Chart of the Week
Over the last four decades, developed economies shifted more spending to services at the expense of goods. The trend reversed in 2020 during the pandemic as goods took a greater share, putting pressure on supply chains. At the margin, there are signs that services are beginning to turn the corner again in the U.S., following the path of France and the U.K.
What We’re Reading
Coming Alongside 401ks: Student Loan and Savings Plans – Plan Sponsor
Eye on the Markets: On CPI, S&P, GHG and the IRS – JPMorgan
Housing Market Update: Mortgage Rate Spike Further Cools Home Buying and Selling – Redfin
A Lesson in Second Order Thinking – Farnam Street
Podcast of the Week
Five Allocators Riff on Investing – Capital Allocators
The Past Week
Inflation stayed stubbornly high for the August report, increasing 0.1% over the prior month and above expectations. The Philly Fed Index showed a drop in activity. Retail sales increased due to a pickup in motor vehicle sales, indicating supply chain constraints may be easing.
The Week Ahead
This week kicked off with a miss for housing as sentiment from builders dropped again. All eyes are on the Fed meeting this Wednesday, with markets anticipating an increase of 0.75% in the Fed Funds Rate. On Friday, a picture of global economic activity will be released by S&P.
Talk to you next week
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