The Armstrong Report: Winter 2026 Firm Update

Happy New Year! I wish each and every one of you a healthy and prosperous 2026.

ECONOMY

Due to the length of the government shutdown, a lot of data was either delayed or unavailable. Normally, we would have known what Gross Domestic Product (GDP) was for the third quarter many weeks ago. Instead, it came out on December 23rd. The good news is it was a barnburner with GDP at 4.3%. This is on top of 3.8% in the second quarter. So, while some indicators such as employment have slowed down, the economy seems far from recessionary. The rate of inflation has finally dropped below 3% and we are expecting impact from the recent tax changes and lower interest rates to give a bit of a boost to the economy. In our upcoming January webinar, I will go over LPL Research’s Economic and Market Outlook for 2026.

MARKETS

For the first time in over a decade, foreign stocks outperformed US stocks. US equities still had a good year, however. In fact, most assets had a good year, including bonds. Keep in mind that while risk assets do tend to rise over time and have more positive years than negative ones, pullbacks and negative years still happen. Review your strategy with your wealth manager with a goal of ensuring you are not too far over your skis.

THE FIRM

This year we celebrate 29 years as a firm. As we enter our 30th year, I want to thank you for your continued trust in our firm. Whether you just hired us or have been with us for decades, we truly appreciate the opportunity to help you pursue your financial goals.