<\/p>\n
![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/Rate-Expectations-Through-2024-Bberg-04.30-JL.png\")
<\/p>\n
<\/p>\n
Brad:<\/strong> but historically a Fed \u201cpause\u201d has been just fine for stocks<\/em><\/p>\n <\/p>\n <\/p>\n Brett:<\/strong> and rate policy around the world is a mixed bag<\/em><\/p>\n <\/p>\n <\/p>\n John Luke:<\/strong> The dilemma the Fed faces is that the Core Personal Consumption Expenditures (PCE) index is re-accelerating after a flat period<\/em><\/p>\n <\/p>\n <\/p>\n Beckham:<\/strong> with labor costs standing out as persistently strong<\/em><\/p>\n <\/p>\n <\/p>\n John Luke:<\/strong> and services costs staying high in general <\/em><\/p>\n \u00a0<\/strong><\/p>\n <\/p>\n Brett:<\/strong> so what happens if the cost of goods resumes its earlier rise?<\/em><\/p>\n <\/p>\n <\/p>\n Dave:<\/strong> If the Fed is hoping for inflation relief from weaker consumer spending, it has no evidence so far<\/em><\/p>\n <\/p>\n <\/p>\n Joseph:<\/strong> but its secret weapon in getting out of this inflation cycle could be rising productivity<\/em><\/p>\n <\/p>\n <\/p>\n Dave:<\/strong> Earnings projections for 2024 are very back-end loaded<\/em><\/p>\n \u00a0<\/strong><\/p>\n <\/p>\n Brad:<\/strong> and until we get thru Q2, very \u201cMag 7\u201d loaded<\/em><\/p>\n \u00a0<\/strong>\u00a0<\/strong><\/p>\n \u00a0<\/strong><\/p>\n Brian:<\/strong> Speaking of the Mag 7 and beyond, this is as concentrated as we\u2019ve seen it at the top<\/em><\/p>\n \u00a0<\/strong><\/p>\n <\/p>\n Dave:<\/strong> but other global markets show even more concentration<\/em><\/p>\n \u00a0<\/strong><\/p>\n <\/p>\n Dave:<\/strong> Your regular reminder that there can be no gain without some (temporary) pain<\/em><\/p>\n \u00a0<\/strong><\/p>\n <\/p>\n Brad:<\/strong> and while it might feel that way to those watching, the S&P 500 is not the economy<\/em><\/p>\n <\/p>\n \u00a0<\/strong><\/p>\n <\/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 Projections or other forward-looking statements regarding future financial performance of markets are only predictions and actual events or results may differ materially.<\/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 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-2405-7. <\/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 the way they fit the unfolding puzzle of evidence: John Luke: Market hopes for imminent rate cuts continue to be dashed Brad: but historically a Fed \u201cpause\u201d has been just fine for […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","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":[371,376,132,83,179,168],"class_list":["post-235999","post","type-post","status-publish","format-standard","hentry","category-blog","category-charts","tag-banks","tag-debt","tag-earnings","tag-inflation","tag-markets","tag-stocks"],"yoast_head":"\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/SP-During-Pauses-Strategas-05.01-Brad-.png\")
Source: Strategas as of 05.01.2024<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/Global-Rates-a-Mixed-Bag-Bberg-05.01.png\")
Data as of 05.01.2024<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/Core-PCE-Rising-WSJ-04.26-JL.jpg\")
<\/strong>Source: WSJ as of 04.26.2024<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/Labor-Costs-Hot-Bberg-05.01.png\")
<\/strong>Data as of April 2024<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/Supercore-Contributors-Bianco-March-2024-JL.png\")
<\/strong>Data as of April 2024<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/Goods-Inflation-Apollo-04.29.jpg\")
<\/strong>Source: Apollo as of 04.29.2024<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/Consumption-Carson-04.25-Dave.png\")
<\/strong><\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/Productivity-Gap-PGM-04.29-Joseph.png\")
<\/strong>Source: PGM as of 04.29.2024<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/Earnings-Backloaded-Strategas-04.22-Dave.png\")
<\/strong>Source: Strategas as of 04.22.2024<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/Mag-7-Earnings-vs.-493-Strategas-05.01-Brad.png\")
<\/strong>Data as of 05.01.2024\u00a0<\/strong><\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/Top-10-Record-BofA-04.25.png\")
<\/strong>Data as of April 2024<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/SP-Concentration-History-Strategas-04.22-Dave.png\")
Source: Strategas as of 04.22.2024<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/Returns-and-Drawdowns-Creative-Planning-04.19-Dave.png\")
<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2024\/05\/SP-Employment-Apollo-04.30.jpg\")
Source: Apollo as of 04.30.2024<\/p>\n<\/h5>\n
Disclosures<\/strong><\/h5>\n