Bonds, Tariffs, & Jobless Claims

Each week, the Stokes Family Office staff puts together a list of our favorite news and updates on all things wealth management. From financial planning, portfolio construction, tax and estate planning, retirement plan services to anything we found interesting.  Enjoy this week’s curated list for your weekend reading!

ECONOMY NEWS

The (Muted) Impact of Tariffs on Inflation

• Barry Ritholtz writes about recent CPI data and how tariffs are impacting inflation, saying there is a ‘fundamental misunderstanding (aka political spin) about this.’

Jobless Claims Are the Economy’s Brightest Spot

• The Bonddad Blog: Contrary to the general theme of deceleration which has been the case for several years now, initial claims appear to be breaking trend in the positive direction.

China Has Paid a High Price for Its Dominance in Rare Earths

• NYT: Dust and groundwater contaminated with heavy metals and radioactive chemicals pose a health threat that the authorities have been trying to address for years.

Related:

• SFO Quarterly Review: Q2 2025
• AI & Market Concentration

MARKETS NEWS

Is This the Worst Decade Ever For Bonds?

• Ben Carlson looks at the returns by decade for various maturities in government bonds to see how the 2020s stack up historically.

Bring the Noise

• Joe Wiggins: Being complacent about the amount of superfluous noise in financial markets is not a viable option, if we don’t find a way to guard against it, it will quickly come to define our investment approach.

The 60/40 Portfolio: A 150-Year Markets Stress Test

• Emilia Fredlick (Morningstar): It took the worst bond market in history to make investing in a 60/40 more painful during a market crash than holding all equities.

Related:

• Inflation Surprises and Calls For Rate Cuts
• Energy, Housing, & Expected Returns

CHART OF THE WEEK

The concentration in the S&P 500 has returned to extreme levels, with the top 10 companies accounting for 40% of the index’s market capitalization and a record-high share of earnings. (via Torsten Sløk – Apollo Chief Economist)

Stokes Family Office is 100% Family Owned, and has been continually operating in the New Orleans Area for over 35 years.  As a family office, we are focused on family wealth, financial planning, and tax planning. We are your local experts for Gulf South wealth management. Want to hear more from our team? Check out the Lagniappe Podcast.