Important information
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All investing involves risk, including the risk of loss.
Past performance does not guarantee future results.
Investments cannot be made directly in an index.
This does not constitute a recommendation of any investment strategy or product for a particular investor. Investors should consult a financial professional before making any investment decisions.
The Consumer Price Index (CPI) measures the change in consumer prices and is a commonly cited measure of inflation.
Monetary easing refers to the lowering of interest rates and deposit ratios by central banks.
Fixed income investments are subject to credit risk of the issuer and the effects of changing interest rates. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa. An issuer may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.
Inflation is the rate at which the general price level for goods and services is increasing.
US inventory-to-sales ratio depicts the relationship between a company’s end-of-month inventory values and monthly sales.
Leverage measures a company’s total debt relative to the company’s book value.
Municipal securities are subject to the risk that legislative or economic conditions could affect an issuer’s ability to make payments of principal and/ or interest.
The price-to-earnings (P/E) ratio measures a stock’s valuation by dividing its share price by its earnings per share.
West Texas Intermediate (WTI) is a type of light, sweet crude oil that comes from the US.
Yield to maturity is the rate of return anticipated on a bond if it is held until the end of its lifetime.
In general, stock values fluctuate, sometimes widely, in response to activities specific to the company as well as general market, economic and political conditions.
The S&P 500® Equal Weight Index is the equally weighted version of the S&P 500® Index.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
The Bloomberg US Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes US dollar-denominated securities publicly issued by US and non-US industrial, utility, and financial issuers.
The Bloomberg US Municipal Bond Index covers the USD-denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds.
The Bloomberg US Treasury Index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury.
The opinions referenced above are those of the author as of Nov. 21, 2024. These comments should not be construed as recommendations, but as an illustration of broader themes. Forward-looking statements are not guarantees of future results. They involve risks, uncertainties, and assumptions; there can be no assurance that actual results will not differ materially from expectations.