Fall 2023 Quarterly Commentary
Sometimes headline numbers do not tell the whole story. For example, you would think that the Atlanta Fed’s GDP Now third quarter economic growth estimate near 5% would have market participants dancing in the streets. Well, the opposite seems to be true. Both the stock and bond markets have been selling off of late. Stock investors are fearful that interest rates will stay higher-for-longer. Bond investors are on edge about a lack of a budget deal coming out of Washington D.C. & sticky inflation artificially buoying growth. On the surface, our economy is doing okay. However, beneath the numbers, there are signs that suggest we should put away our rose-colored sunglasses.