July Newsletter 2023
“It’s tough to make predictions, especially about the future.”
Yogi Berra
The Federal Reserve Board met this week and increased the Federal Funds rate 25 basis points, using numerous data points trying to predict the future. The new rate of 5.25% to 5.50% is a 22-year high for the Fed Funds rate after more than a decade in a near-zero rate environment. Like quotable Yogi Berra, predicting how sticky inflation remains going forward and the economic fallout from higher rates is a difficult task for our Central Bankers. It reminds me of two other Berra quotes, “It ain’t over till it’s over,” and maybe more appropriate, “a nickel ain’t worth a dime anymore.”
I have included the Raymond James July 28, 2023, “Weekly Headings: Thoughts of the Week”, by Raymond James’ Larry Adam, Chief Investment Officer, Private Client Group. Please contact me at your convenience if you would like to discuss.
I recently read “Fortune’s Children: The Fall of the House of Vanderbilt”, written by Arthur T. Vanderbilt and published January 1, 1989. The book is an entertaining read on the fortune built by Cornelius (the Commodore) Vanderbilt (1794 – 1877) through ferry lines and railroads. The book is also a cautionary tale as it details the profligate lifestyles of his children, grandchildren, and great grandchildren, who ended up spending the fortune. The end of the book recounts the life of the Commodore’s great great granddaughter Gloria, who survived a difficult childhood of custody battles and became well accomplished in her own life. Fun read.
Thanks for reading and please contact me with any questions or comments.
Regards,
Frank R. Hampton
Financial Advisor
