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Good morning:.

There is only slight downward movement in equities right now as investors are left wondering if some of the headwinds faced will pick up in intensity.

I mean … let’s face it … the Fed just raised rates and there are indications that this is certainly not “one-and-done.” The war with Iran will soon enter its eighth month and statements that “peace is at hand” have stopped entirely. Gas prices continue to rise on a daily basis and diesel prices … oh boy, diesel prices … seem no longer to be inching up each day but instead are jumping by nickels, instead of pennies … causing some to wonder just when this might work its way into food costs.

And now the Saudis announced the spigot is being turned off for now … and European refiners will not be receiving contracted crude oil next month.  This is terrifying for many in Europe as they have winter ahead … and with high dependence on refined heating oil there is certainly concern that higher prices (and possibly limited availability) will bring tremendous pain.

But still, there is an interesting development pointed out in the last link below … at least as far as young adults are concerned. Spending.

I was in class yesterday, speaking with college students who express concern over gas prices … as they don’t need to read the news to know how things are going … they just drive past a gas station in the morning and on the evening commute after class notice prices are higher than they were just hours before.  And while they say the prices hurt their pocketbooks, their actions tell a different story.

If you want a scare, try sitting down to dine at a restaurant such as Ruth’s Chris or Flemings … as while the meal is fantastic (usually … if you like heavily buttered steak) the price seems insane to those of us focused on budgets.

What I am referring to is the last article below which shows a substantial number of GenZ are now frequenting these upscale restaurants compared to older folks … as I am forced to remember when I was GenZ (yes, long ago) … when a night out grabbing a pizza was a luxury … and even then, see local places now charging $25 (plus tip) for a large cheese pie makes me think the world has gone mad.

Okay, I am off my soapbox on this for now.

I am just growing increasingly worried that the rise in so many costs will reduce spending and affect the economy.

So far, young adults are telling me I’m wrong.

Thank God for credit cards.

Have a great day,

Joseph G. Witthohn, CFA

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New and want to subscribe to Wit & Wisdom? Subscribe here   A Look At The News | September 18, 2026 As of 11:59 AM today … Amid obvious difficulties surrounding adequate supply of oil, the Saudis are cutting off shipments to some EU refiners … even though delivery contracts had already been signed (FinancialPost) https://financialpost.com/commodities/energy/oil-gas/saudis-european-refiners-no-crude-next-month   … and on this part of the world, we have our own issues with gasoline … as prices have been jumping on a daily basis … especially for diesel (AAA) https://gasprices.aaa.com/   The rising seas are creating quite a problem in one stretch of North Carolina … as FEMA rules will pay something … but not until your waterfront home falls into the sea (NPR) https://www.npr.org/2026/09/17/nx-s1-5844642/fema-homes-collapse-ocean-climate-north-carolina-maine   Some “boomer” adults have become fairly computer savvy … which is a tremendous help for those recognizing remote work is, in fact, possible (FinanceBuzz) https://financebuzz.com/news/remote-jobs-for-baby-boomers-10   … but what about the rumor that automation … and AI … is going to disrupt employment? Some are looking at that and feel a “robot tax” should be implemented (RestofWorld) https://restofworld.org/2026/robot-tax-ai-wealth-redistribution/   … even as there is a bit of backlash against the machines that were designed to make things easier … as putting a smiling face on a kiosk doesn’t portray the human touch (CNN) https://www.cnn.com/2026/09/17/business/technology-retail-food-economy   Fast food no longer!  That’s for other people … as young adults want dinners to be more upscale … and are willing to pay for it (CivicScience) https://civicscience.com/gen-z-and-millennials-are-increasingly-prioritizing-upscale-dining-despite-financial-stressors/ The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us. Emerald Asset Management PA, LLC | 717-556-8900 | 3175 Oregon Pike, Leola, PA 17540 Want to change how you receive these emails? You can unsubscribe from this list. ———————————————————————————- The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us.