Market Minutes - April 6, 2025
Eric Boyce • April 6, 2025
CEO Eric Boyce , CFA shares his thoughts on the recent market volatility and his observations on the potential impact of tariffs on economic growth, earnings and growth. Eric also provides a reflection on insightful market trends and data on volatility to help put current events into proper perspective, and lay the groundwork to find ways to take advantage of volatility for future gain.

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




