The third quarter starts with many interesting questions to be resolved about the health of bank balance sheets and the effects on consumer spending from the overturn of President Biden’s student-loan forgiveness program. It is not presently known how the approximately 38 million borrowers impacted by the ending of student loan debt relief will respond; perhaps surprisingly, bankruptcy is not an easy solution and so the greater issues involve spending, housing and employment choices. Last week, stocks were up and bonds down. The S&P 500 outperformed the MSCI EAFE (non-US developed) and MSCI Emerging Markets indices. The best performing sectors in the S&P 500 were REITS, energy, and materials. Across U.S. style & market cap indices, mid cap value did the best, and the smaller size factor led more broadly. On the wealth planning front, we discuss when it’s the right time for wealthy individuals to take out social security.
Click Here to Read the July 3, 2023, Economic Commentary
Click Here to Read the July 3, 2023, Investment Commentary
Click Here to Read the July 3, 2023, Wealth Planning Commentary
