Weekly Market Commentary

ECONOMY IN UNCHARTED WATERS

Jeffrey Roach, PhD, Chief Economist, LPL Financial
Adam Turnquist, CMT, Chief Technical Strategist, LPL Financial
Jeffrey Buchbinder, CFA, Chief Equity Strategist, LPL Financial

We believe this more complex macro environment will force the Federal Reserve (Fed) to maintain its cautious stance on monetary policy for longer than markets originally expected. One factor adding to the complexity is the post-pandemic impact on economic and financial models. Another obvious factor is dynamic trade policy. Tailwinds from improved tax policy will help businesses wade through the uncharted waters. In general, the economy should be able to successfully charter through choppiness if the average effective tariff rate stays in the mid- to high-teens.

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