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  • Market Commentary

Important Tax Changes and Cost of Living Adjustments for 2023 + Financial Market Update + 10.25.22

Josh Jenkins, CFA, Chief Investment Officer, Principal
October 25, 2022
Important Tax Changes and Cost of Living Adjustments for 2023 + Financial Market Update + 10.25.22

The Internal Revenue Service and other government agencies have made several recent announcements regarding changes to many tax provisions, schedules, and other adjustments in recent weeks. Below we will provide a summary of the major changes that will affect everyone in some way. As always, it is best to consult your tax professional as to how they directly relate to you!


WEEK IN REVIEW

  • Earnings season continues, with a substantial portion of the S&P 500 reporting third quarter results this week. To date, 20% of the S&P 500 has reported as of last Friday’s close. The earnings growth rate, blended between companies that have already reported with the estimates for those that have yet to report, is at 1.5% year-over-year. This is slightly below FactSet’s forecast of 2.8% at the start of earnings season, and would mark the slowest earnings growth since the third quarter of 2020.
  • The S&P CoreLogic Case-Shiller National Home Price Index was published this week and it showed home prices fell nationally by 1.1% from July to August. This marks the second straightly monthly price decline, and the largest such decline since December 2011. The index was still 13.0% higher than its level one year ago. The housing market has been rapidly cooling in the face of rising mortgage rates, which are currently averaging around 7% nationally.
  • Other notable economic data to be published this week includes consumer confidence, new home sales, durable goods orders, jobless claims (a proxy for layoffs), the initial estimate of Q3 GDP, the University of Michigan 5-year inflation expectations survey, and the Personal Consumption Expenditures (PCE) Index.

HOT READS

Markets

  • Home Prices Cooled at a Record Pace in August, S&P Case-Shiller Says (CNBC)
  • 3 Charts Showing The Market Turmoil Wreaked During UK PM Liz Truss’ Tenure (CNBC)
  • Inflation is Dominating the Conversation on Earnings Calls. Here’s What Execs Are Saying (CNBC)

Investing

  • Indexing Has Saved Investors $403 Billion Since 1996 (TEBI)
  • Why Isn’t Inflation Falling? (Ben Carlson)
  • Expectations and Reality (Morgan Housel)

Other

  • What Have Workers Done With the Time Freed Up By Commuting Less? (Liberty Street Economics)
  • Some People Really Are Mosquito Magnets, and They’re Stuck That Way (Scientific American)
  • House of the Dragon Wants You to Trust Game of Thrones Again (Wired)

ECONOMIC CALENDAR

Source: MarketWatch


MARKETS AT A GLANCE

Source: Morningstar Direct.

Source: Morningstar Direct.

Source: Treasury.gov

Source: Treasury.gov

Source: FRED Database & ICE Benchmark Administration Limited (IBA)

Source: FRED Database & ICE Benchmark Administration Limited (IBA)

IMPORTANT DISCLOSURE INFORMATION

  • Competition, Achiever, Relator, Analytical, Ideation

Josh Jenkins, CFA

Chief Investment Officer, Principal

Josh Jenkins, Chief Investment Officer, began his career in 2010. With a background in investment analysis and portfolio management from his previous roles, he quickly advanced to his current leadership position. As a member of the Lutz Financial Board and Chair of the Investment Committee, he guides Lutz Financial’s investment strategy and helps to manage day-to-day operations. 

Leading the investment team, Josh directs research initiatives, while overseeing asset allocation, fund selection, portfolio management, and trading. He authors the weekly Financial Market Update, providing clients with timely insights on market conditions and economic trends. Josh values the analytical nature of his work and the opportunity to collaborate with talented colleagues while continuously expanding his knowledge of the financial markets. 

 

At Lutz, Josh exemplifies the firm’s commitment to maintaining discipline and helping clients navigate market uncertainties with confidence. While staying true to the systematic investment process, he works to keep clients' long-term financial goals at the center of his decision-making. 

 

Josh lives in Omaha, NE. Outside the office, he likes to stay active, travel, and play golf. 

402.763.2967

jjenkins@lutz.us

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