Charts & Chat - September 28, 2025
Eric Boyce • September 29, 2025
This week, CEO Eric Boyce, CFA discusses:
1. near term trends in economic growth and employment are diverging. Labor weakness giving Fed cover to lower interest rates.
2. recession probability low, bank lending up, goods inflation growth year-over-year is now positive.
3. consumption and retail sales trends are not unfavorable, but record-high credit card balances are.
4. no sign of US dollar disintermediation - Euro as a percent of global reserves remains flat, and record high foreign investment in US stocks.
5. stock valuation higher - possible near term volatility. positive return outlook, however.
6. the diversification power of alternative investments within a portfolio.

By Eric Boyce
•
March 30, 2026
This week, CEO Eric Boyce, CFA discusses: 1. more data on the impact, duration and persistency of oil price shocks and their impacts on the investment markets and the economy 2. global geopolitical fragmentation increasing, coupled with declining share of fossil fuels as percent of total energy consumption 3. current forecast for first quarter 2026 economic growth is 2.0% 4. 33% of US government will mature this coming year ($10 trillion), which will need to be refinanced at higher rates; 20% of federal tax receipts go to interest on the federal debt 5. trade policy uncertainty declining, while economic policy uncertainty higher 6. seeing some inflationary pressure coming from producer prices in several Fed districts and in import prices 7. more soft sentiment data from consumers; however, retail and consumption data remain favorable amidst favorable financial conditions 8. stock sell off mitigated by strong earnings, increased liquidity 9. since 1949, average bull market lasts 5.3 years and returns 254%; meanwhile, average bear market lasts 1 year and declines 31% 10. private credit sell-off likely overdone, based on actual loss data



