Money Talk Podcast

Advisors on This Week’s Show Kyle Tetting Kendall Bauer Engineered by Jason Scuglik Market Closings for the Week Nasdaq – 26247, up 1084 points or 4.3% S&P 500 – 7399, up 153 points or 2.1% Dow Jones Industrial Average – 49609, down 19 points or 0.0% 10-year U.S. Treasury Note – 4.36%, down 0.01 point Earnings Season and Investment Insights Investors remain focused on earnings and interest rates, with a marked shift in stock prices since the end of March reflecting increasing optimism about stocks more broadly. The S&P is experiencing one of its best earnings seasons in 20 years, with growth in the first quarter looking to exceed 28%. New investment tools in the Exchange Traded Fund space continue to emerge chasing a variety of investment themes, but challenges remain as investment expense and trend-chasing obscure what’s right with what’s possible. On the economic front, relative stability in the labor market belies broader concerns about the war and rising prices. The reminder remains: cautious balance remains a far more prudent path than trying to predict bursting bubbles.

Advisors on This Week’s Show Kyle Tetting Steve Giles Mike Hoelzl Engineered by Jason Scuglik Market Closings for the Week Nasdaq – 25119, up 282 points or 1.1% S&P 500 – 7232, up 67 points or 0.9% Dow Jones Industrial Average – 49513, up 283 points or 0.6% 10-year U.S. Treasury Note – 4.38%, up 0.07 point In this week’s episode, we break down a pivotal moment for the Federal Reserve and what it means for markets going forward. With Jay Powell presiding over his final meeting as Fed Chair—while signaling he’ll remain on the Board amid an ongoing DOJ probe—we unpack the historical significance of the moment and the policy decisions that came with it. Rates held steady at 3.5%–3.75%, offering investors a sense of stability, but rising disagreement within the Fed reveals a more complicated picture beneath the surface. Earnings season, meanwhile, is delivering both excitement and volatility. Standout performances from major names saw double-digit jumps following their reports. With trading volumes surging and sharp market reactions becoming the norm, investors are navigating a fast-moving landscape. We also tackle the growing conversation about U.S. debt, which has now surpassed 100% of GDP. While this milestone raises long-term concerns about fiscal sustainability, we explain why it doesn’t necessarily signal an imminent crisis. Finally, we round out the episode with key economic data releases. Consumer confidence showed modest improvement in April, with optimism in the labor market offsetting concerns about geopolitical tensions and rising gas prices. On the labor front, initial jobless claims dropped to their lowest level in over 50 years, reinforcing the strength of the job market and complicating the Fed’s fight against inflation. GDP growth came in at a solid 2.0% annualized rate for Q1, boosted in part by ongoing AI investment, while core PCE remains elevated around 3.2%, underscoring that inflation is still very much in play. As always – if you have any questions about what we’ve discussed this week, give your advisor a call at 414-223-1099!

Advisors on This Week’s Show Kyle Tetting Art Rothschild Adam Baley (with Joel Dresang, engineered by Jason Scuglik) Week in Review (April 20-24, 2026) Significant Economic Indicators & Reports Monday No major announcements Tuesday Retail sales rose 1.7% in March, driven by higher gas prices. The U.S. Census Bureau said 12 of 13 categories reported higher revenue than February. The exception was miscellaneous stores. Gas station sales jumped 15.5% in a month when prices rose 24%, according to the U.S. Energy Information Administration. Excluding gas stations and car dealers, retail spending increased 0.6%. Sales at bars and restaurants rose 0.1%, following a 0.5% gain in February and two months of declines. Adjusted for inflation, total retail sales rose 0.8%, the most in a year. Retail sales represent about two-thirds of U.S. consumer spending, which accounts for about 70% of the gross domestic product. Prospects for home sellers brightened slightly in March with a bump up in the pending home sales index from the National Association of Realtors. The trade group said its index rose 1.5% from February but was down 1.1% from the year before. It stood more than 26% below the 2001 index base, which the Realtors consider to be a normal sales level. The association said the monthly increase in contract signings amid rising mortgage interest rates suggested pent-up demand. It cited a lack of inventory, especially for young, first-time buyers. Among the top 50 metro areas in the country, the Realtors said the Milwaukee-Waukesha area had a 13.5% one-year gain in pending sales, second only to the Kansas City area, at 15%.  Wednesday No major announcements Thursday The four-week moving average for initial unemployment claims rose slightly for the third week in a row to remain 42% below its average since 1967. A Labor Department report suggested continued reluctance among employers to let workers go. Total jobless claims dropped 1.9% from the week before to 1.9 million, which was 2.9% below the same time in 2025. Friday Consumer sentiment declined 6.6% in April as the U.S.-Israeli war in Iran continued to weigh down expectations for personal finances and the broader economy. Sentiment overall was nearly 5% lower than in April 2025 and near its low levels in mid-2022, when inflation reached 40-year highs. According to the University of Michigan survey, consumers expect inflation to rise to 4.7% in the next year and to settle around 3.5% longer term. The latest Consumer Price Index showed inflation at 3.3% in March, well above the Federal Reserve’s long-term target of 2%. Market Closings for the Week Nasdaq – 24837, up 368 points or 1.5% S&P 500 – 7165, up 39 points or 0.5% Dow Jones Industrial Average – 49229, down 218 points or 0.4% 10-year U.S. Treasury Note – 4.31%, up 0.06 point

Advisors on This Week’s Show Kyle Tetting Dave Sandstrom John Sandstrom (with Max Hoelzl,Joel Dresang, engineered by Jason Scuglik) Week in Review (April 13-17, 2026) Significant Economic Indicators & Reports Monday Housing sales stayed “sluggish” in March amid the weakest market in more than 30 years, according to the National Association of Realtors. The annual sales rate dipped another 3.6% from February to 3.98 million, 1% lower than the year before. The trade group blamed elevated mortgage rates and continued lack of inventory. Another 300,000 to 500,000 houses would be needed in addition to the 1.4 million already for sale to reach the historic balance between supply and demand, the group said. The imbalance has resulted in price increases. The median sales price rose 1.6% from the year before to a record $408,880 in March. The Realtors estimated that rising prices have increased the typical homeowner’s wealth by $128,100 since 2000. Tuesday The Bureau of Labor Statistics reported that wholesale inflation rose 0.5% in March, as prices on goods increased while services were unchanged. An 8.5% jump in energy prices, including nearly 16% in gasoline, accounted for the bulk of the rise in the cost of goods. The Producer Price Index advanced 4% from the year before, the steepest increase in more than three years. Excluding volatile prices for food, energy and trade services, the core PPI rose 0.2% from February and was up 3.6% from the year before, the most since November. Wednesday No major announcements Thursday The four-week moving average for initial unemployment claims rose for the seond week in a row following five weeks of no increases. The indicator of employers’ willingness to let workers go remained 42% below the all-time average, dating to 1967, according to Labor Department data. Total claims for jobless benefits fell 4% from the week before to 1.9 million, which was 3% off from where it was the year before. Industrial production sank in March for the first time in four months as output from mines, utilities and manufacturing all declined. The Federal Reserve Board said overall production fell 0.5%, although it was up 2.4% through the first quarter and was 0.7% ahead of where it stood in March 2025. Factory production dropped 0.1% from February on broad declines led by automotive, which were partly offset by increased output from construction supplies as well as defense and space equipment. Industries’ capacity utilization rate fell slightly from February and stayed below its 54-year average, suggesting higher prices weren’t imminent. Friday No major announcements Market Closings for the Week Nasdaq – 24468, up 1566 points or 6.8% S&P 500 – 7126, up 309 points or 4.5% Dow Jones Industrial Average – 49448, up 1531 points or 3.2% 10-year U.S. Treasury Note – 4.25%, down 0.08 point

Advisors on This Week’s Show Kyle Tetting Steve Giles Kendall Bauer (with Jason Scuglik) Week in Review (April 6-10, 2026) Significant Economic Indicators & Reports Monday No major announcements Tuesday The Commerce Department signaled ongoing weakness in demand for long-lasting manufactured products as orders for durable goods declined in February for the third month in a row and the fourth time in five months. A drop-off in requests for aircraft led a 1.4% dip in orders for the month, though commercial aircraft orders boosted the year-to-year totals to an 8.1% increase. Excluding transportation equipment, orders rose 0.8% from January and were up 5.3% from February 2025. Core capital goods orders, considered a proxy for business investments, rose 0.6% for the month and increased 4.2% from the same time last year. The Federal Reserve reported that revolving credit debt outstanding rose at an annual rate of 0.6% in February. That was down from paces of 2.3% and 7.4% in the preceding months and suggests a rising reluctance among consumers to carry credit card debt. Revolving credit debt has declined 1.8% from its peak in October 2024. The report showed total consumer debt growing at an annual 2.2% pace, including a 2.8% rise in non-revolving credit, which includes student loans and vehicle financing. Wednesday No major announcements Thursday The four-week moving average for initial unemployment claims rose for the first time in six weeks but remained 42% below the long-term average. The measure is an ongoing indicator of employers’ reluctance to let go of workers. The Labor Department also reported that a little more than 2 million Americans claimed jobless benefits in the most recent week. That’s down 1.3% from the week before and down 2.3% from the same time last year. U.S. economic growth slowed more than previously reported at the end of 2025. The Bureau of Economic Analysts said gross domestic product rose at an annual pace of 0.5% in the fourth quarter, down from an earlier estimate of 0.7% and a pace of 4.4% in the third quarter. The bureau said lower investment accounted for most of the revision, although consumer spending also slowed, and government spending declined sharply — partly tied to the shutdown in October and November. The Bureau of Economic Analysis separately reported that consumer spending rose 0.5% in February. Meanwhile, personal income fell 0.1%, resulting in a drop in the personal savings rate. The same report showed the Federal Reserve Board’s favorite inflation gauge unchanged from January at 2.8%. The Fed’s long-term target for inflation broadly is 2%. Friday Higher energy prices led a surge in inflation in March. The Bureau of Labor Statistics reported that the Consumer Price Index, the broadest measure of inflation, rose 0.9% from February and 3.3% from the year before — the biggest one-year increase since May 2024. Energy costs increased 12.5% in the last year, including a 21.2% spike in gasoline prices just in March. Core inflation, excluding food and energy products, rose 0.3% from February and 2.6% from the year before. The war in Iran has taken a toll on Americans’ confidence in the economy and their financial outlooks. University of Michigan said its consumer sentiment index dropped 11% in March and was 9% below where it stood a year ago. The university said sentiment fell broadly across demographic groups. Expectations for inflation reached the highest levels since a year ago, when they shot up amid uncertainty over U.S. tariff policies. Market Closings for the Week Nasdaq – 22903, up 1024 points or 4.7% S&P 500 – 6817, up 234 points or 3.6% Dow Jones Industrial Average – 47917, up 1412 points or 3.0% 10-year U.S. Treasury Note – 4.32%, up 0.01 point

Advisors on This Week’s Show Kyle Tetting Art Rothschild Adam Baley (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) In a special episode of the Money Talk Podcast, advisors Kyle Tetting, Art Rothschild and Adam Baley review the first year since the U.S. escalated tariffs and global trade wars. They discuss corporate uncertainty and market volatility stirred by repeated shifts in tariffs, which have varied by country and remain in flux after the Supreme Court ruled that the justification for many of the changes was illegal. Kyle, Art and Adam related what the developments have meant so far to long-term investors and what that suggests for managing portfolios and expectations amid disruptive global events. Learn more Tracking the Impact of the Trump Tariffs & Trade War, from the Tax Foundation Market Reactions to Tariff Announcements, from the Federal Reserve Bank of San Francisco 2025 in rear-view: Lessons learned, by Kyle Tetting 2025 Investment Outlook Seminar, a Money Talk Video with Kyle Tetting Markets surprise. What should investors do? by Steve Giles War: Added uncertainty, need for balance, from Kyle Tetting War in Ukraine reminds us of role for bonds, from Kyle Tetting

Advisors on This Week’s Show Kyle Tetting Art Rothschild Adam Baley (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (March 23-27, 2026) Significant Economic Indicators & Reports Monday A drop in residential building in January led a slight decline in U.S. construction spending. The Commerce Department reported a 0.3% drop in overall building expenditures. Housing, which accounts for more than 40% of all construction spending, fell nearly 1%, while manufacturing — about 9% of expenditures — declined 2%. Compared to January 2025, overall construction spending rose 1%, with housing up 2% and manufacturing down 15%. Tuesday The Bureau of Labor Statistics revised fourth quarter worker productivity growth to a 1.8% annual rate from a previous estimate of 2.8%. Output weakened to a 1.5% pace from an earlier estimate of 2.6%. In both estimates, the number of hours worked dropped 0.2%. Year to year, productivity rose 2.1% from 2024 to 2025. That was on pace with the current business cycle, which started at the end of 2019. The all-time average since 1947 is 2.2%. Productivity in the previous cycle, which included the Great Recession, averaged 1.5%. Wednesday No major announcements Thursday The four-week moving average for initial unemployment claims fell for the fourth week in a row and the fifth time in six weeks. Data from the Labor Department shows the moving average down 42% from its historic average since 1967. The lack of layoffs suggests continued employer reluctance to let workers go in a tight job market. Total jobless claims dropped 1.9% from the week before to 2.1 million, which was 0.8% behind the same time in 2025. Friday Consumer sentiment declined nearly 6% in March as the U.S.-Israel war in Iran lowered outlooks while raising expectations for inflation. Sentiment was 6.5% lower than in March 2025. Consumer forecasts for inflation rose the most since the announcement of tariff increases last April. Economists see sentiment as an indication of consumer spending, which drives about 70% of U.S. economic activity. According to the University of Michigan survey, consumers expect effects from the war to be worse in the short run, but that’s subject to how long the war lasts and the impact of higher oil prices. About one-third of the survey came before the war began.    Market Closings for the Week Nasdaq – 20948, down 699 points or 3.2% S&P 500 – 6369, down 138 points or 2.1% Dow Jones Industrial Average – 45167, down 410 points or 0.9% 10-year U.S. Treasury Note – 4.44%, up 0.05 point

Advisors on This Week’s Show Tom Pappenfus Dave Sandstrom (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (March 16-20, 2026) Significant Economic Indicators & Reports Monday U.S. industrial production rose 0.2% in February, following a 0.7% gain in January, according to the Federal Reserve. Manufacturing output also increased 0.2%, led by automotive products. In the last year, total production advanced 1.4% while manufacturing rose 1.3%. The capacity utilization rate, considered a leading indicator of inflation, was unchanged in February, staying at 76.3%, well below the long-term average. Tuesday Prospects for home sellers brightened slightly in February with a bump up in the pending home sales index from the National Association of Realtors. The trade group said its index rose 1.8% from January and 0.8% from the year before, though it still stood about 28% below the 2001 index, which the Realtors consider to be a normal sales level. The association credited improved affordability for the rise in pending sales. It also said affordability could be threatened by a “sluggish” job market and rising energy costs stemming from the war in Iran. Wednesday Wholesale inflation rose more than analysts expected in February with the highest jump in goods prices since August 2023. The Bureau of Labor Statistics said its Producer Price Index rose 0.7% from January. It was up 3.4% from the year before, the most in a year. Excluding volatile prices for food, energy and trade services, the core PPI rose 0.5% from January and was 3.5% higher than the year before. Demand for U.S. manufactured goods rose in January for the fourth time in six months. The Commerce Department reported that new orders for factory goods grew by 0.1% from December and were 3.5% ahead of their level in January 2025. Gains were led by commercial aircraft orders, which offset declines in automotive and military aircraft. Excluding the volatile transportation category, orders rose 0.4% for the month and 0.6% for the year. Core capital goods orders, a proxy for business investments, rose 0.1% from December and 2.9% from the year before. As widely anticipated, the policy-making committee of the Federal Reserve Board voted to hold short-term interest rates steady. After a two-day meeting, the Federal Open Market Committee noted that inflation continued to run above the Fed’s 2% target, although the economy appeared to be expanding at a solid pace and the labor market showed little change since the last meeting. Thursday The four-week moving average for initial unemployment claims fell for the third time in four weeks to 42% below its average since 1967. The Labor Department report suggested continued reluctance among employers to let workers go. Total jobless claims dropped 3.4% from the week before to just under 2.2 million, which was 0.3% behind the same time in 2025. The market for new houses sank to its slowest pace in more than three years in January. The annual rate of new residential sales fell nearly 18% from December and was the lowest since October 2022, the Commerce Department reported. As a result, the inventory of unsold new houses rose to a 9.7 months’ supply. The median price for a new house fell 6.8% from the year before to $400,500. Friday No major announcements Market Closings for the Week Nasdaq – 21648, down 458 points or 2.1% S&P 500 – 6506, down 126 points or 1.9% Dow Jones Industrial Average – 45577, down 981 points or 2.1% 10-year U.S. Treasury Note – 4.39%, up 0.11 point

