Monthly Note

June 1, 2023

June already!  This may be a day or two late because I was waiting for news on the debt ceiling.  As you may be aware there is a compromise deal between the two parties to extend the debt limit with some spending cuts.  Neither side likes the deal, which is why I like it so much.  Our nation is based on compromise and it’s nice to see our two sides working together, instead of growing further apart.  Don’t give up on Washington yet!

The markets have reacted favorably, but I suspect we will level off again for a bit.  This was the first big hurdle we needed to get over, but the next one will be in July, when the Fed will make another decision on interest rates.  If they keep them steady and don’t raise them, that could be positive for the markets.  The Fed has signaled that is the plan, but only time will tell.  Other indicators, like unemployment, remain very upbeat for the economy.

A few housekeeping items.  If you still have my old cell phone 518-744-0927 in your phone, please replace it with my office phone 208-534-7659.  My office phone rings through to my cell phone, so there is no change in being able to reach me.  For compliance reasons, please do not text me at my personal cell, it is against industry regulations, but you can text me at my office phone, which shows up on my cell phone.

Lastly, I’ll be gone, traveling with my family for the next 2 weeks, celebrating my kids and wife’s recent graduations.  I will have my computer with me and able to process any routine work, but will not be available for office appointments or extended phone conversations.  Lynn will be in the office and reachable at her direct line, 208-534-7660 or at lynn@tetonwealth.com.  Without me around she gets lonely and the workload drops, so she will be leaving at 2pm each day, when the market closes.  If you need to stop by after 2pm, just arrange that with her and she’ll stick around.

Michael Canavan

LPL Financial Advisor

Canavan Wealth