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March/April 2023, Columns |
June 2023

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Forté Capital’s Selected Statistics

Year-over-Year Change in Treasury Yields, by Maturity

The yield curve continues to be inverted from the 90-day bill to the 30-year bond, indicating the bond market’s projection of both falling interest rates and the possibility of a recession in this calendar year. Inversion occurs when short term interest rates are higher than long term interest rates—reflecting a tightening monetary policy.

U.S. & World Equity Indexes; 2/22/23; YTD Return S&P 500; 4,126; 7.46% Dow Jones Industrials; 33,823; 2.04% Nasdaq Composite; 12,079; 15.41% Shanghai Composite (China); 3,385; 9.59% S&P BSE Sensex (India); 59,910; −1.53% Nikkei Stock Avg (Japan); 28,514; 9.28% CAC 40 (France); 7,498; 15.82% DAX (Germany); 15,789; 13.40% FTSE 100 (U.K.); 7,879; 5.74%
Selected Interest Rates; 2/22/23; Prior Period 15-Year Mortgage; 5.54%; 5.76% 30-Year Mortgage; 6.27%; 6.50% 5-Year Treasury Bond; 3.60%; 4.13% 10-Year Treasury Bond; 3.52%; 3.93% 30-Year Treasury Bond; 3.74%; 3.94%

12-Month Change in Inflation, January to March 2023

Inflation has come off of its upward trend but remains stubbornly high—or at least higher than the Federal Reserve’s target of 2%. Despite early commentary indicating that this present inflation event would be “transitory,” labor market dynamics, energy prices and higher government spending have combined to produce more trend persistence than commentators had expected.

Key Economic Statistics; Most Recent; Prior Period National Producer Price Index; -0.50%; 0.70% Consumer Price Index; 0.10%; 0.40% Unemployment Rate; 3.50%; 3.70% ISM Manufacturing Index; 46.30; 47.70 ISM Services Index; 51.20; 55.10 Change in Non-Farm Payroll Emp.; 236,000; 311,000 New York State Consumer Price Index - NY, NJ, CT; −0.10%; 0.80% Unemployment Rate; 4.20%; 4.30% Empire State Manufacturing Survey; 10.80%; −5.80%
Equity Market Statistics; Most Recent; Prior Period Dow Jones Industrials; 2/22/23; 12/22/22 Dividend Yield; 2.15%; 2.09% Price/Earnings (12-Mth Trailing); 21.55; 22.32 Price/Earnings (Projected); 17.84; 18.35 S&P 500 Index; 2/22/23; 12/22/22 Dividend Yield; 1.69%; 1.68% Price/Earnings (12-Mth Trailing); 22.23; 19.17 Price/Earnings (Projected); 18.29; 18.40

The information herein was obtained from various sources believed to be accurate; however, Forté Capital does not guarantee its accuracy or completeness. This report was prepared for general information purposes only. Neither the information nor any opinion expressed constitutes an offer to buy or sell any securities, options, or futures contracts. For further information, visit www.fortecapital.com, send a message to info@forte-capital.com, or call 866-586-8100 and ask for David W. Henion, CPA, or Larry H. Rabinowitz, CPA/PFS.

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