Advisors on This Week’s Show Kyle Tetting Dave Sandstrom John Sandstrom (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (March 9-13, 2026) Significant Economic Indicators & Reports Monday No major announcements Tuesday The National Association of Realtors said the pace of existing home sales rose 1.7% in February, though it was still behind the year-ago rate and around the lowest in more than 30 years. The trade group called demand “muted” as lower mortgage rates and rising wages combined to make housing more affordable than it has been since March 2022. The median sales price rose to $398,000, up 0.3% from February 2025, the 32nd consecutive increase. Wednesday The broadest measure of inflation stayed steady in February. The Bureau of Labor Statistics reported the Consumer Price Index rose 2.4% from February 2025, unadjusted for seasonality. That was the same rate as January and still above the Federal Reserve’s long-term target of 2%. Shelter costs led the monthly uptick. Gas prices rose for the first time in three months — prior to subsequent spikes spurred by the Iran war. The core CPI, excluding volatile food and energy costs, was up 2.5% from the year before, also the same rate as January. Thursday The U.S. trade deficit narrowed by 25% in January to $54.5 billion. The Bureau of Economic Analysis said exports rose 5.5% from December, led by non-monetary gold and other precious metals, as well as computers and civilian aircraft. Imports shrank 0.7%, led by pharmaceuticals and automobiles. Since January 2025, the trade gap contracted by almost 58% as exports expanded 10% and imports fell 11%. The four-week moving average for initial unemployment claims fell for the third time in four weeks, suggesting employers continue to be reluctant to let workers leave. According to data from the Labor Department, the four-week number was 41% below the 59-year average. More than 2.2 million individuals were receiving jobless benefits in the latest week, up 3.5% from the week before and down less than 1% from the year before. The Commerce Department said housing starts and building permits in January continued to track below their pre-COVID levels. Although the annual pace of housing starts rose 7% from December and 9.5% from January 2025, it has been below the pre-pandemic level for nearly two years. Building permits fell both from the month before and the year before. Meanwhile, the pace of houses under construction fell again, sinking 26% below their record pace in late 2022. Friday The U.S. economy grew slower than previously estimated at the end of 2025. The gross domestic product rose at an annual rate of 1.7% in the fourth quarter, down from a preliminary report of 2.4% and below the 4.4% pace in the third quarter. The Bureau of Economic Analysis blamed the downward revision on weaker consumer spending and private investments and greater declines in government spending and exports. Adjusted for Inflation, GDP grew 2.1% in 2025, the weakest since a 2.1% decline in 2020. In a possible sign of consumer restraint, personal spending fell slightly behind the pace of personal income in January, raising the personal savings rate to its highest level in six months. The Bureau of Economic Analysis reported a savings rate of 4.5% of disposable income, which has been below the pre-pandemic level of 7.5% for more than four years. The same report showed the Federal Reserve’s preferred measure of inflation staying above its long-range target of 2%. The personal consumption expenditure index was up 2.8% from the year before, vs. 2.9% in December. The last time it was below 2% was February 2021. Durable goods orders were unchanged in January as a plunge in demand for commercial aircraft offset scattered gains elsewhere. The Commerce Department reported that orders overall ran 9% higher than the year before. Excluding volatile transportation orders, demand rose 0.4% from the month before and was up 4.4% from January 2025. Core capital goods orders, a proxy for business investments, were unchanged for the month and up 2.9% from the year before. U.S. employers posted 6.9 million job openings in January, up marginally from December but below the pre-COVID level for the third month in a row. Postings were down 43% from their peak nearly five years ago, the Bureau of Labor Statistics reported. Based on openings and unemployed job seekers, the supply of available labor has outpaced demand since July. That’s after more than four years of the balance favoring workers. The number and rate of workers voluntarily quitting – an indication of worker confidence – stayed below pre-pandemic levels for the 25th month in a row. The University of Michigan said consumer sentiment reversed course following the onset of war in Iran. Polling done before Feb. 28 showed improvements in consumer outlooks, the university said, but opinions plunged thereafter regardless of respondents’ incomes, ages or political affiliations. Overall, consumers had lower expectations for their personal finances and higher forecasts for inflation. Market Closings for the Week Nasdaq – 22105, down 282 points or 1.3% S&P 500 – 6632, down 108 points or 1.6% Dow Jones Industrial Average – 46560, down 942 points or 2.0% 10-year U.S. Treasury Note – 4.29%, up 0.15 point

Advisors on This Week’s Show Kyle Tetting Tom Pappenfus (with Joel Dresang, engineered by Jason Scuglik) Week in Review (March 2-6, 2026) Significant Economic Indicators & Reports Monday A two-month expansion of the manufacturing sector slowed in February, just as it did the year before. The Institute for Supply Management said its survey-based manufacturing index signaled the second consecutive month of growth after 10 months of contraction. Prior to 2025, the index shrank 26 months in a row. The trade group said 21% of the manufacturing industry’s gross domestic product contracted in February, following 20% in January. The index suggested the overall U.S. economy was growing at an annual rate of 1.7%. Tuesday No significant reports Wednesday The service sector of the U.S. economy expanded in February for the 20th month in a row and at the highest level since mid-2022. The Institute for Supply Management said the four most impactful index components rose together for the third month in a row, repeating a streak from a year ago. The ISM’s survey of supply managers reported more uncertainty about trade policies following a U.S. Supreme Court ruling that found some tariffs illegal. But managers also suggested companies were learning to accommodate volatility in tariff rules. Thursday The Bureau of Labor Statistics said worker productivity rose at an annual pace of 2.8%  in the fourth quarter of 2025. The rate resulted from the annual pace of output rising 2.6% while hours worked decreased at a 0.2% pace. Productivity advanced 2.2% over the last four quarters, equal to the average since the end of 2019. That compared to 1.5% annual growth in the previous 12-year business cycle and an average of 2.2% since 1947. Labor costs rose 1.3% in the last year, and the share of output accrued to workers through compensation reached a record low in data going back to 1947. The Labor Department reported the four-week moving average for initial unemployment claims fell for the second time in three weeks. It remained 40% below its average since 1967. Total claims for the latest week declined 2.9% from the week before to just under 2.2 million. That was 1% lower than the year before. Friday Employers cut 92,000 jobs on net in February, the second decline in three months, according to the Bureau of Labor Statistics. Meanwhile, the unemployment rate edged up to 4.4%. The Bureau of Labor Statistics’ monthly jobs report, combining payroll data and household surveys, offered mixed signals on a generally weaker labor market. On the plus side, the average hourly wage continued to outpace broad inflation, and the share of prime-age workers either employed or looking for jobs stayed near the highest level since 2001. On the other hand, a measure of underemployment remained above the pre-pandemic mark for the 26th month in a row, and — outside the pandemic — the employment of temporary-help workers dropped to the lowest count since 2012. Retail sales declined in January as seven of 13 categories reported lower revenue, the Commerce Department reported. Gas stations were among the decliners, reflecting lower gas prices in January. But sales at bars and restaurants, an indicator of consumer confidence, fell for the third time in four months. Consumer spending drives about 70% of the U.S. economy, as measured by gross domestic product. Adjusted for inflation, total retail sales dropped for at least the second month in a row. Inflation data for October and November are missing because of a federal government shutdown. Market Closings for the Week Nasdaq – 22388, down 281 points or 1.2% S&P 500 – 6740, down 109 points or 1.6% Dow Jones Industrial Average – 47502, down 1476 points or 3.0% 10-year U.S. Treasury Note – 4.13%, up 0.17 point

Advisors on This Week’s Show Kyle Tetting Art Rothschild Steve Giles (with Max Hoelzl, engineered by Jason Scuglik) Market Closings for the Week Nasdaq – 22668, down 218 points or 1.0% S&P 500 – 6849, down 60 points or 0.9% Dow Jones Industrial Average – 48977, down 649 points or 1.3% 10-year U.S. Treasury Note – 3.96%, down 0.12 point

Advisors on This Week’s Show Kyle Tetting Steve Giles Tom Pappenfus (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Feb. 16-20, 2026) Significant Economic Indicators & Reports Monday Markets closed for Presidents Day Tuesday No major releases Wednesday Home construction gained slightly in December but continued to provide little relief to ongoing inventory shortages. The Commerce Department said the annual rate of housing starts rose 6% from November, though it was down 7% from the year-ago pace and has remained below the pre-pandemic level since mid-2023. The pace of housing permits also rose for December but kept under the pre-pandemic rate. The number of houses under construction was down 26% from its peak in November 2022. The Commerce Department said durable goods orders fell 1.4% in December, the second decline in three months. A dip in commercial aircraft orders led the drop-off. Excluding transportation equipment, demand for long-lasting manufactured items was up 0.9% from November and was up 2.8% from the year before. Core capital goods orders, a proxy for business investments, rose 0.6% for the month and were 3.5% ahead of December 2024. The Federal Reserve reported that industrial production rose 0.7% in January, led by a broad lift in manufacturing output. The 0.6% increase in factory production was the most since February and included the first gain for auto makers since August. Industries’ capacity utilization rate rose slightly in January but stayed below the long-term average, suggesting low potential for inflation. Thursday The U.S. trade deficit narrowed slightly in 2025, as the value of exports outpaced imports. The Bureau of Economic Analysis reported that the 2025 trade gap was $901.5 billion, down 0.2% from the year before. Exports grew 6.2% in the year while imports rose 4.8%. Trade gaps detract from economic output, as measured by the gross domestic product. From November, the deficit widened 32.6% with exports declining 1.7% and imports rising 3.6%. The four-week moving average for initial unemployment insurance claims declined for the first time in four weeks, remaining 39% below the 59-year average, according to new Labor Department data. Some 2.2 million Americans claimed jobless benefits in the latest week, down 0.4% from the week before and up 0.9% from the same time in 2025. The Conference Board reported a 0.2% decline in its index of leading economic indicators in December. It was the fifth consecutive drop. In the last half of 2025, the index fell by 1.6%, an improvement from the 2.8% fall in the first half of 2026. The business research group said weak consumer expectations and meager factory orders led the decline. The Conference Board forecast 2.1% growth in U.S. gross domestic product in 2026, down slightly from estimates for 2025. Commitments to home buying slipped in January as sales activity remained the lowest in three decades. The pending home sales index of the National Association of Realtors declined 0.8% from December and was down 0.4% from January 2025. The trade group said lower mortgage rates have improved affordability and could spur another 550,000 home buyers into the market in 2026. But with ongoing inventory shortages, additional buyers could boost prices. Friday The U.S. economy grew at a 1.4% annual pace in the fourth quarter, down from 4.4% in the third quarter, according to a preliminary estimate by the Bureau of Economic Analysis. Expansion of the gross domestic product slowed mostly because consumer spending decelerated but also as a result of a 17% decline in federal government spending, which shaved nearly 1.2 percentage points from the growth rate. For all of 2025, GDP rose 2.2%, down from a 2.4% increase in 2024 and the weakest in three years. The Federal Reserve Board’s preferred measure of inflation rose to 2.9% in December, its highest rate since March 2024. The Bureau of Economic Analysis reported the Personal Consumption Expenditure index was down from a four-decade high of 7.2% in June 2022 but has stayed above the Fed’s long-range target of 2% since early 2021. The report also showed consumer spending rising 0.4% in December, outpacing the 0.3% gain in personal income. As a result, the personal saving rate fell to 3.6% of disposable income, its lowest point in more than three years. Sales of newly constructed houses slipped in December, as the annual pace dropped 1.7% from November to 745,000 houses. New home sales were up nearly 4% from the year before, as the rate rose above the pre-pandemic level for the second month in a row. The median sales price fell 2% from December 2024 to $414,400. The inventory of unsold new houses fell to 7.6 months’ worth of inventory at current sales rates, compared to less than six months’ just before the pandemic. The University of Michigan reported that its consumer sentiment index rose slightly from January. The reading was nearly 21% below where it stood in January 2025 as nearly half of all respondents said prices were eroding their personal finances. Sentiment was higher among consumers who were wealthier and had more education. Uncertainty and inflation expectations remained elevated historically but settled down from mid-2025 highs. Economists see consumer sentiment as a precursor to consumer spending, which accounts for about two-thirds of the U.S. gross domestic product. Market Closings for the Week Nasdaq – 22886, up 339 points or 1.5% S&P 500 – 6910, up 73 points or 1.1% Dow Jones Industrial Average – 49626, up 125 points or 0.3% 10-year U.S. Treasury Note – 4.09%, up 0.03 point .

Advisors on This Week’s Show Kyle Tetting Art Rothschild Adam Baley (with Max Hoelzl and Joel Dresang, engineered by Jason Scuglik) Week in Review (Feb. 9-13, 2026) Significant Economic Indicators & Reports Monday No major announcements Tuesday The Commerce Department reported no change in retail sales in December, following a 0.6% decline in the value of goods and services sold in November. Eight of 13 retail categories posted lower sales, led by furniture stores. Home-and-garden centers led the five categories that gained. Adjusted for inflation, retail sales declined by 0.3% in December, at least the fourth drop since April, with data missing from October because of the federal government shutdown. Wednesday U.S. employers added 130,000 jobs in January, far above the monthly pace of 15,000 in 2025. The employment situation report from the Bureau of Labor Statistics included other estimates surpassing analyst expectations, such as a 4.3% unemployment rate, down from 4.4% in December. The labor force participation rate of prime-age workers between 25 and 54 reached its highest point in nearly 25 years. Average wage increases continued to outpace overall inflation. Still, some measures suggested a harder employment market. The U-6 underemployment rate remained above the pre-pandemic level for the 26th month in a row. And employment in temporary help services — often a harbinger of job trends — stayed below the pre-pandemic mark for the 32nd month in a row. Thursday The four-week moving average for initial unemployment claims rose for the third week in a row but continued to indicate employer reluctance to let workers go. According to new data from the Labor Department, the rolling average of claims stayed 39% below the long-term average. Total jobless claims rose 3.5% from the week before, exceeding 2.2 million, but was 1.5% under the same time in 2025. The U.S. housing market remained the worst in more than 30 years in January, as the National Association of Realtors reported existing home sales dropped another 8.4%. The annual rate of unit sales was down 4.4% from the year-ago pace. And while extraordinarily cold and snowy weather contributed to low sales in January, the trade group continued to cite lack of supply for the industry’s woes. The median sales price rose 0.9% from the year before to $396,800, the 31st consecutive increase. But average wages rose faster than prices, and mortgage rates were lower than the year before, which improved affordability to the best level for buyers since March 2022. That’s when the Federal Reserve began raising interest rates to combat high inflation. Friday Despite another increase in housing costs in January, the overall inflation rate dipped to its lowest level since May. The Bureau of Labor Statistics said its Consumer Price Index rose 0.2% from December, led by shelter costs and food prices, which were partially offset by a 3.2% dip in gas prices. Compared to January 2025, the broadest measure of inflation rose 2.4%. That’s still above the Federal Reserve’s long-term target of 2% but down from a four-decade high of 9.1% in June 2022. Excluding volatile costs for food and energy items, the core CPI added 0.3% from December and was up 2.5% from the year before, the lowest rate since reaching 1.6% in May 2021. Market Closings for the Week Nasdaq – 23031, down 431 points or 1.8% S&P 500 – 6932, down 7 points or 0.1% Dow Jones Industrial – 50116, up 1223 points or 2.5% 10-year U.S. Treasury Note – 4.21%, down 0.04%

Advisors on This Week’s Show Kyle Tetting Tom Pappenfus Mike Hoelzl (with Max Hoelzl, engineered by Jason Scuglik) Week in Review (Feb. 2-6, 2026) Significant Economic Indicators & Reports Monday The manufacturing sector expanded in January for the first time in a year and only the second time in more than three years, according to the Institute for Supply Management. The trade group’s index, based on surveys of manufacturing supply managers, showed new orders growing for the first time since August and at the fastest pace in four years. Production also rose the most since early 2022, while employment contracted for the 28th month in a row. The ISM said 12% of manufacturing gross domestic product was in strong contraction in January, compared to 43% in December. Tuesday No major releases, in part because of the partial shutdown of the federal government. Wednesday Service industries, the largest segment of the U.S. economy, showed continued expansion in January. The Institute for Supply Management’s service index indicated growth for the 19th month in a row. The index level was unchanged from December and the highest since October 2024. Supply managers surveyed for the report continued to voice concerns over the impact and uncertainty of tariffs. The trade group said a trend in price increases deserved monitoring. Thursday The four-week moving average for initial unemployment claims rose for the second week in a row but continued to suggest a historically tight job market. According to data from the Labor Department, the latest four-week average was 41% below the all-time average, dating back to 1967. As an early measure of layoff trends, new jobless claims have signaled reluctance by employers to let workers go. Total claims fell 4.2% from the week before to just below 2.2 million, which was 1.2% lower than the year before. And while employers appear reluctant to dismiss workers, the number of job openings dropped in December to the lowest level since the pandemic. The Bureau of Labor Statistics counted 6.5 million openings in December, down from a record 12.1 million in March 2022 and below the pre-pandemic mark for the first time since September 2020. The number and rate of worker quitting their jobs — a measure of worker confidence — have stayed below pre-pandemic levels since the end of 2023. Friday A report on jobs and employment from the Bureau of Labor Statistics was delayed because of the partial shutdown of the federal government. The University of Michigan said a preliminary measure of its consumer sentiment index showed essentially no change from January. Though it was the highest reading since August, it was down 11% from February 2025 and remained “relatively low from a historical perspective.” The survey-based report found consumers continuing to be concerned about their personal finances because of high prices and weakened job prospects. Stockholders tended to feel more confident. Expectations for inflation continued to outpace expectations before the pandemic. Market Closings for the Week Nasdaq – 23031, down 431 points or 1.8% Standard & Poor’s 500 – 6932, down 7 points or 0.1% Dow Jones Industrial – 50116, up 1223 points or 2.5% 10-year U.S. Treasury Note – 4.21%, down 0.04%

