Steve Thomas, Author at EPG, Inc.

August Jobs Report Surprises to the Upside

Articles, NewsBy Steve Thomas September 8, 2026

The U.S. economy added 162,000 jobs in August, significantly exceeding the consensus estimate of 53,000 and representing a sharp improvement from the subdued pace of hiring earlier this summer. The unemployment rate remained unchanged at 4.1%, continuing to signal a generally healthy labor market. In addition, previously reported employment figures were revised higher, with July…

The Advisor: Fixed Income Strategy Third Quarter 2026

AdvisorBy Steve Thomas September 2, 2026

Financial Markets Uncertainty Accompanied by Changes at the FOMC Entering 2026, the Federal Reserve’s dot plot and Fed funds futures contracts were both implying interest rate cuts later in the year. Then, in late February, the Middle East tension began, triggering widespread volatility across the capital markets spectrum. While equity valuations initially weakened, bond yields…

The Advisor: ALM Strategy Third Quarter 2026

AdvisorBy Steve Thomas September 2, 2026

Don’t Overthink It – The Current Environment May Not Be As Uncertain As It Seems Although it may feel like the operating environment is in constant flux, driven by the war in Iran, a new Fed Chair and fluctuating inflation, it may actually be much less volatile than you think. If we separate the headlines…

The Advisor: Equity Investing Third Quarter 2026

AdvisorBy Steve Thomas September 2, 2026

A Strong Foundation, But a High Bar Equity markets have continued to move higher despite uncertainty surrounding inflation, monetary policy, and the conflict in Iran. While these issues have created periods of volatility, investors remain focused on a healthy economic backdrop and corporate results that continue to exceed expectations. In the medium to long-term, we…

Fed Holds Steady for a Fifth Meeting as Inflation Risks Resurface

Articles, NewsBy Steve Thomas July 31, 2026

Federal Reserve officials left interest rates unchanged for the fifth consecutive meeting. The Committee voted 9-3 to hold the benchmark federal funds rate in a range of 3.50% – 3.75%. Again, the Committee provided minimal forward guidance. The Investment Committee was not surprised by today’s decision to leave policy unchanged. The economic outlook remains murky,…

June Jobs Report: Cooling Labor Market Signals Shift in Fed Outlook

Articles, NewsBy Steve Thomas July 6, 2026

The U.S. economy added 57,000 jobs in June, falling short of the consensus estimate of 113,000 and the blowout 172,000 jobs created in May (downwardly revised to 129,000). Additionally, the unemployment rate fell slightly to 4.2%. While labor market conditions have remained surprisingly resilient throughout the first half of the year, today’s data represents a cooling…

Fed Holds Rates Steady as Warsh Era Begins: Is Monetary Policy Losing Its Edge?

Articles, NewsBy Steve Thomas June 18, 2026

In a widely anticipated decision, the FOMC voted unanimously to maintain the federal funds rate target in a range of 3.50% – 3.75% for the fourth consecutive meeting. Although today’s vote was unanimous, forward guidance implies a split consensus as to the interest rate path for the remainder of the year. Nine officials now…

May Jobs Report

Articles, NewsBy Steve Thomas June 8, 2026

The U.S. economy added 172,000 jobs in May, well above the consensus estimate of 85,000 and the 115,000 jobs created in April, signaling a reacceleration in labor market growth. Additionally, the unemployment rate remained unchanged at 4.3%, indicating that labor market conditions continue to be more resilient than many economists had anticipated and remain near the…

The Advisor: Equity Investing

AdvisorBy Steve Thomas September 23, 2024

Rates higher for longer? Implications for equity investing Investor sentiment has shifted from one of optimism for Fed driven rate cuts in 2024 to one of a delay for rate cuts to as late as early 2025. While this is based on recent economic data showing a resilient economy to already elevated rates, a “higher…

The Advisor: Fixed Income Strategy

AdvisorBy Steve Thomas September 23, 2024

We may have seen the last rate hike, but when will we see the first cut? Entering 2024 it was widely believed that interest rate cuts were on the horizon, as policy makers set the tone at the December FOMC meeting by increasing their interest rate forecast to three cuts, previously at two for 2024.…

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