Charts & Chat - February 9, 2025
Eric Boyce • 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 (?)

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




