Chart of the Week
Persistent inflation takes a toll on companies. The corporate sector sees the high cost of labor as a challenge. Profit margins are beginning to come under pressure. This began to lower the valuations markets were willing to pay for earnings and future growth.
What We’re Reading
Why Bonds Should Still Play a Role in Your Portfolio – Morningstar
More than Half of All Bitcoin Trades Are Fake – Forbes
What Will a Buyback Tax Mean for Dividends? – JPMorgan
Student Loan Forgiveness & Timeline – The Hill
Five Lessons from History – Morgan Housel
Podcast of the Week
The Global Economy and Commercial Real Estate – CBRE, What’s Going On
The Past Week
On the positive side, core consumer prices came in below expectations, while jobless claims also fell. The GDP estimate for the second quarter came in above expectations along with improving consumer sentiment. On the negative side, global services activities for August surprised on the downside, while personal income grew less than expected. Jerome Powell’s speech showed the Federal Reserve’s commitment to price stability, evoking memories of the “whatever it takes” speeches by central bankers in the past.
The Week Ahead
Wall Street will be watching the manufacturing data that come out this week. The payrolls report ends the week with expectations of 300,000 jobs created in August.
The next Weekly Market Update will be on Tuesday following Labor Day. Thank you for reading.
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