• A staggering 77% of voters in swing states (Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin) like the idea of a billionaire tax to bolster Social Security shortfalls. More than half say they approve of trimming benefits for high-earners, and for taxing wages for Social Security beyond the first $168,600 in earnings. 1
• An alarming number of Americans with at least $100,000 in investable assets have no plans for the future. Over half (52%) do not have any estate plan, 41% have no financial plan and 39% have yet to create a retirement plan. 2
• Gold prices have risen 40% from their October 2022 low point. After watching the U.S. use its power to shut Russia out of the global financial system the central banks of China, India, and Turkey have been buying gold while divesting U.S. dollar exposure. China's central bank alone has increased its gold reserves by $28 billion. 3
• Nominal credit card balances hit a record high in Q4 2023, as credit card performance worsened. 30, 60, and 90+ day past due accounts all rose to their highest levels since 2012 and 4.1% of all accounts were at least 30 days past due. 2

1. Bloomberg – “Ultra-Rich Should Pay to Save Social Security, Swing-State Voter Poll Shows"
2. MFS – “Beyond the News"
3. Barrons – “Gold Continues to Boom. The Major Buyer: Central Bankers"

*Past performance is not indicative of future performance

Economic Calendar

Monday:

None scheduled

Tuesday:

Employment cost index (Q1), S&P Case-Shiller home price index (20 cities) (Feb), Chicago Business Barometer (PMI) (Apr), Consumer confidence (Apr)

Wednesday:

ADP employment (Apr), Construction spending (Mar), ISM manufacturing (Apr), Job openings (Mar), FOMC interest-rate decision, Fed Chair Powell press conference, Auto sales (Apr)

Thursday:

Initial jobless claims (Apr), U.S. trade deficit (Mar), U.S. productivity (Q1), U.S. unit-labor costs (Q1), Factory orders (Mar)

Friday:

U.S. employment report (Apr), U.S. unemployment rate (Apr), U.S. hourly wages (Apr), Hourly wages year over year, ISM services (Apr), Chicago Fed President Austan Goolsbee speech, New York Fed President John Williams speech

Upcoming Earnings Calls

Monday - BBVA, NXPI, WELL, ACGL, ON

Tuesday - AMZN, LLY, KO, AMD, MCD

Wednesday - MA, QCOM, PFE, ADP, CVS

Thursday- AAPL, NVO, SHEL, LIN, COP

Friday - BRK.B, HSY, TRP, LNG, CBRE

Client Focused Trading® for large institutions, pensions, hedge funds, wealthy families, and private equity for over 30 years.

Glen Eagle Wealth, LLC is a member FINRA and SIPC

This desk commentary is for informational purposes only

Carol Ann Fernandez

Rob Michel

Grier Vacek

Glen Eagle Wealth, LLC

4422C Route 27

PO Box 399

Kingston, NJ 08528

(609) 631-8231