Good morning. New intraday records were reached for both the S&P and Nasdaq … while the Dow (composed of only 30 stocks) jealously lags behind but is within shouting distance of joining in on the fun. There is a bit of enthusiasm among investors that rates will be lowered … possibly providing a needed shot-in-the-arm to the housing market … as high mortgage rates are keeping some properties beyond the reach of potential buyers. While the Fed has held off … claiming the need to see how the tariffs are affecting inflation … it seems that every candidate vying to take over the vacant governor position agrees with the President’s contention that rates do need to come down. Meanwhile, Treasury Secretary Bessent isn’t just looking for a slight cut … he would like to see a drop of 50 basis points (0.50%) at the September meeting and is not shy about claiming rates should be below 3%. And the inflationary effect of tariffs? Some of the candidates for the recent Fed opening are promoting the view that “Trump Tariffs” are not causing inflation … while everyone realizes that disagreeing with the White House view is a certain way to knock yourself out of the running … for any position. That being said, there is a bit of concern over the proposed head of the Bureau of Labor Statistics as (per the article below) even some Republicans seem to question if he is too much of a “loyalist” … while many do rightfully worry about the constant revisions in data that so many depend upon. And suggesting we might “scrap” the jobs report isn’t getting him many fans. The last article below is something I … like many others … have been struggling with … tipping etiquette. I mean … has tipping gone too far? Look, I’m not a nasty person (nor cheap) and I do reward service … but I found myself tipping out of guilt rather than doing so out of appreciation. And I don’t need someone to hand me a machine that claims 30% might be appropriate (unless the server washes my car while I’m dining). There are even requests for high tips for pickup … buffets … and service quite different than when someone comes to your table and politely laughs at your stupid jokes. I’m joining many others and cutting back on tipping for mundane tasks … except for good service. Sorry if I embarrass you when we dine out together. If you insist, I’ll sit at a different table. Have a great day, Joseph G. Witthohn, CFA Have any questions? Please contact info@teamemerald.com
|
Call Us: +1 (800) 722-4123 
Back