Sigma Signals

Week of July 10, 2023

Inflationary concerns rose to the forefront last week as ADP reported surprisingly strong employment growth trends. The implication is that wage pressures will remain firm. Commodity prices, on the other hand, are well off their peaks. The Fed appears to be poised to act to further to raise rates if circumstances warrant, so watchful waiting will be the course of action. Our Signals are unchanged this week.

Bob Bilkie, CFA