Charts & Chat - July 9, 2023
Eric Boyce • July 9, 2023
This week, CEO Eric Boyce, CFA discusses:
1. reflecting on the missed estimates heading into 2023 now that we are 1/2 way through the year
2. some areas of economic strength heading into 3rd quarter, especially labor - what the new data is telling us about the pending labor slowdown (wages, etc..)
3. ISM Manufacturing remains weak...implications for the economy and the equity market
4. inflation trending lower, but will take a while to get to 2% target - forward expectations sticky above 2%, tho
5. Implications for the pending resumption of student loan debt payments
6. Stock market valuation headwinds and opportunities

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