Advisors on This Week’s Show Kyle Tetting Mike Hoelzl Kendall Bauer (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Jan. 26-30) Significant Economic Indicators & Reports Monday Orders for commercial aircraft boosted durable goods orders in November, the Commerce Department reported. Total orders rose 5.3% from October, the third increase in four months, and were 7.3% ahead of their level in November 2024. Excluding transportation equipment, orders rose 0.5% for the month and were up 2.4% from the year before. Core capital goods orders, a proxy for business investment, gained 0.7% from October and were up 3.1% from November 2024. Tuesday Housing prices increased again in November, though less than overall inflation, according to the S&P Cotality Case-Shiller national index. The 1.4% gain was unchanged from October and compared to a 2.7% year-to-year increase in the cost of living, as measured by the Consumer Price Index. An executive with the index said it indicated the U.S. housing market is in a period of tepid growth. Data showed a divergence of markets geographically with prices rising 5.7% in Chicago and declining 3.9% in Tampa. Month to month seasonally adjusted prices fell in 15 of 20 major cities. The Conference Board said its consumer confidence index fell in January to its lowest point since May 2014. The business research group said expectations sank across demographics including age, income and party affiliation. Expectation levels continued to signal near-term economic recession. Economists follow consumer confidence as a precursor to consumer spending, which drives about 70% of U.S. economic activity. Wednesday The policy-making body of the Federal Reserve Board announced no change to the overnight funds rate. Citing stabilizing unemployment and somewhat elevated inflation, the Federal Open Market Committee said it would hold the fed funds rate after dropping it three times in the last half of 2025. The rate is what banks charge one another. The Fed tends to raise it when it’s more concerned about inflation and to lower it when unemployment gets worrisome. Thursday The U.S. trade deficit nearly doubled in November, widening by 94.6% to $56.8 billion. Exports declined as imports rose as global trade continued to be volatile amid fluctuating U.S. tariffs. According to the Bureau of Economic Analysis, exports fell by 3.6% from October, led by sales of non-monetary gold and pharmaceutical products. Imports gained 5%, led by increased U.S. purchases of overseas pharmaceuticals and computers. Through the first 11 months of 2025, the deficit — which detracts from gross domestic product — widened 4%; exports gained 6.3%, and imports rose 5.8%. The four-week moving average for initial unemployment claims rose for the first time in four weeks but continued to show overall tight hiring conditions. The average was 43% below the all-time average dating back to 1967. The Labor Department said just under 2.3 million Americans claimed jobless benefits in the latest week, down 3% from the week before and a smidge below the same time in 2024. Worker productivity increased at a 4.9% annual rate in the third quarter, unchanged from a previous estimate. The Bureau of Labor Statistics reported worker output rose at a 5.4% pace while hours worked rose 0.5%. Hourly compensation advanced at a 2.9% pace in the quarter, resulting in a decline of 1.9% in labor costs. Year to year, productivity rose 1.9%, just below the 2% annual average in the business cycle that started at the end of 2019. In the previous cycle, beginning at the end of 2007, productivity averaged 1.5%, vs. a 2.1% average gain since 1947. A rise in demand for commercial aircraft boosted factory orders in November. The Commerce Department reported that total orders rose 2.7% from October, the third increase in four months. Demand for manufactured goods was up 3.4% from the year before. Excluding volatile orders for transportation equipment, orders rose 0.2% for the month and were up 0.7% from November 2024. Core capital goods orders, a proxy for business investments, rose 0.4% from October and were up 3.1% from November 2024. Friday The Bureau of Labor Statistics reported that wholesale inflation rose 0.5% in December, as prices on goods were unchanged while services increased. The Producer Price Index advanced 3% from the year before, down from 3.5% in 2024 but up from as low as 2.4% in June. The Federal Reserve target for long-term inflation is 2%. Excluding volatile prices for food, energy and trade services, the so-called core PPI rose 0.4% from November and was up 3.5% from December 2024. Market Closings for the Week Nasdaq – 23462, down 39 points or 0.2% Standard & Poor’s 500 – 6939, up 23 points or 0.3% Dow Jones Industrial – 48892, down 206 points or 0.4% 10-year U.S. Treasury Note – 4.24%, no change

Advisors on This Week’s Show Kyle Tetting Dave Sandstrom Mike Hoelzl (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Jan. 19-23, 2026) Significant Economic Indicators & Reports Monday Markets and government offices closed for Martin Luther King Jr. Day Tuesday No major releases Wednesday U.S. construction spending rose in October for the fourth time in five months. Data from the Commerce Department, delayed by the government shutdown in the fall, showed the seasonally adjusted annual rate of building expenditures up 0.5% from September. It was 1% below its year-ago pace. Spending on residential construction — accounting for 57% of the total — slipped 1.2% from the October 2024 pace. Manufacturing accounted for 10% of all construction spending and was down 11% from a record high last May. An early indicator of home sales declined in December. The National Association of Realtors’ index of pending home sales dropped 9.3% from November and was down 3% from December 2024. The trade group said several seasonal factors could have affected the reading but that low inventories probably dampened demand. At 71.8, the index of pending sales was nearly 30% below what the association considers normal. Total sales for 2025 tied with the year before for the lowest since 1995. Thursday The U.S. economy grew at an annual pace of 4.4% in the third quarter, up from 3.8% in the previous three months and the highest rate in two years. The Bureau of Economic Analysis said the acceleration in gross domestic product was led by consumer spending, exports, government spending and investments. A decline in imports also contributed to the third-quarter gain.The 4.4% pace was revised from 4.3% in an earlier estimate. Since the third quarter of 2024 and adjusting for inflation, GDP rose 2.3%. The four-week moving average for initial unemployment claims fell for the third week in a row and the fourth time in five weeks to reach the lowest level in two years. The average was 44% below the all-time average dating back to 1967. The Labor Department said 2.3 million Americans claimed jobless benefits in the latest week, up more than 5% from the week before and 1.5% higher than the same time in 2025. The Bureau of Economic Analysis said consumer spending rose 0.5% in November, outpacing a 0.3% increase in personal income. As a result, the personal saving rate dipped to 3.5% of disposable income, the lowest in more than three years. The personal consumption expenditures index, the Federal Reserve Board’s favorite measure of inflation, rose 2.8% from November 2024, up from 2.7% in October. The inflation rate remained above the Fed’s 2% long-term target but was below a four-decade high exceeding 7% in June 2022. Friday The University of Michigan said its consumer sentiment index improved from December with a small, broadly based increase. The index rose 6.6% from the month before and remained 21% below where it stood in January 2025, as consumers continued to complain about high prices and expressed concerns about weakening job conditions. Expectations for inflation ran at 4% in the next year and 3.3% longer term. Consumers’ outlook for inflation stayed high historically but was down from mid-2025 peaks, which were blown up by worries over global trade wars. The U.S. economy should slow in 2026, the Conference Board said, based on its November report of leading economic indicators. The business research group said its index declined 0.3% in November after dropping 0.1% in October, led by weak consumer expectations and falling demand for manufactured goods. Among the positive indicators were fewer unemployment insurance claims and more factory hours worked. For the latest six months, the index fell 1.2%, compared to a decline of 2.6% in the previous six months. Market Closings for the Week Nasdaq – 23501, down 14 points or 0.1% Standard & Poor’s 500 – 6916, down 24 points or 0.4% Dow Jones Industrial – 49099, down 261 points or 0.5% 10-year U.S. Treasury Note – 4.24%, up 0.01 point

Advisors on This Week’s Show Kyle Tetting Adam Baley Kendall Bauer (with Max Hoelzl,Joel Dresang, engineered by Jason Scuglik) Week in Review (Jan. 12-16, 2026) Significant Economic Indicators & Reports Monday No major announcements Tuesday The broadest measure of inflation rose slightly in December, staying above the Federal Reserve Board target though below the four-decade peak in 2022. The Bureau of Labor Statistics reported the Consumer Price Index, rose 0.3% from November, led by shelter costs and food prices, offset by lower gas prices. The CPI advanced 2.7% from December 2027, unchanged from the November pace. That’s down from 9.1% in June 2022 but above the Fed’s long-range target of 2%. Excluding volatile prices for food and energy items, the core CPI rose 0.2% from November and was 2.6% ahead of December 2024, the slowest pace for core inflation since March 2021. The Commerce Department reported a slight decline in the annual rate of new home sales in October. All the growth occurred in southern states and was nearly 19% ahead of the year-ago pace. Despite declining 0.1% from September, the annual sales rate of new houses stayed above the pre-pandemic level for the third month in a row. An increase in sales of houses for less than $400,000 brought the median sales price down to $392,300, 8% below the mark in October 2024. Wednesday The Commerce Department said retail sales rose 0.6% in November after slipping 0.1% in October. The latest gain suggested continued resilience in the economy, with 10 of 13 retail categories expanding, led by car dealers, gas stations, home-and-garden centers and sporting goods/hobby stores. Sales at bars and restaurants also rose in November, rising for the fifth time in six months. Retail sales represent about two-thirds of consumer spending, which drives more than two-thirds of economic growth. The Bureau of Labor Statistics reported that wholesale inflation rose 0.2% in November, as prices on goods increased while services were unchanged. A 4.6% jump in energy prices accounted for 90% of the rise in the cost of goods. The Producer Price Index advanced 3% from the year before, down from the record 11.7% reached in March 2022. Excluding volatile prices for food, energy and trade services, the so-called core PPI also rose 0.2% from October and was up 3.5% from the year before, the most since March. Housing sales continued to tank in 2025. The National Association of Realtors reported 4.06 million houses and condominium sold, the same as 2024, and the lowest since 1995. Existing home sales account for 90% of the residential market. The trade group cited record-high prices and scant supply. The median sales price for December reached $405,400, up 0.4% from the year before, the 30th straight increase. The number of unsold houses on the market fell below 1.2 million, or 3.3 months’ worth at the current sales pace. Thursday The four-week moving average for initial unemployment claims fell to its lowest level since January  2024, dropping 43% below the all-time average. An indicator of employers’ willingness to let workers go, the moving average was 1% above where it stood just before the COVID-19 pandemic, according to Labor Department data. Total claims for jobless benefits rose 16% from the week before to 2.2 million, affected in part by year-end layoffs. That was up 0.2% from the year before. Friday Industrial production rose in December for the second month in a row and gained 2% from the year before. The Federal Reserve Board said production from factories increased 0.2% from November and also was up 2% from December 2024. Industries’ capacity utilization rate — covering manufacturing, mining and utilities — also rose for the second consecutive month, though it stayed below its 53-year average, suggesting higher prices weren’t imminent. Market Closings for the Week Nasdaq – 23515, down 156 points or 0.7% Standard & Poor’s 500 – 6940, down 26 points or 0.4% Dow Jones Industrial – 49359, down 145 points or 0.3% 10-year U.S. Treasury Note – 4.23%, up 0.04 point

Advisors on This Week’s Show Kyle Tetting Art Rothschild Mike Hoelzl (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Jan. 5-9, 2026) Significant Economic Indicators & Reports Monday The Institute for Supply Management reported that its manufacturing index signaled contraction in December for the 10th month in a row and the 36th time in 38 months. Based on surveys of supply managers, the index showed that the industry slump accelerated for the third month in a row. The trade group said 85% of the sector’s gross domestic product shrank in December, compared to 58% in November, and 43% of manufacturing GDP was in strong contraction, vs. 39% the month before. The ISM said the index suggested the overall U.S. economy was growing at an annual rate of 1.6%. Tuesday No significant reports or announcements Wednesday A report from the Commerce Department showed manufacturing orders shrinking in October for the third time in five months. The value of orders fell 1.3% from September and was 3.3% ahead of October 2024. Excluding volatile orders for transportation equipment – most notably commercial aircraft, orders sank 0.2% for the month and gained 0.8% from the year before. A proxy for business investments was up 0.5% from October and 3.1% from the year before. U.S. employers posted 7.1 million job openings in November, as both hiring and separations remained stagnant. Openings were down from a record high of 12.2 million in March 2022 and remained above the pre-pandemic level of about 7 million. The Bureau of Labor Statistics reported that both the number and proportion of workers quitting their jobs – an indicator of worker confidence – stayed below the pre-pandemic level for the 23rd month in a row. The U.S. services sector grew at a faster pace for the third month in a row in December, according to the Institute for Supply Management. The trade group’s services index showed most components improved from November. Employment expanded for the first time in seven months. The 12-month average for the index has been dropping for nearly four years. Supply managers told the ISM they’re concerned about prices, tariffs and seasonal factors. Thursday The U.S. trade deficit narrowed 39% in October to $29.4 billion, the slimmest margin since mid-2009, amid continued adjustments to shifting tariffs. According to the Bureau of Economic Analysis, exports rose by 2.6% from September, with non-monetary gold and other precious metals offsetting a decline in other goods sold abroad. Imports fell 3.2%, led by pharmaceuticals. Through the first 10 months of 2025, the deficit – which detracts from gross domestic product – widened 7.7%; exports gained 6.3%, while imports rose 6.6%. The Bureau of Labor Statistics said worker productivity rose at an annual rate of 4.9% in the third quarter, the fastest pace in two years. Measured year over year, productivity advanced 1.9% from the third quarter of 2024. That compares to an average 1.5% annual gain since the end of 2019, which is below the 2.1% average since 1947. The productivity report showed unit labor costs falling at a 1.9% annual pace during the latest quarter, as output rose faster than compensation. Adjusted for inflation, compensation rose 0.3% from the third quarter of 2024. The four-week moving average for initial unemployment claims fell for the second time in three weeks to its lowest level since April 2024. The measure of employer willingness to part with workers was 41% below the all-time average and 2% above where it stood just before the COVID-19 pandemic. Data from the Labor Department showed 1.9 million Americans claiming unemployment benefits in the latest week. That was down 5.7% from the week before and up 1% from the same time last year. In a sign of ongoing consumer caution, credit card debt sank in November at a 1.9% annual pace. The Federal Reserve Board reported that revolving consumer debt outstanding declined for the sixth time in 13 months. The decrease amounted to $2.1 billion. Consumer spending accounts for about two-thirds of U.S. economic output, as measured by the gross domestic product. Credit card debt partly reflects the confidence of consumers to keep spending. Friday U.S. employers added 50,000 jobs in December, barely higher than the average for 2025 and well below the monthly addition of 168,000 jobs in 2024. Other data from the Bureau of Labor Statistics report suggests a resilient though cooling job market. Temporary help jobs ­­— considered a bellwether of overall hiring trends — dropped to the lowest number in 14 years. The average hourly wage rose 3.8% from December 2024, exceeding overall inflation for the 31st month in a row. The same report showed the unemployment rate at 4.4%, staying above the pre-pandemic rate since mid-2023. The pace of U.S. housing starts and building permits continued to slow in October. The Commerce Department reported the annual rate of new construction declined nearly 5% from September and almost 8% from the year before. The annual pace of permits inched down 0.2% for the month and was more than 1% lower than in October 2024. The pace of houses under construction was down 23% from the peak three years earlier but still stayed 8% above the pre-pandemic level. The University of Michigan reported a second consecutive month of slightly improving consumer sentiment. A preliminary January reading of the survey-based index showed overall sentiment down nearly 25% from the beginning of 2025, though up from mid-year pessimism surrounding unclear tariff policies. The university said consumers remained mostly concerned about higher prices and a weaker job market. Market Closings for the Week Nasdaq – 23671, up 436 points or 1.9% Standard & Poor’s 500 – 6966, up 108 points or 1.6% Dow Jones Industrial – 49504, up 1122 points or 2.3% 10-year U.S. Treasury Note – 4.17%, down 0.02 point

Advisors on This Week’s Show Kyle Tetting Kendall Bauer John Sandstrom (with Max Hoelzl,Joel Dresang, engineered by Jason Scuglik) Week in Review (Dec. 29, 2025-Jan. 2, 2026) Significant Economic Indicators & Reports Monday The National Association of Realtors reported increased demand for housing in November, though it remained historically low. The trade group reported its pending home sales index rose 3.3% in from October and was 2.6% ahead of the year before. It was the highest seasonally adjusted reading since February 2023, the group said, but it was still more than 20% below what it considers to be normal activity. The Realtors said lower mortgage rates and wages rising faster than inflation were making housing more affordable while greater inventory was attracting more buyers. Tuesday Housing inflation continued to slow in October, staying below overall inflation. The S&P Cotality Case-Shiller national index rose 1.4% from its year-earlier measure. The pace was essentially unchanged from September and marked the lowest price growth since mid-2023, just as the Federal Reserve Board had started boosting interest rates to tamp down inflation. Unadjusted for seasonal fluctuations, monthly home prices declined in 16 of the 20 metropolitan markets followed closest by the index. Analysts for S&P observed “broad stagnation as high mortgage rates weigh on affordability and suppress price momentum.” Wednesday The four-week moving average for initial unemployment claims rose for the third time in four weeks but stayed 40% below its 58-year average, suggesting ongoing tightness in the job market. The Labor Department reported that total claims – including ongoing cases – surpassed 2 million in the latest week, up more than 6% from the previous week and up more than 2% from the year before. Thursday Markets and government offices closed for New Year’s Friday No significant releases

Advisors on This Week’s Show Kyle Tetting Adam Baley Dave Sandstrom (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Managing Expectations for 2026 In a special year-end Money Talk Podcast, Landaas investment advisors Kyle Tetting, Adam Baley and Dave Sandstrom look ahead at the global economic trends and financial market forces that warrant the attention of long-term investors. “We’re going to talk about the look ahead for the year of 2026,” Kyle explained at the outset, “expectations for the year ahead after – at least as we’re recording this – what has been an incredible year so far for 2025.” Included in the discussion: The possibility of another year of double-digit returns, based on strong earnings forecasts. Continued historically high stock valuations. Continued historically low interest rates. Prospects for further rate reduction by the Federal Reserve. Continued investments in artificial intelligence. Further prospects for non-U.S. investments. Ongoing vigilance against scams. Learn more2025 Investment Outlook Seminar,a Money Talk Video with Kyle TettingThe Fed: What investors should know, a Money Talk Video with Dave SandstromRare U-turn raises yield curve concerns, by Adam Baley2025 Investment Outlook Seminar: Tax updates, a Money Talk Video with Dave Sandstrom5 reasons to watch the dollar, by Steve GilesHeads Up: Protecting Yourself from Scams, by Jason Scuglik A look back at 2025 Coming in the Jan. 2, 2026 Money Talk Podcast: Landaas investment advisors Kyle Tetting, Kendall Bauer and John Sandstrom review developments that influenced investment returns over the course of 2025.

