Consumer Price Index numbers for January early in the week and the Producer Price Index for January at the end of the week will bracket retail sales figures and speeches from a number of Federal Reserve Presidents. The expectations for inflation are modest: a minimal further deceleration confirming the trend rate of approximately 3%. Last week, stocks were up and bonds were down. The S&P 500 outperformed the MSCI EAFE (non-US developed) and MSCI Emerging Markets indices. The global purchasing managers’ index (PMI, a metric that assesses economic health by measuring the manufacturing sectors output and employment intentions) data is accelerating, reflecting improving global growth. A reading at roughly 50 suggests stagnant growth, above 50 improving growth, and below 50 is a contraction. Manufacturing trends are improving, but now are reaching flattish growth and services are in expansion. On the wealth planning front, we discuss the importance of special needs planning for children and young adults.
Click Here to Read the February 12, 2024, Economic Commentary
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