In this episode of The Wealth Enterprise Briefing, Michael Zeuner and Sam Sudame of WE Family Offices unpack the widening disconnect between what stocks and bonds appear to be pricing in. While optimism around trade has lifted consumer confidence and driven a surge in retail trading activity, key indicators tied to corporate sentiment and activity are pointing to a slowdown.

Key topics include:

Manufacturing and services PMIs have moved into contraction
CEO sentiment and new orders data signal margin pressure
Retail trading is driving equity gains, despite weaker fundamentals
Rising term premiums and a steepening yield curve in bonds
The Fed faces tension between slowing growth and sticky inflation
Investors should watch both sentiment and hard data closely

Michael and Sam close by emphasizing the importance of maintaining a diversified approach, particularly as near-term sentiment and long-term fundamentals continue to pull in different directions.

As always, if you have any questions or would like to discuss how these developments may impact your family's wealth enterprise, please don't hesitate to contact us.

Important Information:

The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation, or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

Signals in Conflict: What to Make of Mixed Economic Data