Advisors on This Week’s Show Kyle Tetting Adam Baley Dave Sandstrom (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Dec. 15-19, 2025) Significant Economic Indicators & Reports Monday No major announcements Tuesday Employers continued to add jobs in November amid signs of a weakening labor market, including the highest unemployment rate in four years. The shutdown-delayed employment report from the Bureau of Labor Statistics showed 64,000 more jobs in November after a 105,000-job decline in October, the third drop in five months. Federal jobs led the October fall as total employment stayed flat since April. Temporary help — considered a harbinger of hiring trends — reached its lowest level outside of the pandemic since 2012, amid recovery from the Great Recession. Because of the 43-day government shutdown, household data was not collected in October and had a higher margin of error in November. That data raised the seasonally adjusted unemployment rate rose to 4.6% in November, the highest since September 2021. The Commerce Department reported no change in retail sales in October. Eight of 13 major categories had higher sales. Decliners were led by car dealers, home-and-garden centers and bars and restaurants. Sales fell at gas stations because of lower prices. Excluding volatile car and gas sales, retailers generated 0.5 % more revenue than in September. About two-thirds of U.S. economic activity is driven by consumer spending, a majority of which is reflected in retail sales. Wednesday No major announcements Thursday The broadest measure of inflation showed a 2.7% annual pace in November. Because of the shutdown, the Bureau of Labor Statistics skipped its October report, the first miss  since 1948, but showed a lower Consumer Price Index increase for the first time since April, when the year-to-year rate was 2.3%. Inflation stayed above the long-range Federal Reserve target of 2% but was down from a four-decade high of 9.1% in June 2022. According to the incomplete report, gas prices were up 11% from the year before and shelter costs rose 3%. Excluding volatile costs for energy and food, the core CPI rose 2.6% from November 2024. The four-week moving average for initial unemployment claims rose for the second week in a row, the Labor Department reported. The gauge of employers’ willingness to release workers was 40% below the long-term average and up 5% from the low just before the COVID-19 pandemic. Total jobless claims rose nearly 16% in the latest week to just below 2 million, up almost 2% from the year before. Friday Existing home sales rose 0.5% in November, a third consecutive increase, the National Association of Realtors reported. The annual sales rate of 4.1 million houses and condos was 1% below the year before; 2024 had the lowest sales in 30 years. An economist for the trade association said housing wealth was at an all-time high, so homeowners are in no hurry to list their properties. Low inventory has helped boost prices, rising to a median price of $409,200 in November, a 1.2% gain from the year before and the 29th consecutive increase. The University of Michigan’s consumer sentiment index rose marginally in December, though it was 28.5% lower than the year before. Conditions for buying durable goods fell for the fifth month in a row as 63% of consumers surveyed foresaw a continuing rise in unemployment. Inflation expectations fell but remained higher than they were in January. Economists follow consumer sentiment as a leading indicator of consumer spending. Market Closings for the Week Nasdaq – 23286, up 91 points or 0.4% Standard & Poor’s 500 – 6837, up 10 points or 0.1% Dow Jones Industrial – 48254, down 204 points or 0.4% 10-year U.S. Treasury Note – 4.15%, down 0.04 point

Advisors on This Week’s Show Kyle Tetting Steve Giles Tom Pappenfus (with Max Hoelzl, Joel Dresang, engineered by Blake Miller) Week in Review (Dec. 8-12, 2025) Significant Economic Indicators & Reports Monday No major announcements Tuesday Employers’ appetite for new workers rose in September and then only slightly in October, according to a delayed job openings report from the Bureau of Labor Statistics. Openings reached nearly 7.7 million in October, down 36% from the peak of 12.1 million in March 2022, but still above pre-pandemic levels. The report combined new data from September and October and was one week later than usual because of the federal government’s 43-day shutdown. The rate and number of workers quitting their jobs – a sign of worker confidence – dipped to their lowest levels since the early months of the pandemic. They have been below pre-COVID levels since the end of 2023. Wednesday The policymaking body of the Federal Reserve Board voted to lower short-term interest rates again by a quarter point, as widely expected. Citing increased signs of a weakening labor market amid “somewhat elevated” inflation, the Federal Open Market Committee moved to slightly boost what it determined was moderate economic growth. Members of the committee were divided on the action. While nine voted to lower the fed funds rate by a quarter of a point, one member wanted to reduce it by a half point, and two others wanted to hold rates steady. Thursday The U.S. trade gap narrowed 11% to $52.8 billion in September, the lowest deficit since mid-2020, amid the pandemic. The value of exports rose 3% from August, led by non-monetary gold and pharmaceuticals. Imports declined 0.6%, led by pharmaceuticals. The Bureau of Economic Analysis said the trade deficit, which detracts from measures of economic output, widened 17% through the first three quarters of the year, compared to the same period in 2024. In that time, exports grew 5% and imports rose nearly 8%. The four-week moving average of initial unemployment claims rose for the first time in four weeks. Data from the Labor Department continued to suggest an overall reluctance by employers to let workers go. The moving average for jobless applications was 40% below its 58-year average. Just over 1.7 million Americans claimed unemployment benefits in the latest week, down 5% from the week before but almost 3% more than the same time last year. Friday No major announcements Market Closings for the Week Nasdaq – 23195, down 383 points or 1.6% Standard & Poor’s 500 – 6827, down 43 points or 0.6% Dow Jones Industrial – 48458, up 503 points or 1.0% 10-year U.S. Treasury Note – 4.19%, up 0.05 point

Advisors on This Week’s Show Dave Sandstrom Mike Hoelzl John Sandstrom (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Dec. 1-5, 2025) Significant Economic Indicators & Reports Monday The manufacturing industry shrank in November for the ninth month in a row and the 35th time in 37 months, according to the Institute for Supply Management. The trade group said manufacturers continued to complain about tariffs, prices and uncertainty as supplier deliveries and new orders grew. Employment sank. A rare bright spot was a slight increase in production. Based on past history, the index suggests the U.S. economy is growing at an annual rate of 1.7%. Because of the federal government shutdown in October and the first couple of weeks in November, the Commerce Department did not releasee its scheduled report on construction spending. Tuesday No major releases Wednesday Industrial production in the U.S. grew by 0.1% in September, rising for the third time in four months, the Federal Reserve reported. Production of consumer goods fell, led by automotive. The output of consumer goods declined for the second quarter in a row, at an annual pace of 0.6%, according to the Fed. Industries were using 75.9% of their production capacity, which was below the 50-year average of 79.5%, suggesting a lack of inflationary pressure. The service sector showed signs of an emerging recovery in November, according to the Institute for Supply Management. The trade group’s ISM services index signaled expansion for the second month in a row, reaching a reading of 52.6, compared to its 12-month average of 51.7. The ISM noted that the average is the lowest since August 2024 and the second lowest since mid-2010. Supply managers surveyed for the index said higher tariffs and the federal government shutdown are upsetting both demand and costs. Thursday The Bureau of Economic Analysis failed to report on the U.S. trade gap for October, as scheduled, because of the 43-day federal government shutdown. The four-week moving average of initial unemployment claims fell for the third week in a row, the fifth time in six weeks, to its lowest level since January. The numbers continued to suggest an overall reluctance to let workers go. Data from the Labor Department put the moving average at 41% below its 58-year average. Just over 1.8 million Americans claimed unemployment benefits in the latest week, up 3.2% from the week before, and 4% above the same time last year. Demand for manufactured goods improved in October, with factory orders rising the second month in a row. Led by military equipment, orders gained 0.2% from September and were up 3.5% from October 2024. Excluding volatile transportation equipment, orders rose 0.2% for the month and were 0.8% higher than the year before, the Commerce Department reported. Orders for core capital goods, a measure of business investment, advanced 0.9% from September and were up 2.7% from October 2024. Friday A delayed report on inflation showed a slight increase in September. The Bureau of Economic Analysis said the Personal Consumption Expenditure index, the Federal Reserve’s preferred inflation gauge, rose 2.8% from the year before, up from 2.7% In August and the highest rate in 17 months. The core PCE, which strips out volatile food and energy prices, rose slightly less than it did in August, and its year-to-year pace slowed slightly. Consumer spending, which drives more than two-thirds of economic output, increased 0.3% from August, following three months of 0.5% gains. Consumer sentiment rose minimally in early December, based on a preliminary report from the University of Michigan. Survey data showed the university’s sentiment index up 4.5% from November, within the margin of error, though it remained 28% below where it stood in December 2024. Expectations for personal finances increased, the university said, but they remained 12% below where they began the year. High expectations of inflation also moderated. Ongoing concerns over high prices made consumers “broadly somber,” the university said. Market Closings for the Week Nasdaq – 23578, up 212 points or 0.9% Standard & Poor’s 500 – 6870, up 21 points or 0.3% Dow Jones Industrial – 47955, up 239 points or 0.5% 10-year U.S. Treasury Note – 4.14%, up 0.12 point

Advisors on This Week’s Show Kyle Tetting Art Rothschild Steve Giles (with Max Hoelzl and Joel Dresang engineered by Jason Scuglik) Learn moreGratitude is an enriching attitude, by Joel DresangBigger bang from charitable contributions, a Money Talk Video with Art RothschildIRS Publication 526, Charitable Contributions, IRS Tax TopicAn IRS FAQ on qualified charitable distributions from IRAs In the seasonal spirit of giving, Landaas investment advisors devoted a Money Talk Podcast episode to suggesting strategic ways for investors to be charitable. “As always, we’ll start with the reminder that we are not tax advisors. We’re investment people,” Kyle Tetting said. “You should definitely go out and talk to your tax preparer, your CPA, about how these things impact your specific tax situation.” That said, Kyle, Art Rothschild and Steve Giles explained options investors could explore to the make the most try to make the most of their opportunities to spread their wealth. Their discussions included: Giving cash Gifting appreciated assets Using qualified charitable distributions Using donor-advised funds Gifting to children and grandchildren Some strategies entail tax considerations because tax benefits often let investors afford bigger gifts, Kyle noted. But the bottom line is to are important, Kyle noted that the bottom line is to support the donor’s generosity. “I always start the conversation with clients on charitable giving by saying we don’t ever give away money to save on taxes,” Kyle said. “We give away the money that we would otherwise want to give to charity, but where we’re giving, we want to do it in the most tax-efficient way possible.” Click here to listen to the 2025 Giving Podcast. ONLINE GUIDES FOR SCRUTINIZING CHARITIES: Candid (formerly known as GuideStar) IRS Search for Tax Exempt Organizations Donating to Charity, from the Federal Trade Commission BBB Wise Giving Alliance Charity Navigator Charity Watch

Advisors on This Week’s Show Kyle Tetting Art Rothschild Steve Giles (with Max Hoelzl and Joel Dresang engineered byJason Scuglik) Week in Review (Nov. 17-21, 2025) Significant Economic Indicators & Reports Monday The Commerce Department reported a 0.2% rise in construction spending in August, in its first release of economic data since the six-week federal government shutdown, which ended Nov. 12. Spending on housing construction accounted for 43% of the total and rose 0.8% from July. Total construction spending was 2.1% lower than its May 2024 peak. Compared to August 2024, overall construction spending fell 1.6% and dropped 1.8% for housing. Tuesday The Federal Reserve reported that it could not release its scheduled report on industrial production and capacity utilization because it relied on data from other agencies that had been affected by the federal government shutdown. Factory orders rose in August for the first time in three months, according to the Commerce Department. Led by orders for commercial aircraft, demand for manufactured goods was up 3.3% from August 2024. Excluding the volatile transportation category, orders rose 0.1% from July and gained 0.6% from the year before. Core capital goods orders, a proxy for business investments, advanced 0.4% for the month and 2.3% from August 2024. Wednesday The U.S. trade deficit narrowed by 23.8% in August to $59.6 billion. The Bureau of Economic Analysis reported the gap shrank because of a 0.1% rise in exports and a 5.1% decline in imports. Travel services led the slight gain in exports while sales abroad of U.S.-made goods fell, led by computers and pharmaceuticals. Through the first eight months of 2025, the trade gap widened by 25% from the year before, with a 5.1% gain in exports and a 9.2% advance in exports. Trade deficits detract from economic growth, as measured by the gross domestic product. Housing construction data on building permits and housing starts were not available as scheduled from the Commerce Department. Thursday The four-week moving average for initial unemployment insurance claims declined for the third time in four weeks as the Labor Department resumed reports following the six-week government shutdown. Initial claims were 38% below the all-time average and 8% above where they were just before the COVID-19 pandemic. Levels of unemployment among those covered by insurance were at four-year highs. Total claims rose slightly to just under 1.8 million, up nearly 7% from the same time last year. U.S. employment gained in September amid more signs of labor-market weakening. The Bureau of Labor Statistics issued a shutdown-delayed report of employers adding 119,000 jobs in September, on par with the 12-month pace. But revisions from recent months showed a net loss of jobs in August, the second setback in three months. Temporary-help employment, considered a harbinger of hiring, fell to its lowest level since early 2012. Average pay stayed above the overall inflation rate. The unemployment rate – determined separately from household surveys – rose to 4.4%, the highest in four years. The government said the shutdown precluded it from conducting household surveys in October, meaning it will fail to deliver that monthly report for the first time in 77 years. Because of the federal government shutdown, the Conference Board could not report on its October index of leading economic indicators. The National Association of Realtors reported a 1.2% rise in existing home sales in October. The annual sales rate was up 1.7% from the year before to 4.1 million houses and condos. That’s level with what the trade group reported for all of 2024, marking the lowest level in 30 years. The association credited lower mortgage rates for improving sales recently, but inventories remained below historically sustainable rates. The median sales price rose to $415,200, up 2.1% from October 2024, the 28th consecutive year-to-year gain. Friday Considered a precursor to spending, consumer sentiment, sank again in November, dropping 4.9% from October and 29% from where the index was in November 2024. The longstanding report from the University of Michigan noted a slight gain after the federal government shutdown ended, but consumers expressed continued concerns about high prices and weakened incomes. The university said recent market sell-offs particularly dimmed the view of stockholders. Expectations for inflation inched down but remained higher than they were to start the year. Market Closings for the Week Nasdaq – 22273, down 628 points or 2.7% Standard & Poor’s 500 – 6603, down 131 points or 1.9% Dow Jones Industrial – 46246, down 902 points or 1.9% 10-year U.S. Treasury Note – 4.06%, down 0.09 point

Advisors on This Week’s Show Kyle Tetting Dave Sandstrom Tom Pappenfus (with Max Hoelzl and Joel Dresang engineered by Jason Scuglik) Week in Review (Nov. 10-14, 2025) Significant Economic Indicators & Reports Monday No major announcements Tuesday No major announcements Wednesday No major announcements Thursday October updates on the Consumer Price Index, the broadest measure of inflation, were not available from the Bureau of Labor Statistics because of the federal government shutdown. Although the shutdown officially ended Wednesday ­­­— at 43 days, the longest in U.S. history, agencies are expected to take some time to resume collection, analysis and reporting of data. The Labor Department report on initial claims for unemployment were not available for the seventh week in a row because of the federal government shutdown. Friday The Commerce Department failed to release October retail sales data as scheduled because of the federal government shutdown. Retail sales represent about two-thirds of U.S. consumer spending, which accounts for about 70% of the country’s gross domestic product. Because of the federal government shutdown, the Bureau of Labor Statistics did not report on the October Producer Price Index, which tracks inflation on the wholesale level. Market Closings for the Week Nasdaq – 22901, down 104 points or 0.5% Standard & Poor’s 500 – 6734, up 5 points or 0.1% Dow Jones Industrial – 47147, up 60 points or 0.3% 10-year U.S. Treasury Note – 4.15%, up 0.06 point

