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Hello,
We are thrilled to announce that we won the award for best Financial Planning Services firm in the Best of the Best of Bend competition1!
We’re incredibly grateful to everyone who took the time to vote for us and for your continued trust over the years. Your support means the world to us, and we couldn't have achieved this recognition without you.
On Thursday night, Matt and Suzanne attended the awards banquet at the Riverhouse Lodge in Bend, where they enjoyed a wonderful dinner and the honor of receiving the award from Miss Oregon herself. It was a memorable evening filled with celebration and gratitude for our amazing clients and community.
  
This recognition means so much to us, and it reflects the hard work and dedication our team puts into serving each and every one of our clients.
Thank you again for your votes and continued support! We look forward to many more years of partnering with you on your financial goals and retirement dreams.
With gratitude,
Your Eagle Wealth Team
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Countdown to the Fed’s September meeting
Anticipation is growing for the Fed’s next two-day policy meeting, which ends on September 18, 2024.
And with good reason! If the Fed decides to cut short-term interest rates, it would be the first adjustment to be lower in more than four years.
In his August speech in Jackson Hole, Wyoming, Fed Chair Powell confirmed that “the time has come for policy to adjust.” He also indicated that the Fed is more concerned about supporting the labor market while its progress on inflation continues.
Powell’s hat tip to the labor market appears well-timed. As you can see in the chart below, the Labor Department’s August Job Openings and Labor Turnover Survey (JOLTS) fell to its lowest level in 3½ years and now sits at a ratio of 1.07 job openings to job seekers. The JOLTS update preceded a disappointing August jobs report, which showed payrolls expanded by 142,000.
Market speculators anticipate the Fed dropping rates by 0.25% at its September meeting. Some expect the Fed to cut rates by 0.5%, but others say a more significant cut may send a mixed message about the economy with the presidential election just a few weeks away.
To us, this means buckle up for the next few weeks—in fact, buckle up for the next few months!
After the Fed meeting, the election cycle will accelerate. Historically, volatility picks up heading into a presidential election. So, 1) stay focused on your goals. 2) Try not to let short-term price swings take you off your game. And 3) remember, we’re here supporting you and we’ll keep you updated about the “comings and goings” on Wall Street.
Disclosures and Sources: The Fed’s outlook is a forecast, and forecasts or forward-looking statements are based on assumptions, subject to revision without notice, and may not materialize.
- CNBC.com, August 23, 2024. “Fed Chair Powell indicates interest rate cuts ahead: ‘The time has come for policy to adjust’ “
- CNBC.com, September 4, 2024. “Job openings fell more than expected in July in another sign of labor market softening
- CNBC.com, September 6, 2024. “August payrolls grew by a less-than-expected 142,000, but unemployment rate ticked down to 4.2%”
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The Week on Wall Street
Stocks fell last week as soft economic data rattled investors focused on the Fed’s next move with interest rates.
The Dow Jones Industrial Average lost 2.93 percent, while the Standard & Poor’s 500 Index dropped 4.25 percent. The tech-heavy Nasdaq Composite fell 5.77 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, declined 2.91 percent.2,3
Economic Data Unsettles Investors
The four-day trading week got off to a rough start as weak manufacturing data reawakened recessionary fears. All three major averages were down for the first session after the Labor Day holiday. For many, it was reminiscent of August 5, when stocks tumbled as recession worries unsettled investors.4
Attention shifted to Friday’s jobs report as stocks traded narrowly. Markets initially reacted positively to news that job growth rebounded slightly and unemployment ticked down. However, selling pressure increased as the trading session progressed and investors digested the underlying data. The S&P 500 had its worst week since March 2023.5
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Source: YCharts.com, September 7, 2024. Weekly performance is measured from Friday, August 30, to Friday, September 6. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points.
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1. The Best of the Best of Bend is a community choice award sponsored by the Bend Bulletin newspaper. Winners are decided by the publication based on community voting numbers in each of their business categories.
2. The Wall Street Journal, September 6, 2024
3. Investing.com, August 30, 2024
4. The Wall Street Journal, September 3, 2024
5. The Wall Street Journal, September 6, 2024
6. The Wall Street Journal, September 6, 2024
Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.
The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.
The market indexes discussed are unmanaged, and generally, considered representative of their respective markets. Index performance is not indicative of the past performance of a particular investment. Indexes do not incur management fees, costs, and expenses. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results.
The Dow Jones Industrial Average is an unmanaged index that is generally considered representative of large-capitalization companies on the U.S. stock market. Nasdaq Composite is an index of the common stocks and similar securities listed on the NASDAQ stock market and is considered a broad indicator of the performance of technology and growth companies. The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) and serves as a benchmark of the performance of major international equity markets, as represented by 21 major MSCI indexes from Europe, Australia, and Southeast Asia. The S&P 500 Composite Index is an unmanaged group of securities that are considered to be representative of the stock market in general.
U.S. Treasury Notes are guaranteed by the federal government as to the timely payment of principal and interest. However, if you sell a Treasury Note prior to maturity, it may be worth more or less than the original price paid. Fixed income investments are subject to various risks including changes in interest rates, credit quality, inflation risk, market valuations, prepayments, corporate events, tax ramifications and other factors.
International investments carry additional risks, which include differences in financial reporting standards, currency exchange rates, political risks unique to a specific country, foreign taxes and regulations, and the potential for illiquid markets. These factors may result in greater share price volatility.
Please consult your financial professional for additional information.
This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG is not affiliated with the named representative, financial professional, Registered Investment Advisor, Broker-Dealer, nor state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and they should not be considered a solicitation for the purchase or sale of any security. Copyright 2024 FMG Suite.
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