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








