I hope everyone is enjoying Spring so far. We have several clients with exciting family events heading into graduation and wedding season. Angel’s youngest son, Kenny, is about to graduate from Blue Valley West and plans to attend Purdue University this Fall as an Engineering student in the honors college. My oldest nephew, Riley, will graduate from Blue Springs High School and plans to attend UMKC this Fall for their music program. I watched his jazz concert last Sunday, and his passion for music is truly inspiring. I could not be more proud of these kids!
Speaking of family events, Save the Date!!: We are excited to host our first-ever Client Appreciation Day this Summer at the KC Monarchs Game. Clients can come with their families to enjoy an All-You-Can Eat Ballpark Buffet, shade, and of course, baseball. The event is on Sunday, June 9th and we will need your RSVP to include the number of people in your party. Tickets will be distributed before the event and all attendees over 2 years of age require a ticket to enter. To RSVP, please email Angel at [email protected]. Clients, watch for a formal postcard invitation in the mail.
In economic news:
Between CORE PCE (Personal Consumption Expenditures) ticking higher over the past 3 and 6-months as well as a strong labor report with U.S job growth exceeding expectations and wages increasing at a steady pace, the Federal Reserve may extend the clock for its first round of rate cuts. According to Bloomberg (click here for article), Jerome Powell said it’s likely going to take “longer than expected” to gain the confidence needed to lower rates. It’s even possible that we will not see cuts before the end of 2024. All eyes are on the next report for CORE PCE which comes out on April 26th. Core PCE is the Federal Reserves preferred measure of inflation and consists of data directly from businesses to track the price of goods and services (excluding food and energy costs).
Many believe that 2024 rate cuts are already priced into the stock market. If cuts don’t occur or happen to a lessor degree, some believe this could create pullback or cause some investors to re-think their equity positioning in their portfolios. IF stubborn inflation sticks around longer and rates are cut later or not at all, then it’s POSSIBLE that the energy sector will continue to outperform the S&P 500. As I write this on Tuesday, April 23rd, energy is up 14.4% YTD compared to the S&P 500 which is up 6% YTD. We have had our client portfolios generally invested with an overweight to energy for some time now but we are, of course, monitoring this.
Thanks for reading this and we wish you all a fun Summer ahead with friends and loved ones!
Clients and friends…
(913) 529-2304
Address: 7400 W 130th Street, Suite #100 Overland Park, KS 66213
MS Financial Resources is a division of Midwest Financial Group LLC an SEC registered investment adviser.
As a registered investment adviser, we are now required to provide clients a new Client Relationship Summary document knows as “Form CRS”. This new form, which is available here, is the third part of our Form ADV investment adviser registration statement, so it is also referred to at times as “Form ADV Part 3”.
The purpose of the form is to provide clients with clear and succinct information regarding key aspects of investment advisory and brokerage relationships. The new form includes summarized information about services we provide, fees we charge, how our advisors are compensated, industry practices, etc. It also references where you can find additional information in our Form ADV Part 2 Disclosure Brochure, which we can provide you at any time free of charge, is posted at the website indicated on the Client Relationship Summary or you can access the SEC’s Investment Adviser Public Disclosure (IAPD) system at www.adviserinfo.sec.gov.
We appreciate the opportunity to serve you and welcome any questions you have about our firm or about your account.