3<\/sup><\/a><\/u><\/em><\/strong><\/p>\n\n\n\nWith inflation still running above target and energy prices creating a fresh source of pressure, policymakers appear to have little urgency to restart rate cuts. The labor market also somewhat complicates the rate picture, as initial jobless claims fell to 189,000 for the week ended April 25, down 26,000 from the prior week and well below expectations. That was the lowest reading since September 1969. The labor market has been in a low-hire, low-fire pattern for much of the past year, but the latest claims data suggest employers are still reluctant to cut workers. Overall, with Q1 GDP coming in at 2% and the services sector showing strong expansion, the data still point to an economy absorbing pressures rather than buckling under them.<\/p>\n\n\n\n
Delayed: A $110 Trillion \u201cWealth Transfer\u201d \u2013 <\/strong>For years, the financial media have talked about the \u201cgreat wealth transfer\u201d as if it were a single, looming event. As told, baby boomers would be passing down trillions of dollars to their children and grandchildren in a flood of new generational wealth. The reality is likely to be slower, more uneven, and more complex.<\/p>\n\n\n\nOlder Americans are sitting on an estimated $110 trillion of wealth, much of it held by baby boomers and Gen X. Over the past few decades, that wealth has grown sharply, helped by rising stock prices, business ownership, and decades of home price appreciation. One analysis using Federal Reserve data found that bequeathable wealth, net worth excluding pensions and annuities that typically cannot be passed down, rose from 256% of GDP in 1997 to 424% in 2021. But that does not mean younger generations should expect a sudden windfall. Much of the wealth is still held by households that could have decades of life ahead of them. In 2021, the age group with the most aggregate wealth was 55 to 64 years old, according to research from Brookings. Wealthier Americans also tend to live longer, with the top 1% of earners living, on average, into their late 80s. That alone stretches out the timeline. In Federal Reserve surveys conducted between 1998 and 2010, Americans in their late 50s were the most likely to report receiving an inheritance. In surveys conducted between 2013 and 2022, the peak inheritance age had shifted to the mid-60s. The wealth transfer is happening, but not necessarily at the age or speed many younger households might expect.4<\/sup><\/p>\n\n\n\nDespite Many Crosscurrents of Pressure, the Global Economy Holds Up \u2013 <\/strong>The global economy is facing its most serious energy shock in decades, but so far, growth outside the U.S. has held up better than many feared.The closure of the Strait of Hormuz has removed roughly 13 million barrels of oil per day from global energy supplies and pushed Brent crude prices more than 50% higher. Some countries are already feeling the strain, with blackouts, fuel rationing, and shorter workweeks appearing in parts of Asia and emerging markets. Even so, major economies have not yet seen the type of swift downturns that accompanied energy shocks in the 1970s or early 1990s.One reason is that the world has become more energy efficient. Since 2000, the amount of energy needed to generate a dollar of inflation-adjusted GDP has fallen by about one-third in the U.S. and Europe and roughly 40% in China. Energy reserves have also helped cushion the blow, with Japan, Korea, Europe, and China all entering the crisis with sizable stockpiles.Interestingly enough, the AI boom is providing another offset. Demand for chips, electronics, and machinery has supported Asian exporters, with March exports up 12% year-over-year in Japan, nearly 50% in South Korea, and 68% in Taiwan. Hong Kong also surprised to the upside, with first-quarter GDP rising 5.9% from a year earlier, helped by exports, financial market strength, and improving sentiment.The risks are still meaningful, especially if the strait remains closed into next year. But for now, the global economy is absorbing the shock far better than expected, in our view.5<\/sup><\/p>\n\n\n\nHow Should Investors Respond to Today\u2019s Market Uncertainty? – <\/strong>Even with markets facing new inflation concerns and global uncertainty, the economy has continued to show more resilience than many expected.<\/p>\n\n\n\nOur exclusive guide, Navigating Market Volatility6<\/sup><\/a><\/u><\/em><\/strong> is a free guide that offers a clear framework for staying disciplined and managing risk during uncertain markets. It covers topics such as:<\/p>\n\n\n\n\n- Sharp market declines and corrections are a normal part of investing<\/li>\n\n\n\n
- The best market days come unexpectedly (often within days or weeks of the worst days)<\/li>\n\n\n\n
- Trying to pick market tops and bottoms is nearly impossible<\/li>\n\n\n\n
- Trust your strategy and discipline, not the headlines<\/li>\n\n\n\n
- Plus, more insights and assistance to help you keep your investment strategy on course<\/em><\/strong><\/li>\n<\/ul>\n\n\n\n
If you have $500,000 or more to invest, access your free volatility guide today.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
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