Advisors on This Week’s Show Kyle Tetting Adam Baley (with Max Hoelzl and Joel Dresang, engineered by Jason Scuglik) Week in Review (Nov. 3-7, 2025) Significant Economic Indicators & Reports Monday The manufacturing sector contracted in October for the eighth month in a row and the 34thrd time in 36 months, according to the Institute for Supply Management. The trade group’s index, based on surveys of industry purchasing managers, showed continued concerns about the uncertainty and unpredictability surrounding tariff policies. The group said based on past index readings the overall U.S. economy expanded for the 66th straight month, growing at an annual rate of 1.8%. Because of the federal government shutdown, the Commerce Department did not release a report on construction spending in September. Tuesday The September report on the U.S. trade deficit was not published by the Bureau of Economic Analysis because of the federal government shutdown. The Commerce Department did not release a report on factory orders for September because of the federal government shutdown. The Bureau of Labor Statistics did not report on September job openings and labor turnover because of the federal government shutdown. Wednesday The service sector of the U.S. economy expanded in October for the fourth time in five months, following no change in September. The Institute for Supply Management said its services index rose at the fastest pace since February, as both business activity and new orders grew. The trade group said its survey of purchasing managers showed service-sector employment slumping for the fifth month in a row, suggesting a lack of confidence in the economy. Respondents cited concerns about tariffs and the federal government shutdown. The ISM said based on index history, the U.S. gross domestic product was growing at an annual rate of 1.2%. Thursday The Bureau of Labor Statistics did not release a scheduled report on worker productivity in the third quarter because of the federal government shutdown. The Labor Department’s weekly report on initial claims for unemployment insurance was not available for the sixth week in a row because of the federal government shutdown. Friday The Bureau of Labor Statistics did not report on October payroll and unemployment data because of the federal government shutdown. The University of Michigan said consumer sentiment continued sinking as survey respondents felt less certain about their current personal finances and more pessimistic about business conditions next year. Overall sentiment dropped 6% from September and 30% from the same time last year. Expectations for inflation rose to 4.7% a year from now but dipped to 3.6% longer term. Consumers expressed continued concerns about the impact of trade wars and worries about economic fallout from the federal government shutdown. Market Closings for the Week Nasdaq – 23005, down 720 points or 3.0% Standard & Poor’s 500 – 6729, down 111 points or 1.6% Dow Jones Industrial – 46987, down 576 points or 1.2% 10-year U.S. Treasury Note – 4.09%, down 0.01 point

Advisors on This Week’s Show Kyle Tetting Art Rothschild Steve Giles (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Oct. 27-31, 2025) Significant Economic Indicators & Reports Monday An indicator of demand for manufactured products, the Commerce Department’s report on durable goods orders, was unavailable because of the federal government shutdown. Tuesday Housing prices continued slowing in August, according to the S&P Cotality Case-Shiller national home price index. The measure showed a 1.5% year-to-year gain in residential prices, the lowest in more than two years and below the overall inflation rate for the fourth straight month. An S&P analyst said the housing market has been trying to find a sustainable equilibrium following its post-pandemic boom. He added, “(H)omeowners are watching their real equity erode while buyers face the dual challenge of elevated prices and high borrowing costs.” The Conference Board said its consumer confidence index moved sideways in October. The index dipped slightly from September with lower expectations offsetting consumers’ marginally higher opinion of the present situation. The business research group said pessimism about the future continued to suggest an impending recession for the ninth month in a row. Prices and inflation remained the top concerns among survey respondents. Mentions of tariffs declined from earlier surveys but stayed elevated. Some consumers expressed dismay about the federal government shutdown. Wednesday The National Association of Realtors said its pending home sales index was unchanged in September and down 0.9% from the year before. The trade association said lower mortgage rates and increased wealth effect – from record-high stock prices and elevated home values – could not overcome apparent softening in the job market.  The pending sales index remained more than 25% below its 2001 base, which the Realtors consider a normal level of sales activity. As expected, the Federal Open Market Committee lowered short-term lending rates by one quarter of a percentage point for the second time in six weeks. The Federal Reserve Board’s policy-making body said continued consideration of slowing labor markets prompted it to loosen monetary control, though it also expressed reluctance to lower rates while inflation stayed above the long-term target of 2%. The September Consumer Price Index showed broad inflation rising at a 3% annual rate, although more complete data reports have been curtailed by the federal government shutdown. Thursday The broadest measure of U.S. economic output, the quarterly report on gross domestic product, was not available from the Bureau of Economic Analysis because of the federal government shutdown. The GDP report includes the Fed’s preferred measure of inflation, the personal consumption expenditure index. The Labor Department’s report on initial unemployment insurance claims was not available for the fifth week in a row because of the federal government shutdown. Friday The Bureau of Economic Analysis did not release its consumer spending report for September because of the federal government shutdown. Market Closings for the Week Nasdaq – 23725, up 520 points or 2.2% Standard & Poor’s 500 – 6840, up 49 points or 0.7% Dow Jones Industrial – 47563, up 356 points or 0.8% 10-year U.S. Treasury Note – 4.10%, down 0.10 point

Advisors on This Week’s Show Kyle Tetting Adam Baley Mike Hoelzl (with Max Hoelzl and Joel Dresang, engineered by Jason Scuglik) Week in Review (Oct. 20-24, 2025) Significant Economic Indicators & Reports Monday The Conference Board said its September index of leading economic indicators was not available because of the government shutdown. The indicator from the business research group relies mostly on government data to show trends in the U.S. economy. Tuesday No major releases Wednesday No major releases Thursday The federal government shutdown delayed the Labor Department’s weekly report of initial unemployment claims, which gauges the job market and employers’ willingness to let go of workers. The National Association of Realtors credited lower mortgage rates and improved affordability for helping to boost existing home sales in September. Sales rose 1.5% from the pace in August and were up 4.1% from the year before. At an annual rate of 4.06 million houses, sales were slightly below the 2024 final which was the lowest since 1995. The trade association said sales inventories rose to a five-year high in September but remained below the pre-pandemic level. The median sale price rose to $415,200, up 2.1% from the year before, the 27th consecutive year-to-year gain. Friday A 4.1% jump in gasoline prices led the cost increases that pushed inflation higher in September. Based on data collected before the government shutdown, the Bureau of Labor Statistics said the Consumer Price Index rose 0.3% from August and was up 3% from the same time last year. The year-to-year inflation rate was the highest since January and marked the 55th straight month above the Federal Reserve Board’s target of 2%. In that period, inflation ranged from 9.1% in mid-2022 to 2.3% in April. The core CPI, which strips out volatile costs for food and energy, rose 0.3% from August and was up 3% from September 2024. Based on CPI data, the Social Security Administration announced a 2.8% increase to benefits in 2026. That’s up from a 2.5% raise in 2025 and is on par with the average increase in the previous 10 years. The average cost-of-living adjustment since Social Security began adjusting benefits to inflation in 1975 was 3.7%. Social Security said the average retired recipient can expect an added $56 in their benefit checks, beginning in January. Often a precursor to spending, consumer sentiment slid marginally in October amid ongoing concerns about prices and inflation. The University of Michigan reported that its survey-based index declined 2.7% from September and was down 24% from October 2024. University researchers said expectations for inflation remained well above the Fed target though below highs set earlier in the year after initial announcements of tariff increases. Just 2% of respondents made unprompted references to the government shutdown, down from 10% In the second month of the last shutdown, in 2019. Market Closings for the Week Nasdaq – 23205, up 525 points or 2.3% Standard & Poor’s 500 – 6792, up 128 points or 1.9% Dow Jones Industrial – 47207, up 1017 points or 2.2% 10-year U.S. Treasury Note – 4.00%, down 0.01 point

Advisors on This Week’s Show Kyle Tetting Tom Pappenfus (with Max Hoelzl, Joel Dresang, engineered byJason Scuglik) Week in Review (Oct. 13-17, 2025) Significant Economic Indicators & Reports Monday No major announcements Tuesday No major announcements Wednesday The Federal Reserve Board said U.S. economic activity changed little since its previous Beige Book. The latest report — a collection of unofficial anecdotes gathered in each of the central bank’s 12 districts — showed weak consumer spending overall and stable but muted demand for workers. According to the Fed, three of its districts reported slight to moderate growth in the six weeks up to Oct. 6. Five districts noted little change from September’s report. Four revealed slight declines in economic activity. Although the Beige Book provides relatively soft evidence of the country’s economic state, harder data is scarce since the federal government shut down Oct. 1. Thursday A report on the September Producer Price Index, measuring inflation on the wholesale level, was not available from the Bureau of Labor Statistics because of the government shutdown. A Commerce Department report on September retail sales was not released because of the government shutdown. Retail sales account for about two-thirds of consumer spending, which drives about 70% of U.S. economic activity. The four-week moving average for initial unemployment claims was not available from the Labor Department because of the shutdown. Friday An update on the U.S. housing market, via a Commerce Department report on September housing starts and building permits was not available because of the shutdown. The Federal Reserve was not able to release its September report on the progress of U.S. industrial production and capacity utilization because it relies on data from other government agencies. Because of the shutdown, the data was not available to the Fed. Market Closings for the Week Nasdaq – 22680, up 476 points or 2.1% Standard & Poor’s 500 – 6664, up 111 points or 1.7% Dow Jones Industrial – 46191, up 711 points or 1.6% 10-year U.S. Treasury Note – 4.01%, down 0.04 point

Advisors on This Week’s Show Kyle Tetting Art Rothschild Dave Sandstrom (with Max Hoelzl, and Joel Dresang, engineered by Jason Scuglik) Week in Review (October 6-10, 2025) Significant Economic Indicators & Reports Monday No major announcements Tuesday The scheduled release of August data on the U.S. trade deficit did not occur because of the federal government shutdown. The deficit detracts from U.S. economic output, as measured by the gross domestic product. Consumers showed more caution about spending in August, as the amount of credit card debt outstanding fell for the third time in four months. The Federal Reserve Board reported that so-called revolving debt declined at an annual rate of 5.5% from July. The rate sank 3.3% from its peak last October. Economists watch revolving debt as a sign of confidence among consumers, whose spending accounts for about 70% of gross domestic product. Total consumer debt outstanding, including car financing and student loans, rose in August at a 0.1% annual rate. Wednesday No major announcements Thursday A scheduled report on unemployment insurance claims was not released because of the federal government shutdown. The claims measure job cuts by U.S. employers. Friday A preliminary reading of consumer sentiment in October showed no meaningful change in the dour outlook of Americans. The University of Michigan reported that its longstanding survey-based index remained more than 20% below where it was a year ago. Consumers continued to express concerns over high prices and weakened job prospects. The government shutdown Oct. 1 appeared to have little effect on their sentiment. Survey respondents said they expect inflation to reach 3.7% in the next 12 months and 4.6% longer term, ranging above the Federal Reserve’s long-term target of 2%. Market Closings for the Week Nasdaq – 22204, down 576 points or 2.5% Standard & Poor’s 500 – 6553, down 163 points or 2.4% Dow Jones Industrial – 45480, down 1279 points or 2.7% 10-year U.S. Treasury Note – 4.05%, down 0.07 point

Advisors on This Week’s Show Kyle Tetting Mike Hoelzl John Sandstrom (with Jason Scuglik, Joel Dresang ) Week in Review (Sept. 29-Oct. 3, 2025) Significant Economic Indicators & Reports Monday Demand for housing rose in August, according to the pending home sales index from the National Association of Realtors. The index, based on the number of houses sold in 2001, increased to 74.7, up 4% from July and 3.8% ahead of where it stood in August 2024. The trade group said lower mortgage rates were encouraging more home shoppers, especially in the Midwest, where improved affordability also factored in. Pending sales in the Midwest rose 8.7% from July, the Realtors reported, and were up 6.7% from the year before. Tuesday Housing prices slowed again in July, staying below the overall inflation rate for the third month in a row, according to the S&P Cotality Case-Shiller home price index. Compared to the year before, the national index rose 1.7%, one of the narrowest increases in a decade, compared to a 2.7% increase in inflation in July, as measured by the Consumer Price Index. An analyst with the index said higher mortgage rates and stretched affordability have weakened demand for housing. He said housing prices have cooled from the hot market following the COVID-19 pandemic and should track closer to overall inflation, or below. The Conference Board said its consumer confidence index fell in September to its lowest level since April. Consumers particularly downgraded their assessments of current conditions, with their confidence in the job market decreasing for the ninth straight month. Low expectations remained at recessionary levels for the eighth month in a row. The business research group said inflation edged out tariffs as consumers’ top concern. Unemployed job seekers outnumbered job openings in August for the first time in more than four years. A new report from the Bureau of Labor Statistics showed demand for workers continuing to erode compared to supply. Employers posted nearly 7.2 million openings in August, up 3% from July but down 5.5% from the year before. Demand for employees reached an all-time high of 12 million openings in March 2022 but remains above the pre-pandemic level of 7 million. The rate of employees quitting their jobs – a sign of worker confidence – was below the  February 2020 level for the 22nd month in a row. Wednesday Manufacturing continued its slump in September, according to the Institute for Supply Management’s manufacturing index. The index signaled contraction for the seventh month in a row and the 33rd time in 35 months. The production component of the index showed expansion. The employment component indicated contraction for the eighth month in a row. Purchasing managers surveyed by the trade group frequently cited tariffs among their challenges. The ISM said the index reading suggested the U.S. economy is growing at an annual pace of 1.9%. ADP said its national employment report showed private employers had a net loss of 32,000 jobs in September. The payroll services company said many of the jobs lost were in leisure and hospitality, professional and business services and financial activities. Compared to September 2024, private employment was up 4.5%. ADP reported that wages also rose 4.5% from the year before. An economist for ADP said the report validated other signs that employers are being cautious about hiring. A scheduled release of construction spending was delayed because of the federal government shutdown. Thursday Scheduled reports on unemployment insurance claims and manufacturing orders were not released because of the federal government shutdown. Friday Following three months of weak expansion, the U.S. services sector reached a break-even point between expansion and contraction in September. The Institute for Supply Management said its services index hit 50 for the first time since 2010. The key business activity component of the index contracted for the first time since May 2020 while growth in new orders slowed and hiring slumped for the fourth month in a row. The trade group said companies surveyed reported moderate to weak growth overall. Based on the past relationship between the index and gross domestic product, ISM said the economy appeared to be growing at an annual rate of 0.4%. The September report on U.S. payroll employment and individual employment situations was delayed because of the federal government shutdown. Market Closings for the Week Nasdaq – 22781, up 296 points or 1.3% Standard & Poor’s 500 – 6716, up 72 points or 1.1% Dow Jones Industrial – 46758, up 511 points or 1.1% 10-year U.S. Treasury Note – 4.12%, down 0.07 point

Advisors on This Week’s Show Kyle Tetting Steve Giles Adam Baley (with Max Hoelzl,engineered by Jason Scuglik) Week in Review (Sept. 22-26, 2025) Significant Economic Indicators & Reports Monday No major releases Tuesday No major releases Wednesday The seasonally adjusted annual rate of new home sales soared 20.5% in August. The Commerce Department reported the sales rate was up more than 15% from the year before. At a pace of 800,000 new houses a month, sales were at their highest level since January 2022, just before the Federal Reserve Board began a series of interest rate increases aimed at lowering decades-high inflation. The supply of new houses for sale dipped to its lowest level in more than two years. The median sales price was $413,500, up 1.9% from August 2024. Thursday The Commerce Department said orders for durable goods rose in August for the first time in three months. Demand for long-lasting manufactured products gained 2.9%, driven by orders for commercial aircraft. Excluding volatile costs for transportation goods, orders advanced 0.4%. Compared to August 2024, orders rose 1.7% overall and 1.9% excluding transportation. Core capital goods orders, a proxy for business investments, added 0.6% from July and were up 2.4% from the year before. The U.S. economy grew at an annual pace of 3.8% in the second quarter of 2025, according to the final of three estimates of the gross domestic product. The Bureau of Economic Analysis revised the rate from 3.5% in the second estimated because of evidence of stronger consumer spending, which rose at a 2.5% annual pace, vs. 1.6% in the previous report. Overall, GDP rebounded from a decline of 0.6% in the first quarter, which was driven by a surge in imports leading up to increased U.S. tariffs on goods and services from other countries. The personal consumption expenditure index showed inflation rising 2.4% from the second quarter of 2024, thus continuing to outpace the 2% long-range target set by the Federal Reserve Board. The four-week moving average for initial unemployment claims dipped for the second week in a row. The average was down 35% from its 58-year average, highlighting an ongoing reluctance by employers to let workers go. The Labor Department said nearly 1.8 million Americans were claiming unemployment compensation in the latest week, down 2.4% from the week before and up 5.7% from the same time last year. Blaming elevated mortgage rates and low inventories, the National Association of Realtors reported a drop in existing home sales in August. The annual rate of 4 million houses sold was down 0.2% from July and up 1.8% from August 2024. Some 4.1 million sold in all of 2024, which was the lowest since 1995. The trade association said it expects decreasing mortgage rates and growing inventories to spur sales in coming months. It also noted the support of the wealth effect from higher equity in stocks and housing. The median sales price in August was $422,600, up 2% from the year before, the 26th consecutive month-to-month increase.   Friday Accounting for about 70% of U.S. gross domestic product, consumer spending is a key economic indicator. In its monthly reports on personal income and outlays, the Bureau of Economic Analysis provides estimates on consumer spending as well as updates on the personal consumption expenditure index, the Federal Reserve Board’s preferred measure of inflation. Another report, from the University of Michigan, uses surveys to measure consumer sentiment, which is considered an indication of future consumer spending. The sentiment index includes consumer opinions on current economic conditions as well as expectations for both the economy and personal finances. Market Closings for the Week Nasdaq – 22484, down 147 points or 0.7% Standard & Poor’s 500 – 6644, down 21 points or 0.3% Dow Jones Industrial – 46247, down 68 points or 0.1% 10-year U.S. Treasury Note – 4.19%, up 0.05 point

