Market Commentary – September 30, 2019

Market Commentary – September 30, 2019

They say bull markets climb a wall of worry.
Investopedia’s Will Kenton explained the idea like this: “…a bull market isn’t a peaceful place. When times are good, investors are constantly tense, wondering how long they will keep rolling, fretting about when a seemingly inevitable correction will finally put a stop to the market elation. As a market continues ascending, the decision can become increasingly agonizing whether to take profits in a position or let it ride.”

Last week, the wall of worry gained a few feet.

The University of Michigan Surveys of Consumers indicated confidence improved in September, which appeared to be positive news. However, the report suggested positive sentiment is eroding. “More consumers reported unfavorable news about the economy in September than in eight years since September 2011. While a good share of the news involved tariffs and other economic policies, there were nearly as many reports on job losses as job gains.”

Reports the administration is considering ways to limit investment in China had investors concerned about possible portfolio repercussions. The steps being considered include regulating U.S. government pensions’ exposure to Chinese stocks, regulating stock indices’ allocations to Chinese holdings, and delisting Chinese shares from U.S. stock exchanges, reported Bloomberg.

The Federal Reserve’s daily liquidity injections into the repurchase agreement market, which underpins U.S. money markets, were a source of concern for some. The Economist reported, “Market-watchers blamed the cash crunch on firms’ need to pay corporate-tax bills at the same time as sucking up more new government debt than usual. But banks were aware of these factors well ahead of time. Other, as yet poorly understood, forces seemed to have provided the nudge that tipped repo markets into disarray.”

The announcement of a Presidential impeachment inquiry was big news that had a relatively small affect on U.S. stock markets last week.

Major U.S. stock indices finished the week lower.

Bee friendly. When people travel, decisions about where to stay are determined by location, price, and amenities. One valued perk is loyalty points. While there is no official valuation assigned to reward points, estimates of value range from 0.3 cents to 1.6 cents per point, according to UpgradedPoints.com.

 Hotels entice guests with other types of perks, too. These can be simple, like making forgotten toiletries available at no cost or having coffee makers and bottled water in rooms. As lodgings move up the luxury scale, amenities become more sublime. Some luxury hotels offer:

  • All-you-can-eat ice cream
  • In-room arcade games
  • Yoga mats
  • Designer bath salts
  • Fragrance butlers
  • Loaner Vespas

The latest hotel buzz is bees.

Hotels are hosting bee colonies. The Washington Post reported:  “The purpose of putting beehives atop the hotel is to support bee research and bring attention to a larger issue: the importance of pollinators and the threats they face…According to a 2016 Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services report, 75 percent of the world’s food crops – including almonds, avocados, chocolate, and coffee – are dependent on pollination, and one of every three bites we eat is thanks to the work of pollinators.”

Some hotels collect the honey and infuse it into food, drinks, and skin care products for guests.

Weekly Focus – Think About It
“Having a superpower has nothing to do with the ability to fly or jump, or superhuman strength. The truest superpowers are the ones we all possess: willpower, integrity, and, most importantly, courage.”
-Jason Reynolds, American author and poet

Best regards,

John F. Reutemann, Jr., CLU, CFP®

P.S.  Please feel free to forward this commentary to family, friends, or colleagues. If you would like us to add them to the list, please reply to this email with their email address and we will ask for their permission to be added.

Investment advice offered through Research Financial Strategies, a registered investment advisor.

Bloomberg Commodity Index returns exclude reinvested dividends (gold does not pay a dividend) and the three-, five-, and 10-year returns are annualized; and the 10-year Treasury Note is simply the yield at the close of the day on each of the historical time periods.
Sources: Yahoo! Finance, MarketWatch, djindexes.com, London Bullion Market Association.
Past performance is no guarantee of future results. Indices are unmanaged and cannot be invested into directly. N/A means not applicable

