US economic growth for the quarter is currently estimated at 1%-2%, Chinese economic growth is faltering but positive, and European economic activity is holding up nicely, with the exception of Germany which essentially is in recession courtesy of its heavy dependence on both manufacturing and China. The UK is a basket case that may soon give evidence of that seldom seen phenomenon known as “stagflation.” Last week, stocks experienced their worst weekly decline since March, breaking a 5-week gain streak ,while the tech heavy NASDAQ broke an 8-week streak of gains. The declines were primarily driven by concerns over the Federal Reserve’s potential need to raise interest rates one to two more times this year before maintaining elevated rates until inflation significantly decreases. The equity rally until last week, included AI optimism, hope that the Fed will pause and evidence of a resilient economy. On the wealth planning front, we discuss how states are incentivizing retirees from fleeing.
Click Here to Read the June 26, 2023, Economic Commentary
Click Here to Read the June 26, 2023, Investment Commentary
Click Here to Read the June 26, 2023, Wealth Planning Commentary
