Charts & Chat - September 22, 2024
Eric Boyce • September 22, 2024
This week, CEO Eric Boyce discusses:
1. The implications of the recent rate cut by the Federal Reserve
2. Global growth expectations remain weak despite considerable easing by foreign central banks
3. Economic and earnings growth expected to continue; investor optimism high; potential for volatility heading into election
4. Gold at a new high; dollar is range bound but perhaps moving lower with rate decreases
5. wage growth no longer decelerating; increase apartment supply should keep rents falling
6. Philly Fed manufacturing looking up; manufacturing tends to improve following the first rate cut
7. mortgage rates falling; increased home supply helping to normalize conditions in residential real estate

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