Advisors on This Week’s Show Kyle Tetting Adam Baley Dave Sandstrom with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik Week in Review (Sept. 15-19, 2025) Significant Economic Indicators & Reports Monday No major announcements Tuesday In a sign of consumer spending resilience, the Commerce Department reported a 0.6% rise in retail sales in August. Sales fell in only four of 13 categories: Furniture stores, health-and-beauty centers, general merchandisers and miscellaneous retailers. Gainers were led by a 2% increase from online retailers. Excluding sales at car dealers and gas stations, retail revenue grew 0.7%. Adjusted for inflation, total retail sales rose 0.2% in August. U.S. industrial output rose 0.1% in August, following a 0.4% setback in July. The auto industry was the chief driver, the Federal Reserve reported. Output at U.S. car makers increased 1.3% from July. Since August 2024, overall industrial production was up 0.9%, with manufacturing also up 0.9%. Meanwhile, capacity utilization – an early indicator of rising inflation – rose marginally but remained below the 53-year average, last reached in late 2022. Wednesday Rates of housing starts and building permits continued to slide in August, according to the Commerce Department. The annual pace of starts dropped nearly 8.5% from July and was off 6% from the year before, with critical single-family structures down nearly 12% from August 2024. For the 17th straight month, housing starts lagged the level set just before the COVID-19 pandemic, which was the fastest pace of building since late 2006. Meanwhile, permits – an indication of future housing construction – declined to the lowest level since May 2020, down almost 4% from July and 11% lower than August 2024. The pace of houses under construction continued falling from its all-time peak two years ago. The policy-making body of the Federal Reserve Board reduced short-term lending rates by a quarter point and signaled more cuts possibly before the end of the year. The Federal Open Market Committee cited labor market risks as its chief reason to lower rates for the first time since December. It referred to “somewhat elevated” inflation, which could deter more aggressive rate reductions. The Fed has a dual mandate from Congress to keep prices stable and employment maximized. Thursday The four-week moving average for initial unemployment claims declined for the first time in six weeks. The measure was 34% below the all-time average and 16% above its low point just before the COVID-19 pandemic, according to data from the Labor Department. More than 1.8 million Americans were receiving jobless benefits in the latest week, down nearly 5% from the week before and up 6% from the same time last year. The Conference Board’s index of leading economic indicators declined 0.5% in August following a revise increase on 0.1% in July. The six-month slide of the index worsened to 2.8% from a 0.9% decline in the previous six months. The business research group blamed tariffs for dampening U.S. growth and said only stock prices and credit indicators have made positive contributions to the index. Weaker factory orders, consumer expectations and labor market indicators were the biggest deterrents. The group forecast a 1.6% rise in gross domestic product for 2025, “a substantial slowdown” from 2.8% in 2024. Friday No major announcements Market Closings for the Week Nasdaq – 22631, up 478 points or 2.2% Standard & Poor’s 500 – 6664, up 80 points or 1.2% Dow Jones Industrial – 46315, up 481 points or 1.0% 10-year U.S. Treasury Note – 4.14%, down 0.08 point

Advisors on this Week’s Show Kyle Tetting Tom Pappenfus Kendall Bauer (with Max Hoelzl and Joel Dresang, engineered by Jason Scuglik) Week in Review (Sept. 8-12, 2025) Significant Economic Indicators & Reports Monday U.S. consumer credit debt outstanding surged in July, rising at a 9.7% annual rate, the most in more than four years. The Federal Reserve reported that the increase in so-called revolving credit outpaced overall consumer credit debt, which rose at a 3.8% annual rate. Non-revolving credit, entailing student debt and car loans, rose at a 1.8% pace. Since peaking in October, credit card debt has tapered off and plateaued. Economists follow credit card use because it suggests consumers’ confidence in their spending, which accounts for more two-thirds of U.S. economic activity. Tuesday No major announcements Wednesday The Bureau of Labor Statistics said its Producer Price Index, a measure of wholesale inflation, declined slightly in August. The 0.1% setback marked the index’s first decline in four months, caused by a fall in prices for services. Goods prices rose for the fourth month in a row. Since August 2024, the index was up 2.6%, down from a 12-month increase of 3.1% in July. Excluding food, energy and trade services, the core PPI rose 0.3% from July and was up 2.8% from the year before. Thursday The broadest measure of inflation rose in August, reaching its highest level since January. The Consumer Price Index increased 0.4% from the month before, led by a 0.4% gain in shelter costs, according to the Bureau of Labor Statistics. Compared to the same time last year, the inflation rate rose to 2.9%. The core CPI, which excludes volatile prices for food and energy items, rose 3.1% from the year before, unchanged from July. The Federal Reserve Board has a long-range target of 2% inflation and used higher interest rates to dampen price increases since the CPI hit a four-decade high of 9.1% in 2022. Analysts expect the central bank to resume cutting rates this month to address concerns of a weakened labor market. The four-week moving average for initial unemployment claims rose for the fifth week in a row to the highest level since June. According to Labor Department data, the average moved to 240,500 new applications, which was 34% below the average since 1967  and 19% higher than just before the COVID-19 pandemic. More than 19 million Americans claimed jobless benefits in the latest week, down 2% from the week before and more than 5% higher than the year before. Friday Based in part on continued concerns over tariffs, consumer sentiment continues to weaken, according to the University of Michigan. A preliminary reading of the university’s September index showed sentiment dropping nearly 5% below where it ended August and down 21% from where it was a year ago. Consumer expectations declined more than their feelings toward current economic conditions. About 60% of the survey respondents expressed unprompted fears about the effects of increased tariffs on inflation. Sentiment still was higher than recent lows in April and May, just after stricter trade policies were announced. Economists consider sentiment a leading indicator of consumer spending. Market Closings for the Week Nasdaq – 22154, up 453 points or 2.1% Standard & Poor’s 500 – 6584, up 103 points or 1.6% Dow Jones Industrial – 45834, up 433 points or 1.0% 10-year U.S. Treasury Note – 4.06%, down 0.03 point

Advisors on This Week’s Show Kyle Tetting Tom Pappenfus (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Sept. 1-5, 2025) Significant Economic Indicators & Reports Monday Markets and government agencies closed for Labor Day Tuesday The manufacturing sector contracted in August for the sixth month in a row and the 32nd time in 34 months. The Institute for Supply Management reported that the rate of decline slowed slightly from July with key components in its index – new orders and supplier deliveries – expanding. Hiring contracted for the seventh straight month. The trade group said based on past experience, the index suggested the U.S. economy is growing at an annual rate of 1.8%. The Commerce Department said construction spending fell 0.1% in July and was down 2.8% from the same time last year. After cresting in May 2024, such expenditures have suffered their longest slowdown since the housing collapse of the Great Recession. Spending on residential construction, accounting for 42% of total expenditures, rose 0.1% from June but was down 5.1% from the year before. Manufacturing, representing more than 10% of all construction spending, was nearly 7% below its July 2024 level. Wednesday Employer demand for workers slowed in July with job openings declining below to 7.2 million, below the number of unemployed job seekers for the first time since 2021. July’s job openings still exceeded the number of unemployed workers looking for work, but it was down from a record 12 million posts in the spring of 2022, according to the Bureau of Labor Statistics. In a sign that workers continue to lack confidence in the labor market, the number of workers quitting their jobs to seek other positions stayed below the pre-pandemic level for the 20th month in a row. The Commerce Department said factory orders sank in July for the third time in four months. The measure of demand for manufactured goods fell 1.3%, led by sales of commercial aircraft. Through the first seven months of 2025, orders were up 3.5% from the year before. Excluding requests for transportation equipment, orders rose 0.6% from June and were up 0.7% from July 2024. Orders for core capital goods, a proxy for business investments, rose 1.1% for the month and were up 2.3% from the year before. Thursday The U.S. trade deficit widened by 32% in July to $78.3 billion. Exports rose 0.3% from June, led by non-monetary gold and computer accessories. Imports increased 5.9%, led by non-monetary gold and computers. The Bureau of Economic Analysis reported that through July, the trade gap widened almost 31% from the year before with a 5.5% gain in exports and a 10.9% rise in imports. Trade deficits detract from U.S. economic growth, as measured by the gross domestic product. The four-week moving average of initial unemployment claims rose for the fourth week in a row, reaching 12% above the pre-pandemic level, though it was 36% below the 58-year average. The Labor Department reported that total claims dipped 1% from the week before to 1.9 million, which was up more than 5% from the year before. Worker productivity rose at an annual rate of 3.3% in the second quarter, reflecting a 4.4% uptick in output and a 1.1% increase in hours worked. The Bureau of Labor Statistics report was up from a previous productivity estimate of 2.4%. Labor costs rose at an annual rate of 1% Since the second quarter of 2024, productivity rose 1.5%, and labor costs increased 2.5%. According to the report, average annual productivity has grown 1.8% since the end of 2019, ahead of the 1.5% pace during the previous economic cycle, which started in 2007. Since 1947, productivity has averaged 2.1%. The U.S. service sector expanded in August for the third month in a row and the 13th time in 14 months. The Institute for Supply Management said its survey of purchasing managers showed continued concerns about the effects of tariffs. The trade group said the index suggested the U.S. economy was growing at an annual rate of 1.1%. Friday U.S. employers added jobs in August but at a continued slower rate, in another sign that the labor market is weakening. The Bureau of Labor Statistics said payrolls expanded by 22,000 jobs, barely advancing from their level in April. The agency also revised June and July job counts downward by 21,000, including a net loss of 13,000 jobs in June, the first setback since the end of 2020. Hiring of temporary help employees, an indicator of labor trends, fell to the lowest level since 2020 and was 21% below its peak two years ago. The average hourly wage rose 3.7% from the year before, still higher than overall inflation, but the lowest rate in 13 months. The unemployment rate for August rose slightly to 4.3%, the highest since 2021. A measure of underemployment also rose to its highest level in nearly four years. Market Closings for the Week Nasdaq – 21700, up 245 points or 1.1% Standard & Poor’s 500 – 6482, up 21 points or 0.3% Dow Jones Industrial – 45401, down 144 points or 0.3% 10-year U.S. Treasury Note – 4.09%, down 0.14 point

Advisors on This Week’s Show Kyle Tetting Mike Hoelzl John Sandstrom (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (Aug. 25-29, 2025) Significant Economic Indicators & Reports Monday The annual rate of new home sales fell 0.6% in July and was more than 8% below its year-ago pace, the Commerce Department reported. The sales pace was below the pre-pandemic level for the seventh month in a row, and the supply of new houses on the market remained above the pre-pandemic mark as it has since January 2022. As a result of weaker demand and stronger supply, the median sales price in July was nearly 6% lower than the year before, at $403,800. Tuesday Overall housing inflation continued to decelerate in June, slipping under the general pace of inflation for the second month in a row, according to the S&P Cotality Case-Shiller national index. Month-to-month, prices actually decreased 0.3% from May, after adjusting for seasonal fluctuation. And compared to the year before, prices rose 1.9% in June vs. 2.7% inflation as measured by the Consumer Price Index. An analyst for the index cited a “continuation of a decisive shift in the housing market” in which price increases may be tracking closer to overall inflation. That would mean slower wealth accumulation for homeowners but a healthier housing market long-term. Manufacturing demand dropped in July for the third time in four months, mostly on the wings of fallen orders for commercial aircraft. The Commerce Department said durable goods orders sank 2.8% from June, though they were up 7.3% from July 2024. Excluding transportation equipment, orders rose 1.1% in July, with a 1.9% increase from the same time last year. Orders for core capital goods orders, a measure of business investment, gained 1.1% from June and were up 2.3% from July 2024. Amid growing concerns about tariffs and their contribution to inflation, consumer confidence declined slightly in August, though it stayed near the mood of the past three months. The Conference Board reported that overall expectations stayed at a level associated with recessions, and consumer views of the job market fell for the eighth month in a row. The business research group said consumers’ outlook for stocks fell slightly, with about half expecting stock prices to rise in the next year and about 30% expecting lower prices. Wednesday No major releases Thursday Because of slightly higher consumer spending and a lower decline in investments, the U.S. economy grew at a 3.3% annual pace in the second quarter. That was up from an initial estimate of 3% growth. The Bureau of Economic Analysis said it raised its estimate for the gross domestic product in part because personal consumption rose at a 1.6% annual rate. A prior estimate paced consumer spending at 1.4%. It was the second weakest quarter for consumer spending in two years. A drop in imports also spurred economic growth after surging in the first quarter when companies anticipated higher tariffs. Imports detract from GDP. The Federal Reserve Board’s favorite measure of inflation, the Personal Consumption Expenditures index, rose 2.4% from the year before. That was the smallest increase since the third quarter of 2024. The four-week moving average for initial unemployment claims rose for the third week in a row, suggesting employers were more willing to let workers go. According to Labor Department data, new jobless claims reached their highest level in six weeks. They remained 37% below the 58-year average. Total claims fell 0.9% from the week before to just under 2 million. That was up 5.5% from the same time last year. The National Association of Realtors said its pending home sales index sank in July. The trade group reported continued reluctance among would-be buyers. The association said commitments to sales dipped 0.4% from June. They were up 0.7% from July 2024, which at the time was a 23-year low. The index reading was nearly 30% below the baseline for sales activity, set in 2001. In a statement, the Realtors chief economist, Lawrence Yun, said: “Even with modest improvements in mortgage rates, housing affordability, and inventory, buyers still remain hesitant.”  Friday Personal spending rose a steady 0.5% in July, the Bureau of Economic Analysis reported. The spending increase slightly outpaced the month’s 0.4% gain in personal income. The report showed heavier consumer spending on autos and insurance, with lower outlays for restaurants and hotels. The Fed’s favorite gauge of inflation rose 2.6% from July 2024. That was unchanged from June. Inflation had been as low as 2.2% in April, closer to the Fed’s long-range target of 2%. The PCE reached a four-decade high of 7.2% in mid-2022. The University of Michigan said its consumer sentiment index sank again in August. Expectations for higher prices clouded views of the economy, buying conditions and personal finances. Though up about 11% from its lows in April and May, the index fell 6% from where it ended in July. It was down 14% from August 2024. The university said the survey-based index showed broad declines across demographic and political affiliations. Sentiment is considered a bellwether for consumer spending, the chief driver of U.S. gross domestic product. Market Closings for the Week Nasdaq – 21456, down 41 points or 0.2% Standard & Poor’s 500 – 6460, down 7 points or 0.1% Dow Jones Industrial – 45545, down 87 points or 0.2% 10-year U.S. Treasury Note – 4.23%, down 0.03 point

Advisors on This Week’s Show Kyle Tetting Adam Baley John Sandstrom (with Max Hoelzl, engineered by Jason Scuglik) Week in Review (Aug. 18-22, 2025) Significant Economic Indicators & Reports Monday No major announcements Tuesday The Commerce Department reported mixed news on the annual rate of building permits and housing starts for July. New construction increased 5.2% from the June pace and was nearly 13% ahead of the year before, despite conventional mortgage rates hovering above 6.5% and widespread uncertainty over the shake-up of U.S. tariffs. Permits, an indication of prospects for future construction, fell to the slowest pace in more than five years. Meantime, the number of housing units under construction continued to decline, down 21% from the all-time peak in late 2022.   Wednesday No major announcements Thursday The four-week moving average for initial unemployment claims rose for the second week in a row. An indication of employers’ willingness to let go of workers, the rolling average was 38% below the long-term average dating back to 1967. Total jobless claims dropped 1.3% from the week before to 2 million, which was up 5.1% from the same time in 2024. The Conference Board said its index of leading economic indicators fell 0.1% in July, after a decline of 0.3% in June. The business research group said consumer pessimism and weak factory orders were the biggest drags on the index, offset somewhat by rising stock prices and falling unemployment claims. The six-month decline of the index accelerated to 2.7% from a 1% setback in the previous six months. The Conference Board forecast that the U.S. economy would avoid recession in the near term but that effects from higher tariffs would slow overall growth. The group expects gross domestic product to rise 1.6% in 2025 and 1.3% in 2026. GDP grew by 2.8% in 2024. Existing home sales rose 2% in July and were up 0.8% from the same time last year, according to the National Association of Realtors. Sales reached an annual pace of 4.01 million houses, historically slow, but the trade group found encouraging signs from slightly rising inventories and narrowing price increases. The median sales price was $422,400, up just 0. 2% from the year before and the 25th consecutive gain. The Realtors said wages are outpacing home prices and estimated that about half of the houses sold cost less than a year ago. The group estimated that the average U.S. house appreciated in value by 49% since the pandemic. Friday No major announcements Market Closings for the Week Nasdaq – 21497, down 126 points or 0.6% Standard & Poor’s 500 – 6467, up 17 points or 0.3% Dow Jones Industrial – 45632, up 686 points or 1.5% 10-year U.S. Treasury Note – 4.26%, down 0.07 point

