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VNFA NEWS

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Meet the Team

Joanne Kurtz, Executive Administrative Assistant
Years at VNFA: 14 years (in March 2020)
“I enjoy working with my colleagues because they make me feel supported, and they continuously motivate me to do my best.”

About Joanne: I am married to my wonderful husband and have two adult children. We like to take the time to enjoy the outdoors by visiting the Poconos and the beach. We also have an 11-year-old yellow Labrador retriever, and she is a joy to our whole family. I enjoy reading, exercising, cooking and eating healthy.  

What I enjoy most about my job is helping clients and helping our team. There are a variety of tasks that are involved which makes each day unique and enjoyable. Our team benefits from making sure procedures are carried through for great organization and communication which helps our clients meet their financial goals.

“Your Financial Choices”

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The show airs on WDIY Wednesday evenings, from 6-7 p.m. The show is hosted by Valley National’s Laurie Siebert CPA, CFP®, AEP®.

This week, Laurie welcomes back Tim Roof, CFP and Connor Darrell, CFA to discuss: “Third Quarter Commentary and Investment Education.”

Laurie and her guests will take your questions live on the air at 610-758-8810 or in advance via yourfinancialchoices.com/contactlaurie.

Recordings of past shows are available to listen or download at both yourfinancialchoices.com and wdiy.org.

What We’re Reading

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A collection of links to articles and ideas our VNFA staff found interesting and informative recently.

Five Retirement-Planning Myths (schwab.com)

The average employer 401(k) match is at an all-time high – see how yours compares (cnbc.com)

SALT deduction cap rules finalized; safe harbor proposed (Journal of Accountancy)

12 Strategies for Keeping Lifestyle Inflation in Check (thesimpledollar.com)

The Numbers & “Heat Map”

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THE NUMBERS
Sources: Index Returns: Morningstar Workstation. Past performance is no guarantee of future results. Indices are unmanaged and cannot be invested into directly. Three, five and ten year returns are annualized excluding dividends. Interest Rates: Federal Reserve, Freddie Mac

US ECONOMIC HEAT MAP
The health of the US economy is a key driver of long-term returns in the stock market. Below, we grade 5 key economic conditions that we believe are of particular importance to investors.

CONSUMER SPENDING

A

We have downgraded our consumer spending grade to A from A+ following weaker than expected December retail sales data and some declines in consumer confidence surveys. However, monthly data can be volatile and we still believe that the US consumer is in a healthy position.

FED POLICIES

C-

The Federal Reserve implemented four interest rate hikes during 2018, and while the rate hike cycle appears to be on pause for now, rising interest rates tend to reduce economic growth potential and can lead to repricing of income producing assets.

BUSINESS PROFITABILITY

B+

Corporate earnings remain strong, but we anticipate earnings growth will taper off in 2019. We are also beginning to see a higher number of companies reducing forward earnings guidance, a sign that earnings growth may have reached its peak in 2018.

EMPLOYMENT

A

The US economy added just 20,000 new jobs in February, which was far less than expected. This was the weakest number since 2017, but job gains from both December and January were revised upwards. Despite the weak report, the labor market remains one of the strongest components of the economic backdrop at this time.

INFLATION

B

Inflation is often a sign of “tightening” in the economy, and can be a signal that growth is peaking. The inflation rate remains benign at this time, but we see the potential for an increase moving forward. This metric deserves our attention.

OTHER CONCERNS

INTERNATIONAL RISKS

5

The above ratings assume no international crisis. On a scale of 1 to 10 with 10 being the highest level of crisis, we rate these international risks collectively as a 5. These risks deserve our ongoing attention.

The “Heat Map” is a subjective analysis based upon metrics that VNFA’s investment committee believes are important to financial markets and the economy. The “Heat Map” is designed for informational purposes only and is not intended for use as a basis for investment decisions.