Good morning. The S&P is continuing to tiptoe its way back towards a new high, last reached in February, even as a new release from the Commerce Department shows a greater decline in the first quarter’s economy than in previous reports. And while there is hope the Fed will step in to lower rates to boost the economy, Fed Reserve Bank of Richmond President, Thomas Barkin, forecasts inflation will rise in the coming months on the back of tariffs about to “put pressure on prices.” Meanwhile, the President is rumored about to make a move which could basically make Jay Powell’s remaining time quite interesting … as announcing a replacement … assumed to be quite favorable toward President Trump’s desire for low rates … more than 10 months before the leadership term ends … could result in Jay Powell being considered a “lame duck” during his remaining time at the helm. Are you ready to be confused? NPR has a headline reading “home sales slowest May in 16 years” while a report that came out while I was typing claims pending home sales rose 1.6% in May. Why the difference? Pending home sales are ones which receive an offer but have yet to close … while the NPR headline refers to newly constructed homes. So, if you are in the market for a new home, maybe … just maybe … you will be able to get a bargain if builders find themselves sitting on inventory on homes recently built. Bringing up a final point, I am ripping mad this morning. I mentioned a problem with my phone the other day … which forced me to go to my Apple account … that I never look at. Well … as I mentioned in the past, I do some minor stuff in movies as a hobby … and needing to download some video for my “reel” had to sign up for a “free” account on something called “Wetransfer.” What I noticed when reviewing my account was that I have been paying $9/week (not a month … a week) for the last few months … and never noticed it … as my credit card listed it as “Apple services” and I assumed it was a function of my iPhone charges or something similar. I certainly need to review just what the heck it is I’ve been paying for. While I spend some money on my hobby, almost $500 a year is beyond ridiculous … as that would buy a heck of a lot of the imported beer I favor, even with the tariffs. I don’t enjoy going through my expenses … as accounting just isn’t my thing. You know, at one time I thought about a career as an accountant … … but I quit when I started hearing invoices in my head. Have a great day, Joseph G. Witthohn, CFA Have any questions? Please contact info@teamemerald.com
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