Advisors on This Week’s Show Kyle Tetting Steve Giles Kendall Bauer (with Max Hoelzl, engineered by Jason Scuglik) Week in Review (Aug. 11-15, 2025) Significant Economic Indicators & Reports Monday No major announcements Tuesday The pace of broad inflation stayed above long-range Federal Reserve targets in July. The Bureau of Labor Statistics said its Consumer Price Index rose 2.7% from July 2027. The rate was unchanged from June and continued to outpace the Fed’s aim of 2%. It was down from a 41-year high of 9.1% in June 2022. Shelter costs were the “primary factor” for the 0.2% increase in the index from June, according to the report, with food prices unchanged overall and the cost of gasoline down 2.2% for the month. Excluding volatile food and energy costs, the core CPI rose at the fastest pace in six months and was at a five-month high, year to year. Some analysts pointed at higher prices for goods such as furniture and consumer electronics as early signs of inflation fueled by higher U.S. tariffs. Wednesday No major announcements Thursday Inflation on the wholesale level rose 0.9% in July and was up 3.3% from the year before, according to the Producer Price Index. The Bureau of Labor Statistics reported that the price for services increased the most in more than three years. The core PPI, which excludes volatile prices for food, energy and trade services, also rose the most since March 2022. The four-week moving average for initial unemployment claims rose for the first time in eight weeks. An indication of employers’ willingness to let go of workers, the rolling average was 39% below the long-term average dating back to 1967. Total jobless claims dropped 0.2% from the week before to just over 2 million, which was up 5.2% from the same time in 2024. Friday The Commerce Department reported on retail sales for July. Economists watch the retail numbers because they measure about two-thirds of U.S. consumer spending, which accounts for around 70% of U.S. economic activity, as measured by the gross domestic product. The Federal Reserve reported on industrial production in July, reflecting both the output and capacity of manufacturers, utilities and the mining industry. The report includes updates on how much of their capacities industries are using. High capacity utilization rates can portend higher inflation as industries raise prices to expand. The University of Michigan reported on its consumer sentiment index. The preliminary August reading of the survey-based index shows how U.S. consumers are feeling toward current economic conditions and their personal financial situations. It also indicates expectations for future conditions, including inflation. Economists monitor sentiment as a predictor of consumer spending. Market Closings for the Week Nasdaq – 21623, up 173 points or 0.8% Standard & Poor’s 500 – 6450, up 60 points or 0.9% Dow Jones Industrial – 44943, up 771 points or 1.7% 10-year U.S. Treasury Note – 4.33%, up 0.04 point

Advisors on This Week’s Show Kyle Tetting Dave Sandstrom John Sandstrom (with Max Hoelzl and Joel Dresang, engineered by Jason Scuglik) Week in Review (Aug. 4-8, 2025) Significant Economic Indicators & Reports Monday A deep drop in demand for commercial aircraft and parts sank factory orders in June. The Commerce Department reported that total orders declined 4.8% from May, the second setback in three months. Compared to the year before, orders were up 3.8%. Excluding volatile orders for transportation equipment, demand for factory goods increased 0.4% for the month and were up 0.6% from the year before. Core capital goods orders, a proxy for business investments, fell 0.8% from May and were up 2% from June 2024. Tuesday The U.S. trade deficit narrowed 16% in June to $60.2 billion, the Bureau of Economic Analysis reported. The value of outgoing goods and services decreased 0.5%, led by sales of industrial materials. Imports sank 3.7% from May led by pharmaceuticals and automotive products. Swings in exports and imports have been distorted in recent months as companies and consumers have tried to plan for drastic changes in U.S. tariff rates. Through the first half of 2025, the trade gap expanded 38.3% from the year before with gains of 5.2% in exports and 12.1% in imports. The trade deficit detracts from U.S. economic growth, as measured by gross domestic product. The non-manufacturing sector stayed in expansion mode again in July, although at a slower pace, according to the ISM Services Index. The survey-based report from the Institute for Supply Management last registered a contraction in May. The trade group cited resilience among service companies with reports of negative impacts from recent seasonal and weather conditions. Survey respondents shared ongoing concerns about the costs of tariffs and said some commodity prices are increasing. Wednesday No major releases Thursday Worker productivity increased at a solid 2.4% annual rate in the second quarter, the Bureau of Labor Statistics reported. The gain came on 3.7% higher output with workers putting in 1.3% more hours. Year to year, productivity rose 1.3%. Unit labor costs rose at a 1.6% annual rate and were up 2.6% from the year before. In the current business cycle, which began at the end of 2019, productivity has been growing at a 1.8% annual pace, compared to a 1.5% rate during the previous cycle, which started in 2007. The average productivity rate since 1947 is 2.1%. The four-week moving average for initial unemployment claims fell for the seventh week in a row to the lowest level since April. The indicator of employer willingness to let workers go stayed 39% below the all-time average, according to Labor Department data. The level was 7% above where it was just before the 2020 COVID pandemic. The total number of claims stayed just over 2 million, which was up 3.8% from the same time last year. In a sign of weakening consumer confidence, credit card debt receded in June for the third time in four months. The Federal Reserve reported a 1% decline in the annual rate of revolving consumer debt outstanding, following a 3.5% setback in May. The pace of total consumer debt rose at a 1.8% pace from May, including a 2.7% increase in non-revolving debt – mostly car financing and student loans. With about 70% of U.S. economic growth relying on consumer spending, the drop in credit card debt suggests a drop-off in commitment to buying. Credit card debt grew at a 2.3% rate in the second quarter but was down 3.9% from its peak last October. Friday No major releases Market Closings for the Week Nasdaq – 21450, up 800 points or 3.9% Standard & Poor’s 500 – 6389, up 151 points or 2.4% Dow Jones Industrial – 44176, up 587 points or 1.3% 10-year U.S. Treasury Note – 4.29%, up 0.06 point

Advisors on This Week’s Show Art Rothschild Tom Pappenfus (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (July 28-Aug. 1, 2025) Significant Economic Indicators & Reports Monday No major reports or releases Tuesday The year-to-year change in residential prices continued to slow in May, dipping below the overall inflation rate. The S&P CoreLogic Case-Shiller national home price index rose 2.3% from the year before, compared to a 2.7% gain in April. That compared to a Consumer Price Index inflation rate of 2.4% in May. Month to month, seasonally adjusted home prices fell 0.3% in May, the third consecutive decline. In a release, an analyst with the index said in part: “With affordability still stretched and inventory constrained, national home prices are holding steady, but barely.” The Conference Board said its consumer confidence index rose slightly in July, though expectations were low enough to signal recession for the sixth straight month. The business research group said generally consumers’ moods have stabilized after rebounding from their drop in April. Tariffs and anticipation that they would result in higher inflation continued to top consumer concerns. Consumer assessments of job availability weakened for the seventh month in a row. Employers’ demand for workers eased slightly in June, with job openings falling to 7.4 million, down 3.6% from May. The level remained above its peak prior to the COVID-19 pandemic but was down from a record 12.1 million in 2022. Openings continued to outpace the number of unemployed individuals seeking work. Meantime, the number and rate of workers quitting their jobs stayed below the pre-pandemic level, suggesting workers had less confidence in finding new jobs. Quits have been lower than the pre-pandemic mark since late 2023. Wednesday U.S. economic growth accelerated in the second quarter of 2025, overcoming a first-quarter decline. According to an advance report on gross domestic product from the Bureau of Economic Analysis, the economy expanded at an annual rate of 3% from the first three months of the year, compared to a 0.5% setback in the first quarter. Faster growth was attributed to increased consumer spending, which nearly tripled its pace, and a plunge in imports, which ballooned in the first quarter in anticipation of increased tariffs. Imports detract from GDP growth. Despite recent growth in inventories, the National Association of Realtors reported its pending home sales index declined by 0.8% in June. Contract signings lagged 2.8% behind the June 2024 index. The trade group’s index was 28% below its 2001 baseline, which represents what the group considers a normal sales range to keep up with population growth. Final sales in 2024 were the lowest since 1995. Thursday The Bureau of Economic Analysis said consumer spending – which accounts for about two-thirds of GDP – rose 0.3% in June, following no change in May. Personal income also gained 0.3% for the month. As a result, the personal saving rate stayed at 4.5% of disposable income. The personal consumption expenditures index, the Fed’s favorite inflation indicator, rose 2.6% from June 2024. That was up from a 2.4% inflation rate in May and 2.2% in April. Three years ago, the PCE index reached a four-decade high of 7.1%. The four-week moving average for initial unemployment claims fell for the sixth week in a row, meeting its lowest level since April. Labor Department data shows that the measure of employers’ willingness to let go of workers was 39% below the all-time average. It was 10% higher than it was just before the COVID-19 pandemic. More than 1.9 million Americans claimed jobless benefits in the latest week, down marginally from the week before but up 10.2% from the same time last year. Friday U.S. employers added 73,000 jobs in July, according to the employment situation report from the Bureau of Labor Statistics. The gains fell below the 12-month average of 129,000 new jobs, and additions in April and May were revised down to a combined 33,000 from a previous estimate of 291,000. The unemployment rate rose marginally to 4.2%, staying within a narrow range set in May 2024. The U-6 underemployment rate reached 7.9% in July, staying above its pre-pandemic level for the 23rd month in a row. Employment in temporary help services – often a harbinger of job conditions – hit its lowest point since September 2020. The manufacturing sector contracted in July for the fifth month in a row and the 31st time in 33 months, according to the Institute for Supply Management. The trade group’s index, based on surveys of purchasing managers, showed further weakening from June. The ISM said 79% of the sector’s GDP declined in July, vs. 46% in June. The ISM said the index suggested the U.S. economy overall was growing at a 1.6% annual rate. The Commerce Department said construction spending declined in June for the second month in a row, dipping 0.4% from the seasonally adjusted annual pace in May. Housing, which accounted for 42% of all construction spending, pulled back 0.7%. Year to year, total construction spending was 2.9% behind the June 2024 pace. Spending on residential building sank 6% from the year before. Often a pre-cursor to spending, consumer sentiment improved marginally in July. The University of Michigan said its survey-based index rose for the second month in a row, though it’s still “broadly negative.” The index was 7.1% lower than it was in July 2024. Overall opinions were broadly shared across demographic and political affiliations, the university said, although “a rise in sentiment among stock holders was partially offset by a decline among consumers who do not own stocks.” Market Closings for the Week Nasdaq – 20650, down 458 points or 2.2% Standard & Poor’s 500 – 6238, down 151 points or 2.4% Dow Jones Industrial – 43589, down 1313 points or 2.9% 10-year U.S. Treasury Note – 4.22%, down 0.17 point

Advisors on This Week’s Show Adam Baley Dave Sandstrom (with Max Hoelzl and Joel Dresang, engineered by Jason Scuglik) Week in Review (July 21-25, 2025) Significant economic indicators & reports Monday The Conference Board said its index of leading economic indicators slipped 0.3% in June. The gauge from the business research group fell 2.8% in the first half of 2025, declining from a drop of 1.3% in the second half of 2024. The report said even the stock market rally couldn’t offset weaker conditions led by lower consumer expectations, fewer factory orders and rising jobless claims. A warning sign of recession flashed for the third month in a row, but the group said it’s still not forecasting a downturn. It projected a 1.6% increase in GDP for 2025, based on slower consumer spending because of expected higher prices from tariffs. The U.S. economy grew by 2.8% in 2024. Tuesday No major releases Wednesday The National Association of Realtors reported continued declines in existing home sales in June, lagging the sales pace of 2024, which was the lowest since 1995. The trade group said the annual rate of sales slipped 2.7% from May to 3.9 million houses. The group cited insufficient inventory as an ongoing challenge, while new construction hasn’t kept up with population growth. It blamed mortgage rates for dampening demand. The imbalance between supply and demand resulted in the 24th consecutive increase in median sales price, up 2% from the year before to a record $435,300. Thursday The four-week moving average for initial unemployment claims fell for the fifth week in a row to the lowest level since mid-April. Data from the Labor Department showed the moving average 38% below the 58-year average. It was up 8% from just before the COVID-19 pandemic. In the latest week, more than 2 million Americans claimed jobless benefits, up 5.9% from the week before and up 3.5% from the same time last year. The annual rate of new home sales rose slightly in June, hovering in the lower end of a narrow range that has prevailed since mid-2023. The pace was 11% below the level heading into the COVID-19 pandemic five years ago. The Commerce Department reported that the inventory of unsold new houses rose to the highest rate since October 2020. The median price of new houses was $401,800, 2.9% lower than in June 2024, the fifth time in six months the price declined from the year before. Friday Manufacturing demand fell in June for the second time in three months, with durable goods orders plummeting 9.3% from May, largely because of a steep declined in orders for commercial aircraft. Excluding transportation, orders rose 0.2%. Compared to June 2024, total orders were up 7.9% – again because of pricey aircraft sales – but rose 1.6% excluding transportation. The Commerce Department reported that core capital goods orders, a proxy for business investment, fell 0.7% from May and increased 2.1% from June 2024. Market Closings for the Week Nasdaq – 21108, up 522 points or 2.5% Standard & Poor’s 500 – 6389, up 129 points or 2.1% Dow Jones Industrial – 44902, up 530 points or 1.2% 10-year U.S. Treasury Note – 4.39%, down 0.03 point

Advisors on This Week’s Show Kyle Tetting Art Rothschild Steve Giles (with Max Hoelzl, engineered by Jason Scuglik) Week in Review (July 14-18, 2025) Significant economic indicators & reports Monday No major releases Tuesday The broadest measure of inflation rose at a 2.7% annual rate in June, up the second month in a row after hitting a four-year low in April. But the rate also was less than one-third of where it peaked three years ago. The Bureau of Labor Statistics reported that the Consumer Price Index rose 0.3% from May, largely because of increased costs for shelter. Other notable price gains included household furnishings, appliances, toys and apparel, which some analysts suggested might be showing signs of increased tariffs. Gasoline prices rose in June for the first time in five months. The 2.7% year-to-year increase stayed above the 2% long-term target of the Federal Reserve. Excluding volatile energy and food costs, the core index rose 0.2% from May and was up 2.9% from the same time last year. Wednesday Wholesale inflation was subdued in June. The Producer Price Index was unchanged from May and up 2.3% from the year before, the slowest gain since September. The Bureau of Labor Statistics reported that higher prices for goods offset a slight decrease in service costs in June. Excluding volatile costs for food, energy and trade services, inflation on the wholesale level also was unchanged from May and 2.5% higher than June 2024, which was the lowest one-year rate since November 2023. The Federal Reserve said industrial production rose in June for the first time in four months. Output from manufacturing, mining and utilities grew 0.3% from May and was up 0.7% from June 2024. The annual pace of industrial production for the second quarter was 1.1%. Meantime, industrial capacity usage – which can indicate future inflation pressure – rose for the first time since February to 77.6%, below its 50-year average for the 44th consecutive month. Thursday A key measure of consumer spending rebounded in June after two months of decline. The Commerce Department reported retail sales rose 0.6% from May. Of 13 categories of retailers, 10 had higher sales, led by car dealers, home-and-garden centers, clothing stores and restaurants and bars. Increased sales can reflect increased volume but also higher prices, which some analysts expect in goods and services affected by higher tariffs. Adjusted for inflation, retail sales rose 0.3% in June. The four-week moving average for initial unemployment claims fell for the fourth week in a row, the Labor Department reported. The measure of employers’ plans to let workers go was 37% below the all-time average dating back to 1967. It was up 11% from its mark just before the pandemic. In the latest week, total claims dropped 0.2% to 1.9 million, which was up nearly 6% from the same time last year. Friday The U.S. housing market picked up in June, based on the annual pace for housing starts and building permits. The Commerce Department reported that new construction rose 4.6% from May, which was the weakest month since the COVID-19 pandemic. Housing starts were on par with their pace in late 2006 and below the pre-pandemic level for the 15th month in a row. Building permits, signifying future construction, rose 0.2% from May and were level with activity in mid-2007. Stalled by anticipation of tariff-triggered inflation, consumer sentiment rose marginally from June though it was 16% below where it started the year, according to a preliminary report by the University of Michigan. Seen as a precursor to consumer spending, sentiment remained low historically, the report said, and it likely won’t improve until consumers feel beter about price increases. Market Closings for the Week Nasdaq – 20896, up 310 points or 1.5% Standard & Poor’s 500 – 6297, up 37 points or 0.6% Dow Jones Industrial – 44342, down 29 points or 0.1% 10-year U.S. Treasury Note – 4.43%, up 0.01 point

Advisors on This Week’s Show Kyle Tetting Adam Baley Kendall Bauer (with Jason Scuglik and Joel Dresang) Week in Review (July 7-11, 2025) Significant Indicators & Reports Monday No major releases Tuesday U.S. consumer spending slowed in May with credit card debt decreasing for the fourth time in seven months. The Federal Reserve Board reported revolving consumer credit debt outstanding sank by an annual rate of 3.2% in May. Since peaking in October, the measure was down 3.8%. Consumer spending driving more than two-thirds of U.S. economic output, so economists watch credit card debt for signs of consumer confidence and capacity. Non-revolving debt, including student loans and vehicle financing, rose at an annual rate of 2.8% in May. Wednesday No major releases Thursday The four-week moving average for initial unemployment claims fell for the third week in a row to its lowest level in five weeks. The average dipped 35% from the 58-year average but was 17% higher than just before the onset of the COVID-19 pandemic. Total claims rose 2% in the latest week to more than 1.9 million, which was 4.5% higher than the same time last year. Friday No major releases Market Closings for the Week Nasdaq – 20586, down 16 points or 0.1% Standard & Poor’s 500 – 6260, down 20 points or 0.3% Dow Jones Industrial – 44372, down 457 points or 1.0% 10-year U.S. Treasury Note – 4.42%, up 0.08 point

Advisors on This Week’s Show Kyle Tetting Art Rothschild Dave Sandstrom (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Country biased investing For mostly good reasons, especially in the U.S., investors tend to put money more in domestic-based concerns. In a special Independence Day Money Talk Podcast, Kyle Tetting, Art Rothschild and Dave Sandstrom talk about the historical practice and performance of home country bias. They also explore why it may be making sense to diversify holdings more into non-U.S. investments. Learn more  Over there: Investing in a global economy, a Money Talk Video with Kyle Tetting 5 reasons to watch the dollar, by Steve Giles My outlook for investing in 2025: 2-0-2-5, by Adam Baley International Investing, from the Securities and Exchange Commission How to Use International Stocks in Your Portfolio, by Morningstar

