May 29, 2023

This is a shortened version for this Memorial Day weekend as we remember our fallen soldiers who gave their lives so that we may live in freedom.

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Stocks, commodities, and the dollar did ok. Just about everything else went south last week...

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Are High P/E Stocks In Trouble? | Under A Buttonwood Tree

In the 10 years ended 2020, high p/e stocks outperformed low p/e stocks by more than 6% annually, well above the 10 years culminating in the 2000 tech bubble peak. Are we in for another 10-year bear market in high p/e stocks? This chart seems to sugges…

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Here's the latest on the debt ceiling from the Wall Street Journal. Looks like we could see some more market volatility this week!

House Leaders Press for Support Ahead of Debt-Ceiling Vote

Conservative defections, wary progressives make fate of borrowing-limit deal uncertain

High Mortgage Rates Are Distorting Existing Home Market. | Under A Buttonwood Tree

With about two-thirds of first mortgages below 4% and current rates above 7%, who wants to sell? It has gotten very expensive for people to move and give up their low-rate mortgages. Given the long-term nature of these mortgages, the residential real e…

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The inflation picture is getting confusing...

Sticky Inflation | Under A Buttonwood Tree

I came across this chart of a survey of various “sticky” inflation measures. Even if you eliminate housing, inflation remains well above the Fed’s target. (Source: @VincentDeluard)[image.png]

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Sticky Inflation? Maybe Not. | Under A Buttonwood Tree

Trueflation, an alternative measure of inflation, shows a steadily declining rate. (Source: Truflation) [image.png]

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