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* This newsletter and commentary expressed should not be construed as investment advice.
* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value.  However, the value of fund shares is not guaranteed and will fluctuate.
* Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity, and redemption features.
* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.
* All indexes referenced are unmanaged. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment.
* The Dow Jones Global ex-U.S. Index covers approximately 95% of the market capitalization of the 45 developed and emerging countries included in the Index.
* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
* Gold represents the afternoon gold price as reported by the London Bullion Market Association. The gold price is set twice daily by the London Gold Fixing Company at 10:30 and 15:00 and is expressed in U.S. dollars per fine troy ounce.
* The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.
* The Dow Jones Industrial Average (DJIA), commonly known as “The Dow,” is an index representing 30 stock of companies maintained and reviewed by the editors of The Wall Street Journal.
* The NASDAQ Composite is an unmanaged index of securities traded on the NASDAQ system.
* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.
* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.
* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
* Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
* Past performance does not guarantee future results. Investing involves risk, including loss of principal.
* You cannot invest directly in an index.
* Stock investing involves risk including loss of principal.
* The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee it is accurate or complete.
* There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
* Asset allocation does not ensure a profit or protect against a loss.
* Consult your financial professional before making any investment decision.
* To unsubscribe from the Weekly Market Commentary please reply to this e-mail with “Unsubscribe” in the subject.

Sources:
https://www.investopedia.com/terms/w/wallofworry.asp
https://news.umich.edu/u-m-surveys-of-consumers-confidence-rebounds/ (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/09-30-19_UnivMichigan-U-M_Surveys_of_Consumers-Confidence_Rebounds-Footnote_2.pdf)
https://www.bloomberg.com/news/articles/2019-09-27/white-house-weighs-limits-on-u-s-portfolio-flows-into-china-k12ahk4g
https://www.bloomberg.com/news/articles/2019-09-27/demand-eases-for-term-repo-as-dealers-submit-less-than-maximum
https://www.economist.com/finance-and-economics/2019/09/26/repo-market-ructions-were-a-reminder-of-the-financial-crisis (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/09-30-19_TheEconomist-Repo-Market_Ructions_Were_a_Reminder_of_the_Financial_Crisis-Footnote_5.pdf)
https://finance.yahoo.com/news/stock-market-news-september-27-2019-121931896.html
https://upgradedpoints.com/points-and-miles-valuations/
https://www.rd.com/advice/travel/hotel-amenities/
https://www.gobankingrates.com/saving-money/hotels/things-hotel-give-free/
https://www.washingtonpost.com/lifestyle/travel/hotels-make-room-for-honeybee-colonies-to-create-buzz-about-endangered-pollinators/2019/09/26/9a4c2efc-d63b-11e9-9343-40db57cf6abd_story.html
https://www.brainyquote.com/quotes/jason_reynolds_916018

The Secret Life of Data

The Secret Life of Data

What data about you is most important?
The data that identity thieves are after – social security, credit card, and bank account numbers – is important, as well as more basic data which is being collected by companies whose devices you use every day.

Geoffrey Fowler of The Washington Post recently reported what happens on smartphones doesn’t stay on smartphones, despite advertisements suggesting otherwise. He wrote:1

“Even though the screen is off and I’m snoring, apps are beaming out lots of information about me to companies I’ve never heard of…On a recent Monday night, a dozen marketing companies, research firms, and other personal data guzzlers got reports from my [smartphone].”

And, they used his wireless service to do it!

Over the course of a month, one expert estimated trackers would have sent 1.5 gigabytes of data – including Fowler’s email address, phone number, IP address, and location, among other things – from his phone to various companies.2

Here’s some more bad news: Your credit cards may be bigger gossips than you imagined.

When Fowler attempted to track data collected by credit card companies, it was akin to talking with teenagers about their plans for the evening. His personal credit card data was going out, but no one could say where it was going, why it was going there, or what would happen to it.2

The data collected from devices and credit card purchases is aggregated and commonly known as ‘Big Data.’ In some cases, data is anonymous. In others, it is used to learn more about a specific individual. Data also is collected through social media.3

Big Data is stored in computer databases and analyzed to “…increase the speed at which products get to market, to reduce the amount of time and resources required to gain market adoption, target audiences, and to ensure that customers remain satisfied.”3

In other words, Big Data is really valuable. Some researchers have explored whether individuals should own and control personal data. That way, you would have the right to decide whether to sell it or keep it private.4

The Council on Foreign Relations reported most western nations have laws in place to protect citizens from having data collected and used without their knowledge. The United States is an exception. It “lacks a single, comprehensive federal law that regulates the collection and use of personal information.”5

Until laws change, there are apps available that can help you block data collection – and they promise not to collect your data.6

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Market Commentary – September 30, 2019

Market Commentary – September 23, 2019

There’s a new theory in town.
Renowned economist Robert Shiller’s new book suggests investors may be able to predict and prepare for economic events by tracking popular stories.

Applying the theory might have been a challenge last week. There were so many stories with potential to move markets and affect the economy it was difficult to guess which would be the most influential.

