Central Markets by Robert Lloyd, CFA

The information contained herein has been obtained from sources believed to be reliable, but the accuracy of the  information cannot be guaranteed. All opinions and outlooks are subject to change.

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Now The Services PMIs Are Rolling Over

ISM/PMI Services Indicators turn down unexpectedly. Remember, we are a service economy and the stimulus is starting to wear off.


Stocks are trading off, but the big move is in bonds. 10 year Treasuries have fallen to 1.36%; no worries of inflation here, contrary to the narrative.





While we tend to focus on the manufacturing signals for indications of growth, as a service economy we must also focus on the changes in service indicators. This slowdown in service spending contradicts the original narrative: “As the economy opens, service spending will improve dramatically.” These surveys indicate that for the broad economy, services did ok during the pandemic and are slowing along with manufacturing as stimulus spending ebbs.


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 imply a certain level of skill or training. Lloyds Intrepid LLC and its advisers do not provide legal, tax or accounting advice. Lloyds Intrepid LLC formulates retirement plans, investment strategies, portfolio construction and investment due diligence for clients with signed investment advisory agreements with us. The information contained herein has been obtained from sources believed to be reliable, but the accuracy of the information cannot be guaranteed. All opinions and outlooks are subject to change.

© 2021 Lloyds Intrepid LLC

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