Charts & Chat - September 22, 2025
Eric Boyce • September 22, 2025
This week, CEO Eric Boyce, CFA discusses:
1. Discussion of Leading economic indicators - negative trends last few years, but coincident indicators continue to move higher
2. Strong relative performance from gold - still viable as a diversification tool
3. money market balances still rising ($7.7 trillion) - lots of market liquidity available
4. infrastructure spending driven by AI, especially in the US - spending likely to continue for several years
5. tariff revenue now 18% of household income tax receipts
6. consumer spending trending down, earnings estimate growth largely driven by Mag 7, tech stocks

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




