The Armstrong Report: Fall 2026 Firm Update
Reginald A.T. Armstrong • The Armstrong Report
How can three-fourths of the year be over already? The older I get the faster time seems to fly. At least we will get a break from the heat.
ECONOMY
The economy continues to prove its strength, even in the face of higher oil prices for much of the year. Manufacturing has been in growth territory for the entire year and strengthened during the summer. Non-manufacturing continues to be strong as well. However, we shall see if the combination of higher oil and rising interest rates slows the economy down. As I mentioned last newsletter, corporate earnings are on a tear this year. Through June, corporate earnings per share growth are up 30% (LPL Financial Research, 9/26). This is one of the reasons equity markets have been resilient in the face of oil, interest rates, and the upcoming elections.
MARKETS
While equities continue to do well, fixed income markets have come under pressure. Those with bond exposure are finding that part of the portfolio is either up a little or down a little so far this year. Good bond managers use times like this to upgrade the yield of their portfolio. We view rising interest rates as a normalization of rates from the artificially low ones following the Great Recession of 2007-2009.
THE FIRM
Things have been humming along for the firm. Kristen is learning the ropes. Lee attended the Kooper Leadership Academy BootKamp and found it quite useful. Leslie will attend in October. Talking about Lee, he hit the big 50 last month! Still young in my book. In February, we will have a Client Education Event with Meg Diamond. Meg is a specialist in Medicare and pre-Medicare coverage. It should be very informative. Finally, in late April, we will host our 30th Anniversary celebration and Florence Chamber of Commerce Business After Hours at our office.
Thank you for your continued trust.