Charts & Chat - Jan 12, 2025
Eric Boyce • January 12, 2025
This week, CEO Eric Boyce discusses:
1. the recent unexpected strength in the labor market and its unusual impact on the stock market
2. revolving credit oddly contracted last month following prolonged series of increases
3. inflation track feels like 1966-1982 pattern thus far...interesting; expectations picking up a bit with Trump administration policies on horizon
4. China slowdown illustrated
5. global stock/bond ration reflects optimism in global markets
6. term premium increasing for stocks; money fund assets continue to rise (potential market liquidity)
7. bonds more sensitive than equities to inflation surprises
8. stock and bond correlations higher; earnings yield relative to investment grade bonds suggests stocks may be more volatile

By Eric Boyce
•
October 19, 2026
This week, CEO Eric Boyce, CFA discusses: 1. current estimates for AI/tech capital spending, and what are the risks 2. the K-shaped economy visualized, the residential real estate market in the doldrums 3. inflation edging higher, complicated Fed decisions; flat CEO confidents and rising producer prices 4. contribution to equity market reruns, multiple compression, concentration risk, and risk of rising correlations to bond returns given higher interest rates 5. don't be scared of market highs, though, and 5th year bull market expansion returns are generally pretty good. 6. decomposition of yield changes, bond market selloff





