Charts & Chat - September 8, 2024
Eric Boyce • September 8, 2024
This week, CEO Eric Boyce, CFA discusses:
1. Third quarter GDP growth looking like 2% annualized
2. Leading indicators have troughed; however, beige book and other indicators suggest slowing economy
3. Labor market continues to slow, as desired by the Fed; inflation and labor trends provide vast cover for interest rate declines this month
4. Service PMI still positive; manufacturing/construction back in decline
5. Yield curve un-inverted this week for the first time in 783 days
6. Stocks typically are weaker in September; also weaker in two months heading into Presidential election (usually get post election bounce tho)
7. increased volatility overall as of late - should create opportunity for small caps and equal weight S&P over time

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




