The Armstrong Report: Fall 2025 Firm Update
Reginald A.T. Armstrong • The Armstrong Report
While Autumn may be here and the cooler weather (eventually) is a cause for smiles, the recent performance of the Gamecocks and Tigers is not. Ugh. Although Matt is happy as his Mississippi State Bulldogs are doing fairly well.
ECONOMY
The economy is proving to be more resilient than the pundits think. GDP grew at 3.8% in the second quarter, and the Atlanta Fed is forecasting a 3.3% print for the third quarter as of September 25th. Retail sales have been strong for the past three months, ending in August. While the job market has cooled, we don’t yet see signs that are overly worrisome. The One Big Beautiful Bill Act (OBBBA), signed into law on July 4th, will likely have a mild positive effect on the economy this year, but a bit stronger one starting next year. Tune in to our December webinar for details.
MARKETS
The US stock market has become what I call a “honey badger” market. If you know about African honey badgers, they basically tear through just about any threat, even animals much larger than themselves. They just don’t care. That’s today’s US stock market, in my opinion. No matter what is thrown at it—tariffs, geopolitical risks, high valuation—it just doesn’t care; it keeps rising. Don’t get complacent through. A correction like this past April, or worse, not only can happen but will happen. Make sure your portfolio is appropriate for your risk tolerance. Contact your wealth manager if you have any questions.
THE FIRM
Leslie recently celebrated her 23rd anniversary with our firm, and Jason and Emily recently celebrated their 14th. We are blessed to have such long-tenured talent. In August, Leslie, Matt, and Emily attended LPL Financial’s annual national conference in San Diego. We rotate our staff annually so that each of us continues to improve and refine our skills in order to serve you better.
Thank you for your continued trust in our firm.