Charts & Chat - June 9, 2024
Eric Boyce • June 9, 2024
This week, CEO Eric Boyce, CFA discusses:
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Gold performance relative to bonds and size of government budget; increase of gold in use as reserve asset
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Labor force participation and debt levels, and increased treasury issuance
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yield curve dynamics and lack of breadth evident in equities; equity risk premium very low relative to bonds
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diversification benefits from other asset classes, foreign markets
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residential home price declines, office vacancy and the looming debt cliff for commercial real estate
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job market in good shape but softening; consumer spending rising but so are delinquencies
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small banks responding to balance sheet issues
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disinflation tendencies in place - need patience

By Eric Boyce
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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



