Jul 18, 2023

Q2 Macro Presentation: The Heat is On

Q2 Macro Presentation: The Heat is On

Access a PDF version of this presentation by following this link: Q2 2023 Macro Presentation

This quarter's macro presentation, titled "The Heat is On," narrows in on an inflection point for the Federal Reserve. The Fed has gotten through "the easy part" of their policy decision process as they had no choice but to drive rates up considerably in an effort to reduce record inflation. Now, with inflation moderating, but still elevated, the Fed faces a tight rope walk of sorts as they try to remain stern enough to avoid an inflation reacceleration while not pushing rates so high that we are forced into a recession. "We haven' gotten to the hard part yet" says Atlanta Fed President Raphael Bostic as he references what lay ahead. Will the Fed make the right moves going forward? We can't know for sure. The one thing we do know is that the heat is definitely on.

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Benjamin Nye, CFA, FRM

Chief Investment Officer, Portfolio Manager

Ben arrived at Narwhal from a small investment firm in Eugene, Oregon, where he cut his teeth investing in individual stocks, bonds and derivatives. He earned the right to use the CFA designation in 2016, holds his Series 65 license and is a certified Financial Risk Manager. Ben received a bachelor’s degree in finance from the University of Washington and a MBA from Emory University's Goizueta Business School. In his free time, he plays competitive tennis, mentors for Mentoring for Leadership and is a frequent contributor to The Investing Podcast.

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