[{"data":1,"prerenderedAt":152},["ShallowReactive",2],{"gql:data:XOkziwU9i5cIR8AfyL2oaM4rwPgDVATWWIS3zVyg-GM":3},{"mediaItem":4},{"relatedItems":5,"date":85,"derivedSeoDescription":86,"derivedSeoTitle":87,"derivedSocialMediaDescription":86,"derivedSocialMediaImage":88,"derivedSocialMediaTitle":87,"flexComponents":100,"author":9,"title":123,"byline":124,"shortDescription":9,"tileImage":125,"mediaFormat":134,"mediaFocuses":136,"teamMember":138},[6,32,59],{"title":7,"byline":8,"shortDescription":9,"slug":10,"featuredImage":11,"tileImage":14,"mediaFormat":25,"mediaFocuses":27,"date":31},"American Ledger: A 250-Year Financial Perspective","By Ferguson Wellman","","american-ledger-a-250-year-financial-perspective",{"id":12,"alt":9,"caption":13,"assetUrl":13,"assetUrlXs":13,"assetUrlSm":13,"assetUrlMd":13,"assetUrlLg":13,"assetUrlXl":13,"assetUrlXxl":13,"width":13,"height":13},"1851",null,{"id":15,"alt":9,"caption":13,"assetUrl":16,"assetUrlXs":17,"assetUrlSm":18,"assetUrlMd":19,"assetUrlLg":20,"assetUrlXl":21,"assetUrlXxl":22,"width":23,"height":24},"1850","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1850/NoCat_Blog.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1850/xs_NoCat_Blog.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1850/sm_NoCat_Blog.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1850/md_NoCat_Blog.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1850/lg_NoCat_Blog.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1850/xl_NoCat_Blog.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1850/xxl_NoCat_Blog.jpg",700,330,{"name":26},"Articles",[28],{"name":29,"slug":30},"Weekly Market Makers","weekly-market-makers","2026-07-03",{"title":33,"byline":34,"shortDescription":9,"slug":35,"featuredImage":36,"tileImage":46,"mediaFormat":55,"mediaFocuses":56,"date":58},"Q2 in Review: Chips on the Table","By Peter Jones, CFA","q2-in-review-chips-on-the-table",{"id":37,"alt":9,"caption":13,"assetUrl":38,"assetUrlXs":39,"assetUrlSm":40,"assetUrlMd":41,"assetUrlLg":42,"assetUrlXl":43,"assetUrlXxl":44,"width":45,"height":45},"1844","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1844/Jones_Peter.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1844/xs_Jones_Peter.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1844/sm_Jones_Peter.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1844/md_Jones_Peter.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1844/lg_Jones_Peter.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1844/xl_Jones_Peter.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1844/xxl_Jones_Peter.jpg",1500,{"id":47,"alt":9,"caption":13,"assetUrl":48,"assetUrlXs":49,"assetUrlSm":50,"assetUrlMd":51,"assetUrlLg":52,"assetUrlXl":53,"assetUrlXxl":54,"width":23,"height":24},"1843","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1843/BlogInvestment.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1843/xs_BlogInvestment.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1843/sm_BlogInvestment.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1843/md_BlogInvestment.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1843/lg_BlogInvestment.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1843/xl_BlogInvestment.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1843/xxl_BlogInvestment.jpg",{"name":26},[57],{"name":29,"slug":30},"2026-07-02",{"title":60,"byline":61,"shortDescription":9,"slug":62,"featuredImage":63,"tileImage":72,"mediaFormat":81,"mediaFocuses":82,"date":84},"The Price of Intelligence","By Alex Harding, CFA","the-price-of-intelligence",{"id":64,"alt":9,"caption":13,"assetUrl":65,"assetUrlXs":66,"assetUrlSm":67,"assetUrlMd":68,"assetUrlLg":69,"assetUrlXl":70,"assetUrlXxl":71,"width":45,"height":45},"1795","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1795/Harding_Alex.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1795/xs_Harding_Alex.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1795/sm_Harding_Alex.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1795/md_Harding_Alex.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1795/lg_Harding_Alex.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1795/xl_Harding_Alex.