In the end, on-again-off-again trade negotiations provided the spark that drove markets lower. Barron’s explained:

“The S&P 500 would have finished flat for the week – except it decided to drop 0.5 percent after reports that China had canceled a visit to Montana hit the newswires…That’s not what we would have expected, given all of the week’s excitement. Saudi Arabia’s oil infrastructure was attacked. The Federal Reserve cut interest rates by a quarter-point. U.S. money markets went crazy and forced the Fed to intervene, setting off comparisons to the collapse of Lehman Brothers in 2008. And, yet, a Montana junket was the ultimate determinant of whether the market finished up or down.”

On Saturday, reports from U.S. trade representatives and China’s state-run news agency emphasized trade discussions were ‘constructive’ and ‘productive’ and would continue in October, reported The New York Times.

Last week, Federal Reserve Chair Jerome Powell mentioned trade wars 20 times in his news conference, reported The Wall Street Journal. “Other geopolitical risks figured less prominently or not at all. Mr. Powell mentioned Brexit once, and tensions in Hong Kong and Saudi Arabia didn’t come up.”

The Fed chair emphasized the Fed is using the tools at its disposal to support demand and counteract economic weakness. However, it has no way to resolve trade issues. He pointed out uncertainty about trade has reduced business investment across the United States and could hurt economic growth.

Until an agreement is reached, stories told about U.S.-China trade issues are likely to remain influential.

What’s your gig?
In a 2018 issue of the Harvard Business Review, an independent consultant compared working in the gig economy (a labor market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs) to being a trapeze artist. Independent work requires concentration and discipline. There is a stomach-dropping void between assignments and exhilaration when a new assignment is landed.

When you consider the risks of gig work, it’s remarkable so many people work independently. About 20 to 30 percent of the working population in the United States and Western Europe are gig workers, according to the McKinsey Global Institute.

People work independently for a variety of reasons. Forty-four percent derive their primary income from gig work (although 14 percent of these people would prefer traditional employment). Fifty-six percent earn supplemental income from independent work (16 percent of these people are financially strapped).

The most popular gigs, according to appjobs, are:

  • Delivery work
  • Freelance work (editing, translating, photography, art, copywriting, design, and consulting)
  • Pet sitting
  • Cleaning
  • Driving

The most lucrative gigs include:

  • Massage therapy
  • Freelance work
  • Home cooking
  • Teaching
  • Delivery work

The gig economy is growing. However, there are issues that make it less attractive, such as lack of benefits, income insecurity, and lack of training and credentialing. These issues may create opportunities for entrepreneurs.

Weekly Focus – Think About It
“You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose. You’re on your own. And you know what you know. And YOU are the one who’ll decide where to go…”
–Dr. Seuss, American children’s author


Best regards,

John F. Reutemann, Jr., CLU, CFP®

P.S.  Please feel free to forward this commentary to family, friends, or colleagues. If you would like us to add them to the list, please reply to this email with their email address and we will ask for their permission to be added.

Investment advice offered through Research Financial Strategies, a registered investment advisor.

S&P 500, Dow Jones Global ex-US, Gold, Bloomberg Commodity Index returns exclude reinvested dividends (gold does not pay a dividend) and the three-, five-, and 10-year returns are annualized; the DJ Equity All REIT Total Return Index does include reinvested dividends and the three-, five-, and 10-year returns are annualized; and the 10-year Treasury Note is simply the yield at the close of the day on each of the historical time periods.
Sources: Yahoo! Finance, Barron’s, djindexes.com, London Bullion Market Association.
Past performance is no guarantee of future results. Indices are unmanaged and cannot be invested into directly. N/A means not applicable.

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* This newsletter and commentary expressed should not be construed as investment advice.
* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value.  However, the value of fund shares is not guaranteed and will fluctuate.
* Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity, and redemption features.
* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.
* All indexes referenced are unmanaged. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment.
* The Dow Jones Global ex-U.S. Index covers approximately 95% of the market capitalization of the 45 developed and emerging countries included in the Index.
* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
* Gold represents the afternoon gold price as reported by the London Bullion Market Association. The gold price is set twice daily by the London Gold Fixing Company at 10:30 and 15:00 and is expressed in U.S. dollars per fine troy ounce.
* The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.
* The Dow Jones Industrial Average (DJIA), commonly known as “The Dow,” is an index representing 30 stock of companies maintained and reviewed by the editors of The Wall Street Journal.
* The NASDAQ Composite is an unmanaged index of securities traded on the NASDAQ system.
* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.
* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.
* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
* Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
* Past performance does not guarantee future results. Investing involves risk, including loss of principal.
* You cannot invest directly in an index.
* Stock investing involves risk including loss of principal.
* The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee it is accurate or complete.
* There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
* Asset allocation does not ensure a profit or protect against a loss.
* Consult your financial professional before making any investment decision.
* To unsubscribe from the Weekly Market Commentary please reply to this e-mail with “Unsubscribe” in the subject.

