This is probably another bear market rally. Here's why: 1. The Fed is still raising rates. 2. Inflation is strong. 3. Employment is strong. 4. Earnings are stable. Robert Lloyd, CFA® Chief Investment Officer Lloyds Intrepid Wealth Management Lloyds Intrepid LLC is doing business as Lloyds Intrepid Wealth Management. Lloyds Intrepid LLC offers investment advisory services in the State of Texas where registered and in other jurisdictions where exempted. Registration does not im

What will happen to market multiples (ie Price/Earnings ratios) as inflation and rates rise? If we replay the 1970's experience, we expect valuations to fall as rates rise, regardless of underlying earnings. To see this visually, we compared earnings yield (E/P) and 10-year constant treasury maturity yield over time. This makes perfect sense. As inflation and yields rise the discounted cash flow from future earnings becomes less valuable. Robert Lloyd, CFA® Chief Investment O

Before we get too excited about the next Fed rate cutting cycle, let's acknowledge that interest rates on Main street are getting "interesting". This is the new 29% interest rate my wife will be required to pay on her Macy's credit card should she need to roll a payment. If inflation and runaway interest expense are causing a recession, do Fed rate cuts provide the answer? Inquiring minds want to know! Robert Lloyd, CFA® Chief Investment Officer Lloyds Intrepid Wealth Managem