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1795/xxl_Harding_Alex.jpg",{"id":73,"alt":9,"caption":13,"assetUrl":74,"assetUrlXs":75,"assetUrlSm":76,"assetUrlMd":77,"assetUrlLg":78,"assetUrlXl":79,"assetUrlXxl":80,"width":23,"height":24},"1794","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1794/BlogInvestment.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1794/xs_BlogInvestment.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1794/sm_BlogInvestment.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1794/md_BlogInvestment.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1794/lg_BlogInvestment.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1794/xl_BlogInvestment.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1794/xxl_BlogInvestment.jpg",{"name":26},[83],{"name":29,"slug":30},"2026-06-26","2024-01-19","The final data points of 2023 are trickling in, and investors are using this information to inform their opinions on what is expected in 2024.","Weekly Market Makers blog: Strong Start",{"id":89,"alt":90,"caption":13,"assetUrl":91,"assetUrlXs":92,"assetUrlSm":93,"assetUrlMd":94,"assetUrlLg":95,"assetUrlXl":96,"assetUrlXxl":97,"width":98,"height":99},"6","Ferguson Wellman Logo","https://www.fergusonwellman.com/system/uploads/fae/image/asset/6/FW-OpenGraph_2x.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/6/xs_FW-OpenGraph_2x.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/6/sm_FW-OpenGraph_2x.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/6/md_FW-OpenGraph_2x.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/6/lg_FW-OpenGraph_2x.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/6/xl_FW-OpenGraph_2x.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/6/xxl_FW-OpenGraph_2x.jpg",1200,630,[101,105,120],{"instance":102},{"__typename":103,"body":104},"MediaPageTextComponent","The final data points of 2023 are trickling in, and investors are using this information to inform their opinions on what is expected in 2024. Starting this month, we have begun to share our *2024 Investment Outlook* with clients and professional partners – we look forward to having the opportunity to be together and celebrate what’s to come.\r\n\r\nThe theme of our *2024 Investment Outlook* is that we will have “no hard landing.” What does this mean exactly? When the Federal Reserve rapidly raises rates, it may cause a recession, known as a “hard landing.” However, if the Federal Reserve can raise interest rates just enough to slow the economy and reduce inflation without causing a recession, it will have achieved what is known as a soft landing. We believe that the strength of the consumer is one of the reasons a “hard landing” is unlikely, which is reinforced by the latest retail sales data from December.\r\n\r\nAmericans are continuing to spend. [U.S. retail sales](https://www.census.gov/retail/marts/www/marts_current.pdf) rose more than expected in December - a seasonally adjusted 0.6% from a month earlier, and this was a larger-than-expected gain after a healthy increase in November. Sales at department stores jumped 3% in December, the most of any category. With the higher interest rate environment and tighter credit conditions, many expected we would see a shift in spending habits. We can reconcile the positive retail sales news with the fact that the state of the labor market heavily influences spending. The labor market continues to be resilient and offers a positive outlook for 2024.\r\n\r\nThe number of Americans filing new claims for unemployment benefits fell last week to the lowest level since September 2022, suggesting job growth likely remained solid in January. For the week ending January 13th, jobless claims decreased by 16,000 to 187,000, as reported by the Labor Department on Thursday. We believe this further refutes a hard landing, as the consumer will continue to spend and prop up the economy as long as they are employed. The Federal Reserve aims to cool the economy and the labor market to bring inflation down to its 2% target. The graph below shows that “cooling” is taking place, as the total job openings have consistently decreased since the peak in early 2023, indicating that, while jobs are still available, fewer openings exist