Sources:
https://www.amazon.com/Narrative-Economics-Stories-Economic-Events/dp/0691182299/ref=sr_1_1?keywords=shiller&qid=1569084112&sr=8-1
https://www.barrons.com/articles/the-dow-jones-industrial-average-falls-for-week-despite-interest-rate-cut-51569026025?mod=hp_DAY_3 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/09-23-19_Barrons-The_Dow_Falls_as_Markets_Try_to_Figure_Out_What_Really_Matters-Footnote_2.pdf)
https://www.nytimes.com/2019/09/21/business/united-states-china-trade.html
https://www.wsj.com/articles/analysis-powells-subtle-messaging-to-trump-on-trade-fight-11568971800 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/09-23-19_WSJ-Analysis-Powells_Subtle_Messaging_to_Trump_on_Trade_Fight-Footnote_4.pdf)
https://hbr.org/2018/03/thriving-in-the-gig-economy
https://www.mckinsey.com/featured-insights/employment-and-growth/independent-work-choice-necessity-and-the-gig-economy
https://www.appjobs.com/blog/the-rise-of-gig-economy-the-top-side-hustles-in-the-us?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axiosmarkets&stream=business
https://www.goodreads.com/quotes/22842-you-have-brains-in-your-head-you-have-feet-in

Market Commentary – September 30, 2019

Market Commentary – September 16, 2019

Where’s inflation?
If you enjoy searching for Waldo, the visual nemesis in a red-striped sweater and cap, you may appreciate the quandary of central bankers in many wealthy nations. For almost a decade, they’ve been they’ve been trying to find inflation.

Last week, there were reports of a sighting in the United States.

The core U.S. Consumer Price Index (CPI) measures changes in the prices Americans pay for goods. The Index rose 0.3 percent from July to August. It was up 2.4 percent year-to-year, reflecting the fastest annual growth rate since July 2018, reported The Wall Street Journal.

Rising healthcare costs were one reason for inflation gains, reported CNBC. In addition, Axios reported:

“The costs of the U.S. tariffs on Chinese imports clearly made an impact on the [inflation] reading, but wages also picked up notably last month as seen in the government’s jobs report. The reading may indicate that inflation is making a sustained comeback.”

Central banks don’t want inflation to be too high, as it has been in Argentina (22.4 percent year-to-date). They also don’t want it to be too low, because low inflation can be a sign of economic weakness.

The Federal Reserve (Fed), which is our central bank, considers 2 percent inflation to be consistent with a healthy economy, reported The Wall Street Journal.

If you were reading carefully, you may have noted the CPI was above 2 percent. While the CPI measures inflation, it’s not the Fed’s favorite inflation gauge. Fed officials prefer the Personal Consumption and Expenditures Price Index (PCE), which estimated inflation at 1.4 percent in July. The PCE was up 0.2 percent for the month.

U.S. stocks moved higher again last week on solid retail sales and positive trade news.

What would you choose?
Americans spend a lot of time at work. The Bureau of Labor Statistics’ 2018 American Time Use Survey reported people employed full-time worked 8-1/2 hours on weekdays, on average, and almost 5-1/2 hours on weekend days (when they worked on weekends).

If you estimate 8 hours of sleep a night and two weeks of vacation, at least one-third of awake-time is spent at work. That may explain why some people have strong opinions about dress codes and workspaces. How would you answer these questions?

 If your employer gave you the choice, would you prefer to wear casual clothes to the office or receive a $5,000 salary bump?
Dress casual has become the new norm in many workplaces. A significant percentage of employees participating in a recent Randstad US survey (33 percent) like it so much, they would sacrifice a $5,000 salary increase to keep it that way.

Imagine that. One-third of workers would give up $25,000, assuming they stayed with their employer for five years, to avoid pantyhose and neckties.

In the same survey, one-third of participants said they would turn down a job offer or quit, if the employer insisted on a conservative dress code.

Interestingly, some psychology studies have found more formal clothing may affect: 1) the way others perceive you, 2) how you perceive yourself, and 3) how you make decisions.