Advisors on This Week’s Show Kyle Tetting Art Rothschild Dave Sandstrom (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (June 23-27, 2025) Significant Economic Indicators & Reports Monday The National Association of Realtors said existing home sales rose in May while remaining near the slowest in decades. The seasonally adjusted annual rate of 4.03 million houses sold was 0.8% ahead of April’s pace. It was 0.7% lower than the year before and below the 4.06 million houses sold for all of 2024, which was the weakest since 1995. The trade association blamed “persistently high mortgage rates” but noted that inventories are building, up 6% from April and up 20% from May 2024. Increased supply wasn’t enough to lower prices. The median sales price rose to $422,800, up 1.7% from May 2024, the 23rd consecutive increase. Tuesday Housing prices increased in April at their slowest pace in nearly two years, according to the S&P CoreLogic Case-Shiller home price index. Continuing a broad deceleration, prices in April rose 2.7% from April 2024, down from a 3.4% year-to-year increase in March and the lowest since August 2023. Seasonally adjusted, the index shrank 0.4% from March. In a statement, S&P said the index suggests ongoing challenges for the housing market, with “severely constrained” supply. It said demand was hampered by monthly payments “near generational highs.” Housing prices have been a sticking point for Federal Reserve efforts to slow down overall inflation. The Conference Board said its consumer confidence index dropped in June amid ongoing concerns about tariffs. Expectations dipped well below a measure suggesting near-term recession, and attitudes toward job availability stayed positive while declining for the sixth month straight. The business research group reported a broad demise in consumer confidence, led by those survey respondents identifying as Republican. Among the few categories in which consumers reported increased activity was dining out. Wednesday The annual rate of new home sales sank nearly 14% in May and was down 6% from the previous year. May marked the fourth time in five months sales fell below the pre-pandemic level. The Commerce Department reported that the inventory of new houses for sale was 8.9 months’ worth, up from 7.6 the year before. The median sales price of a new house rose 3% from May 2024 to $426,200. Thursday The U.S. economy shrank at an annual pace of 0.5% in the first quarter, the first setback in four years, according to the last of three estimates of gross domestic product. The rate was worse than a previous estimate of a 0.2% contraction, mostly because of weaker consumer spending, which drives more than two-thirds of the economy. Initially reported at 1.2%, consumer spending rose at an annual rate of 0.5%, the lowest since the onset of the COVID-19 recession. Consumer spending slowed after surging at the end of 2024, a buying spree attributed to the anticipation of higher prices from increased tariffs. Similarly, imports – which weigh against economic growth – rose at record levels in the first quarter, contributing to the economy’s slowdown. The four-week moving average for initial unemployment claims fell slightly for the first time in four weeks, staying near a two-year high. Labor Department figures show the moving average was 32% below the 58-year average. More than 1.8 million Americans were claiming unemployment compensation in the latest week, down less than 1% from the week before and up 5% from the year before. Orders for durable goods rose 16.4% in May, boosted by large orders of commercial aircraft. The measure of manufacturing demand was up 6.9% from May 2024. Excluding volatile orders for transportation equipment, orders increased 0.5% from April and were up 1% from the year before. Core capital goods orders, which indicate business investments, rose 1.7% for the month and were 1.5% higher than the year before. Pending home sales advanced 1.8% in May but continued to reflect a weak housing market, according to an index from the National Association of Realtors. Demand for existing houses was more than 1% above where it was the year before but about 28% below the index base set by the trade group in 2001. The association cited steady jobs and rising wages as positive factor for real estate sales but cited mortgage rates as a deterrent. Friday Inflation stayed subdued in May amid lower consumer spending, according to the Bureau of Economic Analysis. The Federal Reserve Board’s favorite measure of inflation rose to 2.3% from the year before, down from a four-decade high of 7.2% three years ago, but still above the Fed’s long-range target of 2%. The personal consumption expenditures index fell 0.1% from April following increased spending in anticipation of higher prices from tariffs. The personal saving rate fell to 4.5% of disposable income from 4.9% in April, as personal income declined 0.4%. A precursor to consumer spending, consumer sentiment, rose in June for the first time in six months though it remained mired in expectations of a slower economy and higher inflation. The University of Michigan said its longstanding consumer survey found attitudes 16% more optimistic than in May but 16% lower than a year ago and 18% below a post-election peak in December. Fears of tariffs softened somewhat in June but still fueled beliefs that inflation would be up 5% in the next year. That was down from an expectation of 6.6% inflation in May. Market Closings for the Week Nasdaq – 20273, up 826 points or 4.2% Standard & Poor’s 500 – 6173, up 205 points or 3.4% Dow Jones Industrial – 43819, up 1612 points or 3.8% 10-year U.S. Treasury Note – 4.28%, down 0.09 point

Advisors on this week’s podcast Kyle Tetting Steve Giles John Sandstrom (with Max Hoelzl, Joel Dresang, engineered by Blake Miller) Week in Review (June 16-20, 2025) Significant Indicators & Reports Monday No major reports Tuesday The Commerce Department said retail sales fell 0.9% in May after dropping 0.1% in April. The back-to-back setbacks in consumer spending followed buying sprees amid anticipation of higher prices from escalated tariffs. By category, sales declined in seven of 13 retail groups, including car dealers, appliance centers and bars and restaurants. Gas station revenue also fell, though that was tied to lower gas prices. Retail sales make up two-thirds of the consumer spending that accounts for about 70% of U.S. economic activity. U.S. industrial production sank 0.2% in May, the second drop-off in three months, according to the Federal Reserve. Manufacturing output rose slightly for the month but was offset by production declines among utilities. Car makers accounted for the bulk of increased factory production. Excluding automotive, manufacturing output fell 0.3%. Compared to May 2024, total industrial production was up a mild 0.6%. Capacity utilization, considered a leading indicator of potential inflation, fell to 77.4% in May, remaining below the long-term average of 79.6%. Wednesday The annual pace of housing starts and building permits slowed in May to levels not seen since the COVID-19 recession. A joint report from the departments of Commerce and Housing and Urban Development showed new construction down 10% from April’s pace while permits sank 2%. Both figures reached their lowest points since mid-2020. At the same time, the pace of houses under construction and as well as those being completed continued to slow in May, though they remained above the rates at the onset of the pandemic, which was the highest level since before the Great Recession. The four-week moving average for initial unemployment claims reached its highest point in nearly two years. The measure of employers’ willingness to part with workers rose for the third week in a row and the seventh time in eight weeks. Still, claims were 32% below the 58-year average; they were 22% above their low just before the pandemic. The Labor Department reported more than 1.8 million Americans claimed unemployment insurance benefits in the latest week, up 4% from the week before and up 7% from the same time last year. Thursday Markets closed for Juneteenth Day Friday The Conference Board’s index of leading economic indicators fell 0.1% in May, following a downwardly revised drop of 1.4% in April. The business research group said the six-month decline of its index accelerated to 2.7% through May from 1.4% the previous month. A rebound in stock prices was one of the only bright spots in May, with measures worsening for consumer confidence, factory orders, initial unemployment claims and housing permits. The Conference Board cited higher tariffs for slower growth in gross domestic product. It forecast a 1.6% rise in GDP for 2025 and said 2026 will be lower. GDP expanded by 2.8% in 2024. Market Closings for the Week Nasdaq – 19447, up 41 points or 0.2% Standard & Poor’s 500 – 5968, down 9 points or 0.2% Dow Jones Industrial – 42207, down 9 points or 0.0% 10-year U.S. Treasury Note – 4.38%, down 0.04 point

Advisors on This Week’s Show Kyle Tetting Mike Hoelzl Kendall Bauer (with Max Hoelzl, Joel Dresang, engineered by Blake Miller) Week in Review (June 9-13, 2025) Significant Economic Indicators & Reports Monday No major reports Tuesday No major reports Wednesday The broadest measure of inflation rose slightly to 2.4% in May, still within striking distance of the long-range Federal Reserve target. The Consumer Price Index was up from 2.3% in May, which was the lowest rate in more than five years, and down from a decades-high 9.1% in June 2022. According to the Bureau of Labor Statistics, shelter costs continued to boost overall inflation. If not for housing, inflation was up 1.5% from May 2024, the third month in a row below its pre-pandemic level. In other key measures, gas prices declined for the fourth month in a row, and the cost of eggs dropped for the second straight month. Thursday Inflation on the wholesale level also showed mild growth in May. The Bureau of Labor Statistics said the Producer Price Index rose 0.1% from April, the first gain in three months. Compared to 12 months earlier, wholesale inflation rose 2.6% in May, compared to 2.5% in April and more than 11% in mid-2022. Excluding volatile prices for food, energy and trade services, the core PPI was up 0.1% from April. Core PPI was up 2.7% from May 2024. The four-week moving average for initial unemployment claims rose for the sixth time in seven weeks to its highest level since September 2023. Still, the indicator of employers’ willingness to let workers go remained 34% below its 58-year average. According to the Labor Department, total claims for jobless benefits fell 1% from the week before to slightly less than 1.8 million, which was 5% above where it stood at the same time last year. Friday Accompanying short-term easing in U.S. trade policies, consumer sentiment rose in early June for the first time in six months. Overall confidence in the economy and personal finances was still 20% lower than in December, according to the University of Michigan. A preliminary June reading of the university’s longstanding consumer surveys showed sentiment still broadly guarded with expectations that no matter where tariff rates land, they’ll increase inflation. Market Closings for the Week Nasdaq – 19407, down 123 points or 0.6% Standard & Poor’s 500 – 5977, down 23 points or 0.4% Dow Jones Industrial – 42198, down 565 points or 1.3% 10-year U.S. Treasury Note – 4.42%, down 0.09 point

Advisors on This Week’s Show Kyle Tetting Adam Baley Dave Sandstrom (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (June 2-6, 2025) Significant Economic Indicators & Reports Monday The manufacturing sector shrank again in May. The Institute for Supply Management said its manufacturing index landed under 50 for the third month in a row and the 29th time in 30 months, suggesting the industry was contracting. The trade group reported further slowdowns in measures of demand and output with weakening inputs. ISM surveys showed supply managers citing the uncertainty of “tariff whiplash” and delays and cuts in federal government spending. The ISM said the index suggested the U.S. economy was shrinking at an annual rate of 1.7%. The pace of construction spending fell 0.4% in April, the second consecutive setback. The annual rate of $2.1 trillion was down 0.5% from April 2024, the Commerce Department reported. Residential spending, which accounted for about 42% of the total, dropped 0.9% from the March pace and was down almost 5% from the year before. Nearly every category of private-sector construction spending declined while government spending expanded, led by streets and highways. Tuesday U.S. employers posted nearly 7.4 million job openings in April, up slightly from March and still above the pre-pandemic level. Want ads continued to outnumber unemployed job seekers, but by a relatively narrow gap, especially since openings peaked at 12.1 million in mid-2022. The Bureau of Labor Statistics reported that overall levels of hiring and separations stayed about the same since March. The degree to which workers were quitting their jobs voluntarily – a sign of worker confidence in the hiring market – remained below the pre-pandemic level for the 17th month in a row. Demand for manufactured goods fell in April for the first time in five months, largely because of a decline in orders for commercial aircraft. The Commerce Department said factory orders shrank 3.7% from March and were up 2% from April 2024. Excluding volatile orders for transportation equipment, sales declined 0.5% for the month and were up 0.4% from the year before. Orders for core capital goods, a proxy for business investments, increased by 0.3% in April and were up 1.3% from the same time last year. Wednesday The U.S. services industry contracted in May for the first time in 11 months and only the fourth time in five years, according to the Institute for Supply Management. The ISM services index, based on surveys of purchasing managers, suggested the largest sector of the economy receded slightly because of broad uncertainty over wobbly tariff policies. Correspondents expressed difficulty forecasting and planning. The trade group said based on past relationships between the index and U.S. gross domestic product, the overall economy grew in May at an annual rate of 0.4%. Thursday The U.S. trade deficit narrowed 56% to $61.6 billion in April after anticipation of tariffs led to a record trade gap in March. The Bureau of Economic Analysis reported that U.S. exports rose 3% in April, led by industrial supplies and materials. Imports sank 16%, led by pharmaceuticals. Through the first four months of 2025, the trade gap grew 66% from the year before. In that time, exports gained 5.5%, and imports rose 18%. Trade deficits count against gross domestic product, the main measure of the U.S. economy. The Bureau of Labor Statistics said worker productivity fell at an annual rate of 1.5% in the first quarter. It was the first decline since the second quarter of 2022 and was nearly twice as severe as a preliminary estimate for the latest quarter. Non-farm output dropped at an annual pace of 0.2% in the first three months of the year while hours worked rose at a 1.3% rate. Since the first quarter of 2024, productivity climbed 1.3%. Since just before the pandemic, productivity has increased by an annual rate of 1.8%, compared to a 1.5% pace in the previous business cycle, which began in 2007. Since 1947, productivity has grown at an average annual rate of 2.1%. The four-week moving average of initial unemployment claims rose for the fifth time in six weeks and continued to suggest a tight hiring market. The measure of employers’ willingness to let workers go was 35% below its average since 1967, according to Labor Department data. Just over 1.8 million Americans claimed jobless benefits in the latest week, down 0.2% from the week before but up almost 7% from the same time last year. Friday U.S. employers added 139,000 jobs in May, more than analysts expected and near the 12-month average, according to the May jobs report from the Bureau of Labor Statistics. Employers have padded payrolls for 53rd months in a row, showing a steady appetite for workers. The unemployment rate stayed at 4.2% for the third month in a row, remaining in a 4%-4.2% range for the last year. The annual pace in wage increases stayed at 3.9%, staying ahead of overall inflation, as it has for the last two years. Market Closings for the Week Nasdaq – 19530, up 416 points or 2.2% Standard & Poor’s 500 – 6000, up 89 points or 1.5% Dow Jones Industrial – 42763, up 493 points or 1.2% 10-year U.S. Treasury Note – 4.51%, up 0.09 point

Advisors on This Week’s Show Kyle Tetting Art Rothschild John Sandstrom (with Max Hoelzl, Joel Dresang, engineered by Jason Scuglik) Week in Review (May 26-30, 2025) Significant Economic Indicators & Reports Monday Markets and government closed for Memorial Day Tuesday The Commerce Department said durable goods orders fell 6.3% in April, the first drop in five months. A plunge in orders for aircraft led the decline. Excluding the volatile transportation sector, orders grew by 0.2%. Compared to April 2024, overall orders rose 1.9%; excluding transportation, orders advanced 1.2%. A proxy for business investments shrank 1.3% from March and was up 1.3% from April 2024. Housing prices continued to decelerate in March, contracting 0.3% after seasonal adjustment. Reflecting a cooling trend that began mid-2024, the S&P CoreLogic Case Shiller home price index showed home prices up 3.4% from March 2024, down from a 4% growth rate in February. But steady demand and limited supply appeared to be combining for a spring revival in prices, with a shift “from mere resilience to a broader seasonal recovery,” the report said. An S&P analyst noted that demand persisted despite “severely constrained” affordability. The Conference Board said its consumer confidence index rose in May for the first time in five months, largely influenced by the latest shifts in U.S. tariff policies, especially with China. The business and research group said expectations surged from April, though they remained at a level suggesting looming recession. More households intended purchases of houses, cars and appliances. Some 44% of those surveyed expected higher stock prices in the next year, up from 37.6% in April. On the other hand, confidence in the job market soured for the fifth month in a row. Wednesday No major releases Thursday The U.S. economy contracted at an annual pace of 0.2% in the first quarter. The dip was slighter than an initial estimate of negative 0.3% but still the first setback in three years. The Bureau of Economic Analysis reported the gross domestic product declined mostly because of a 43% increase in imports, which detract from economic growth. A 4.6% reduction in federal government spending also contributed to the contraction. Consumer spending, which accounts for about 70% of the GDP, grew at an annual pace of 1.2%, the lowest in two years. The four-week moving average for initial unemployment claims eased for the first time in five weeks. The measure of employer demand for workers suggested a tight hiring market, staying 36% below the all-time average, which dates back to 1967. Labor Department data showed 1.8 million Americans claiming unemployment compensation in the latest week, unchanged from the week before and up 5.7% from the year before. The National Association of Realtors said its index of pending home sales fell 6.3% in April. The trade group’s index was down 5.5% from the year before and stood nearly 30% below what the association considers normal for the U.S. housing market. An economist for the association blamed mortgage rates: “Despite an increase in housing inventory, we are not seeing higher home sales.” Friday The Bureau of Economic Analysis said consumer spending rose 0.2% in April, down from 0.7% in March. Increased expenditures on services such as housing, utilities and health care offset an overall decline for goods. The slower spending came as personal income rose 0.8% from March, which resulted in a higher personal saving rate – 4.9%, the highest in 11 months. The personal consumption expenditures index, the Federal Reserve’s favorite inflation gauge, rose 2.1% from April 2024, tying with September as the lowest since early 2021. The Fed’s long-range target for inflation is 2%. The University of Michigan said its consumer sentiment index steadied in May after four months of steep declines. The index moved up slightly from a preliminary mid-month reading after the U.S. and China temporarily paused on tariff conflicts. The survey-based index showed consumers pausing an unprecedented escalation in their expectations that tariffs would raise prices. Consumers expected the inflation rate to reach 6.6% a year from now and 4.2% in the longer run. The university said consumers are “quite worried” about tariffs and relatively disinterested in the multi-year tax-and-spending bill before Congress. Market Closings for the Week Nasdaq – 19100, up 474 points or 1.9% Standard & Poor’s 500 – 5912, up 109 points or 1.9% Dow Jones Industrial – 42270, up 667 points or 1.6% 10-year U.S. Treasury Note – 4.42%, down 0.09 point