Happy August! Although the Federal Reserve held interest rates at between 5.25 and 5.5 percent at its July meeting, the market is expecting a 0.25 percent rate cut at its upcoming September meeting, and possibly a 0.50 percent cut. This is partly because unemployment has spiked to 4.3 percent from a low of 3.5 percent just less than a year ago, but also because inflation appears to be heading to the Fed’s target of two percent. GDP growth remains above trend at 2.9 percent for Q3 2024 according to the Federal Reserve of Atlanta’s GDPNow®, even if consumer spending is trending lower. I hope you have the opportunity to enjoy the end of summer with family and friends!
All the Best, Jon Gauthier, President, GWM
If you are not connected to GWM on LinkedIn, request a link at: Linkedin.com/in/jon-gauthier-cfp/. You can also catch up on our latest activities at our Web site, www.gauthierwm.com.
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