Charts & Chat - October 2, 2023
Eric Boyce • October 2, 2023
This week, Eric Boyce, CFA discusses: 1. background on government shutdowns (although we seem to avoided this one!) 2. probability of recession dropping, CFO confidence rising 3. money supply/rents dropping - should help lower inflation 4. gasoline prices, healthcare moving the other direction, though 5. discussion of core PCE - trailing 3 month annual rate is ~2% 6. equities priced below 5 year average and near the 10 year average; international stocks priced very cheap relative to US 7. immigrants and visas picking up - helps stabilize labor market.

By Eric Boyce
•
September 21, 2026
This week, CEO Eric Boyce, CFA discusses: 1. global oil inventories are falling, creating additional risk within the energy markets 2. Fed rate increase this past week following inflation data, more hikes expected. Dollar strong as a result 3. interest rates and yields rising, impacting cost of capital and risk repricing. Corporate balance sheets remain strong, though 4. Philly Fed data positive; housing starts and sentiment remain weak; retail sales ahead of expectations 5. Import and export prices above expectations, more energy related price impacts likely. Tech import prices accelerating 6. gold ETF inflows strong, more central bank gold investment and US Treasury disinvestment; foreign investment remains strong, however 7. earnings growth expectations remain very strong, anchored by tech AND energy; industrial valuations now ahead of tech