today.",{"instance":106},{"__typename":107,"image":108,"videoId":9,"caption":119},"MediaPageImageOrVideoWithCaptionComponent",{"id":109,"alt":9,"caption":13,"assetUrl":110,"assetUrlXs":111,"assetUrlSm":112,"assetUrlMd":113,"assetUrlLg":114,"assetUrlXl":115,"assetUrlXxl":116,"width":117,"height":118},"1028","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1028/Fed_Hikes_Have_Destroyed_Demand_for_Jobs.png","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1028/xs_Fed_Hikes_Have_Destroyed_Demand_for_Jobs.png","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1028/sm_Fed_Hikes_Have_Destroyed_Demand_for_Jobs.png","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1028/md_Fed_Hikes_Have_Destroyed_Demand_for_Jobs.png","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1028/lg_Fed_Hikes_Have_Destroyed_Demand_for_Jobs.png","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1028/xl_Fed_Hikes_Have_Destroyed_Demand_for_Jobs.png","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1028/xxl_Fed_Hikes_Have_Destroyed_Demand_for_Jobs.png",602,338,"Source: Federal Reserve",{"instance":121},{"__typename":103,"body":122},"The Federal Reserve has a tough job of decreasing inflation while maintaining a healthy economy.  Still, we are staying balanced while walking the tightrope based on what we see from late 2023 and early 2024 data.\r\n\r\n**Takeaways for the Week**\r\n\r\n* The resilience of the economy, labor markets and the consumer continue to offer a positive outlook for the future\r\n\r\n* Earnings season is upon us, and in the coming weeks, we will see most of the S&P 500 companies report for the fourth quarter of 2023. Earnings are slated to increase by 1.3% year-over-year\r\n\r\n**Disclosure**\r\n\r\n*The views expressed represent the opinion of Ferguson Wellman. The views are subject to change and are not intended as a forecast or guarantee of future results. This material is for informational purposes only. It does not constitute investment advice and is not intended as an endorsement of any specific investment. Statements of future expectations, estimates, projections and other forward-looking statements are based on available information and Ferguson Wellman’s views as of the time of these statements. Past performance may not be indicative of future results. Ferguson Wellman, Octavia Group and West Bearing do not provide tax, legal, insurance or medical advice. This material has been prepared for general educational purposes only and not as a substitute for qualified counsel who can determine how this information applies to you. We believe the information provided is from reliable sources but should not be assumed accurate or complete.*\r\n\r\n*Please see additional [disclosures](/disclosures/).*","Strong Start","By Jade Thomason",{"id":126,"alt":9,"caption":13,"assetUrl":127,"assetUrlXs":128,"assetUrlSm":129,"assetUrlMd":130,"assetUrlLg":131,"assetUrlXl":132,"assetUrlXxl":133,"width":23,"height":24},"1026","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1026/BlogInvestment.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1026/xs_BlogInvestment.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1026/sm_BlogInvestment.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1026/md_BlogInvestment.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1026/lg_BlogInvestment.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1026/xl_BlogInvestment.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/1026/xxl_BlogInvestment.jpg",{"name":26,"slug":135},"articles",[137],{"name":29,"slug":30},{"fullName":139,"title":140,"slug":141,"image":142},"Jade Thomason","Vice President","jade-thomason",{"id":143,"alt":144,"caption":13,"assetUrl":145,"assetUrlXs":146,"assetUrlSm":147,"assetUrlMd":148,"assetUrlLg":149,"assetUrlXl":150,"assetUrlXxl":151,"width":45,"height":45},"282","Headshot of Jade Thomason","https://www.fergusonwellman.com/system/uploads/fae/image/asset/282/Thomason_Jade.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/282/xs_Thomason_Jade.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/282/sm_Thomason_Jade.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/282/md_Thomason_Jade.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/282/lg_Thomason_Jade.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/282/xl_Thomason_Jade.jpg","https://www.fergusonwellman.com/system/uploads/fae/image/asset/282/xxl_Thomason_Jade.jpg",1783541880423]