Charts & Chat - February 9, 2025

This week, CEO Eric Boyce discusses:

1. continuing uncertainty with tariffs and trade policy - the numbers, risks, and perspective moving forward

2. manufacturing picking up, per the PMI data; services remaining steady; productivity remains strong

3. corporate confidence improving, leading to more aggressive capital spending plans

4. update on relative valuations to earnings yield, volatility, etc.; earnings estimates are being reduced (good!)

5. retail same store sales very steady, suggesting a relatively stable consumer

6. corporate credit issuance very strong in 2025; no fear of economic downturn.  May be priced too richly, though (?)