If you were given the choice, would you opt for a totally open, a totally private, or a shared workspace?
Four-of-10 American workers get to choose where they work within their offices. Preferences vary significantly. The top choices for 2019, according to a Western Office survey were:

  • 28 percent: Mostly open space, just a few walls and private space available on-demand.
  • 23 percent: Mostly private space, an agglomeration of shared offices and team rooms.
  • 20 percent: Somewhat open, a combination of offices and cubicles.

The survey suggested having a workspace that suits employees’ preferences can improve efficiency, making companies more productive and profitable.

Weekly Focus – Think About It
“I am awfully greedy; I want everything from life. I want to be a woman and to be a man, to have many friends and to have loneliness, to work much and write good books, to travel and enjoy myself, to be selfish and to be unselfish…You see, it is difficult to get all which I want. And then when I do not succeed, I get mad with anger.”
–Simone de Beauvoir, writer and philosopher

Best regards,

John F. Reutemann, Jr., CLU, CFP®

P.S.  Please feel free to forward this commentary to family, friends, or colleagues. If you would like us to add them to the list, please reply to this email with their email address and we will ask for their permission to be added.

Investment advice offered through Research Financial Strategies, a registered investment advisor.

S&P 500, Dow Jones Global ex-US, Gold, Bloomberg Commodity Index returns exclude reinvested dividends (gold does not pay a dividend) and the three-, five-, and 10-year returns are annualized; the DJ Equity All REIT Total Return Index does include reinvested dividends and the three-, five-, and 10-year returns are annualized; and the 10-year Treasury Note is simply the yield at the close of the day on each of the historical time periods.
Sources: Yahoo! Finance, Barron’s, djindexes.com, London Bullion Market Association.
Past performance is no guarantee of future results. Indices are unmanaged and cannot be invested into directly. N/A means not applicable.

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* This newsletter and commentary expressed should not be construed as investment advice.
* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value.  However, the value of fund shares is not guaranteed and will fluctuate.
* Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity, and redemption features.
* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.
* All indexes referenced are unmanaged. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment.
* The Dow Jones Global ex-U.S. Index covers approximately 95% of the market capitalization of the 45 developed and emerging countries included in the Index.
* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
* Gold represents the afternoon gold price as reported by the London Bullion Market Association. The gold price is set twice daily by the London Gold Fixing Company at 10:30 and 15:00 and is expressed in U.S. dollars per fine troy ounce.
* The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.
* The Dow Jones Industrial Average (DJIA), commonly known as “The Dow,” is an index representing 30 stock of companies maintained and reviewed by the editors of The Wall Street Journal.
* The NASDAQ Composite is an unmanaged index of securities traded on the NASDAQ system.
* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.
* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.
* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
* Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
* Past performance does not guarantee future results. Investing involves risk, including loss of principal.
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Sources:
https://econofact.org/whats-the-problem-with-low-inflation
https://www.wsj.com/articles/u-s-consumer-prices-rose-0-1-in-august-11568292160 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/09-16-19_WSJ-Weak_Energy_Prices_Held_Down_Overall_Inflation_in_August-Footnote_2.pdf)
https://www.cnbc.com/2019/08/13/consumer-price-index-july-2019.html
https://www.axios.com/inflation-cpi-federal-reserve-interest-rates-321171db-ae71-4587-b482-14d90e640a44.html
https://www.reuters.com/article/us-argentina-data-inflation/argentina-inflation-cools-for-third-straight-month-in-june-idUSKCN1UB2FL
https://www.bea.gov/news/2019/personal-income-and-outlays-july-2019
https://www.marketwatch.com/story/dow-and-sp-500-on-the-brink-of-fresh-all-time-highs-ahead-of-retail-sales-other-data-2019-09-13
https://www.bls.gov/news.release/pdf/atus.pdf
https://rlc.randstadusa.com/press-room/press-releases/randstad-us-survey-finds-casual-dress-is-almost-always-in-fashion-in-todays-workplace?hs_ungate__cos_renderer_combine_all_css_disable=true&hs_ungate__cos_renderer_coverage_css_enable=false&hsVerifyCssCombining=false
http://www.columbia.edu/~ms4992/Publications/2015_Slepian-Ferber-Gold-Rutchick_Clothing-Formality_SPPS.pdf
https://www.westernoffice.com/files/gensler-us-workplace-survey-2019_15776.pdf
https://www.goodreads.com/quotes/tag/work

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