Data Quality, Tariffs, & Private Equity

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

Deteriorating Data Quality

• Sam Ro: the quality of U.S. economic data—especially BLS inflation and employment surveys—is declining due to low staffing, reduced survey coverage, and falling response rates.
• Investors should shift their attention away from potentially noisy monthly data and lean more on stable indicators like corporate earnings and long-term trends.

Recession Watch Metrics

• Bill McBride writes, “In the short term, it is mostly trade policy that will negatively impact the economy. However, there other aspects of policy that bear watching.”
• Data he’s closely watching: Housing, the Yield Curve, and Heavy Truck (and Vehicle Sales)

Are Businesses Absorbing the Tariffs or Passing Them On to Their Customers?

• The New York Fed surveyed businesses in the NY–NJ region.
• Results show nearly 1/3 of manufacturers and about 45% of service firms are fully passing along all tariff-induced cost increases by raising their prices.

Related:

• • Social Security, Dollar Value, & The Stealthy Wealthy
  • Data Centers, Social Security, & Economy Health
  • Solar & Stock Market Power
  • Company Guidance, Home Insurance, & the China Deal

MARKETS NEWS

How Attractive Is Private Equity?

• Jack Shannon: Asset managers selling private assets to everyday investors claim to have found investing’s holy grail: lower risk (or at least less volatility) and better returns. Is that true? The answer is mixed.

Municipals: Relative Value in U.S. Fixed Income

• Wisdom Tree: While uncertainty will continue to hover over the bond market, the “good news” is that fixed income yields have returned to normal levels.
• Due to underperformance and attractive tax equivalent yields, municipal bonds offer investors a relative value opportunity in U.S. fixed income.

Commodities vs. Gold: Which Is the Better Inflation Hedge?

• Amy C. Arnott says both have some merit, but one is better than the other.

Related:

• SFO Quarterly Review: Q1 2025
• The Economic Ripple Effect of Tariffs
• Recession Fears, Retirement Savings, & Inflation Drops
• Stagflation, Geopolitical Risks, & International Investing

CHART OF THE WEEK

Scottie Scheffler has 16 PGA TOUR wins, including 3 majors, over the last 3.5 years. But he’s not just winning tournaments, he’s also beating the market. Via Silent Stackers.

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.