This week, CEO Eric Boyce, CFA discusses: 1. GDP report for 1st quarter 2024 (1st reading) lighter than expected, but outlook is better for 2Q 2. PCE Inflation data little heaver than expected, fueling stagflation fears; however, both wages and rents are coming down, providing more disinflationary impulses in the quarter or two ahead 3. increased equity volatility with higher bond yields. 5% corrections are natural and happen 3x per year on average. We just had a 5.5% correction in the S&P 500. 4. current valuations foreshadow lower equity performance over the next decade versus last couple of years; will need to continue to be creative in seeking return 5. housing update - builder sentiment up, new house inventory up, existing sales down, affordability still weak. Lots of apartments coming on line in 2024, office to residential conversions taking place as well...
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