<\/p>\n
<\/p>\n JL:<\/em><\/strong> \u2026 but now the risk of sticky wage inflation has risen<\/em><\/p>\n <\/p>\n <\/p>\n Dave<\/strong>: Most investors pay attention to stocks, but bonds and currencies have been the spots for real volatility of late<\/p>\n <\/p>\n <\/p>\n JD<\/strong>: Even with this year\u2019s selloff, stocks are not exactly cheap\u2026<\/p>\n <\/p>\n <\/p>\n Brad:<\/strong> \u2026a bit troubling given historic returns when CPI runs this hot<\/p>\n <\/p>\n <\/p>\n Brad<\/strong>: A number of international markets continue to trade at substantial discounts to the US<\/p>\n <\/p>\n <\/p>\n JL<\/strong>: Can you even spot the Fed\u2019s balance sheet \u201creduction\u201d?<\/p>\n <\/p>\n <\/p>\n \u00a0<\/strong><\/p>\n Past performance is not indicative of future results. This material is not financial advice or an offer to sell any product. The information contained herein should not be considered a recommendation to purchase or sell any particular security. Forward looking statements cannot be guaranteed.<\/em><\/p>\n This commentary offers generalized research, not personalized investment advice. It is for informational purposes only and does not constitute a complete description of our investment services or performance. Nothing in this commentary should be interpreted to state or imply that past results are an indication of future investment returns. All investments involve risk and unless otherwise stated, are not guaranteed. Be sure to consult with an investment & tax professional before implementing any investment strategy. Investing involves risk. Principal loss is possible. <\/em><\/p>\n The Consumer Price Index (CPI) measures the change in prices paid by consumers for goods and services. The CPI reflects spending patterns for each of two population groups: all urban consumers and urban wage earners and clerical workers.<\/em><\/p>\n The S&P 500\u00ae Index is the Standard & Poor’s Composite Index and is widely regarded as a single gauge of large cap U.S. equities. It is market cap weighted and includes 500 leading companies, capturing approximately 80% coverage of available market capitalization.<\/em>\u00a0<\/em><\/p>\n The MOVE Index (Merrill Lynch Option Volatility Estimate) measures the market\u2019s expectation of implied volatility of the US bond market using 1-month Treasury options weighted for 2, 5, 10, and 30 year contracts.\u00a0<\/em>\u00a0<\/em><\/p>\n Deutsche Bank\u2019s CVIX provides a daily measure of volatility in the FX market, showing how suddenly volatility can spike and fall and providing a benchmark for currency market participants.<\/em>\u00a0<\/em><\/p>\n Created by the Chicago Board Options Exchange (CBOE), the Volatility Index, or VIX, is a real-time market index that represents the market\u2019s expectation of 30-day forward-looking volatility. Derived from the price inputs of the S&P 500 index options, it provides a measure of market risk and investors\u2019 sentiments.<\/em>\u00a0<\/em><\/p>\n Foreign securities are more volatile, harder to price and less liquid than U.S. securities. They are subject to different accounting and regulatory standards and political and economic risks. These risks are enhanced in emerging market countries.<\/em><\/p>\n Advisory services are offered through Aptus Capital Advisors, LLC, a Registered Investment Adviser registered with the Securities and Exchange Commission. Registration does not imply a certain level or skill or training. More information about the advisor, its investment strategies and objectives, is included in the firm\u2019s Form ADV Part 2, which can be obtained, at no charge, by calling (251) 517-7198. Aptus Capital Advisors, LLC is headquartered in Fairhope, Alabama. ACA-2208-18.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Our team looks at a lot of research throughout each day. A few charts that caught our eye this week, and why: Joseph: All of the 2020 job losses have now been recovered. Where that stacks up vs. other recessions\u00a0 Source: Calculated Risk as of 08.05.2022 JL: \u2026 but now the risk […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","inline_featured_image":false,"footnotes":""},"categories":[20,194],"tags":[53,132,257,83,179,258],"class_list":["post-232178","post","type-post","status-publish","format-standard","hentry","category-blog","category-charts","tag-cpi","tag-earnings","tag-fed-balance-sheet","tag-inflation","tag-markets","tag-p-e"],"yoast_head":"\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/08\/Jobs-Recovery-Calculated-Risk-08.05.png\")
Source: Calculated Risk as of 08.05.2022<\/em><\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/08\/Wage-Inflation-Bianco-08.09.png\")
Source: Bianco 08.08.2022<\/em><\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/08\/Bond-and-FX-Vol-Strategas-08.08-.png\")
Source: Strategas as of 08.08.2022<\/em><\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/08\/Stocks-Not-Cheap-Strategas-08.08-.png\")
Source: Strategas 08.08.2022<\/em><\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/08\/Valuations-versus-CPI-Strategas-08.05.png\")
Source: Strategas as of 08.08.2022<\/em><\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/08\/International-Discounts-Strategas-08.05.png\")
Source: Strategas as of 08.05.2022<\/em><\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2022\/08\/Fed-Balance-Sheet-Fred-08.03.png\")
Source: FED as of 08.03.2022<\/em><\/p>\nDisclosures<\/strong><\/h5>\n