leading economic indicators remain negative; regional Fed surveys remain very positive, however. Leading indicators remain weak

4. One third of the federal debt is going to have to be refinanced in 2026 at a much higher interest cost.

5. government balance sheet not nearly as in good of shape as the consumer and commercial sector.  Increased activity may result in additional capital spending next few years

6. equities in high demand; recent sell off has reduce valuation multiples, but US is still overvalued relative to the rest of the world. Earnings growth expected to be stronger in emerging markets than in the US

7. Hyperscaler spending set to ramp in 2026 - investors beginning to price in some skepticism

8. private investment stocks under pressure due to credit concerns