Interdependent Advisors, An OSJ of Peers, 7432 Jager Court Cincinnati OH (2026)

09/07/2026

IA Market Update: July Edition

We hope this message finds you well. Last month, growth held firm, and the labor market held stable even as financial conditions quietly tightened beneath the surface. Equity indices were mixed, and inflation stayed unrelenting. The Federal Reserve became more hawkish under new Chair Kevin Warsh, shifting from its earlier tone.

Here’s how it played out across the major indexes and what drove the numbers.

Major U.S. Stock Indices

U.S. stocks diverged in June after an upbeat quarter. Inside technology, the split was stark. AI-driven semiconductors kept surging, while several Magnificent 7 stocks lost steam after last year’s outsized gains.
• The S&P 500 fell 1.06%.
• The Nasdaq 100 slipped 0.19%.
• The Dow Jones Industrial Average rose 2.52%.

The Big Picture

Stronger Than It Looks. U.S. growth proved better than first reported. First-quarter Gross Domestic Product (GDP) was revised upward to 2.1% annualized, well above the initial estimate of 1.6%, pointing to stronger momentum heading into mid-year. Manufacturing activity expanded for a sixth straight month despite tariffs and war-driven costs, and consumers kept spending on non-energy goods even as fuel prices rose. This economy has more resilience than markets have been pricing in.

Cooling, Not Cracking. Hiring slowed sharply. Employers added just 57,000 jobs in June, well below expectations. Unemployment fell to a 14-month low of 4.2%, but only because roughly 720,000 people left the labor force, a sign of fading worker confidence rather than strength. ADP’s National Employer Report showed a similar slowdown, with businesses adding 98,000 private-sector jobs, though it did describe labor demand as improving. The market is mending, but not thriving.

The Energy Squeeze. May’s Consumer Price Index (CPI) came out on June 10th, and showed that CPI rose to 4.2% in May, the highest since 2023, as war-driven energy costs jumped nearly 24% year over year. Core inflation (which excludes food and energy) also crept higher, to 2.8%, showing pressures extend beyond energy. Oil offered relief late in the quarter, falling from around $95 to the mid-$70s in June after a U.S.-Iran ceasefire reopened the Strait of Hormuz, though May’s CPI release predates that drop.

A New Chair, A New Tone. Kevin Warsh’s first meeting as Fed Chair in June set the tone for markets. The Fed held rates at 3.50-3.75%, but dropped its easing bias and forward guidance, turning more hawkish. His statement ran just 130 words, a fraction of his predecessor’s. Projections showed inflation revised higher, unemployment lower, and rate forecasts for coming years shifted up, with nearly half of officials expecting another hike this year. Warsh skipped his own forecast, pushing to rely less on lagging data.

The Road Ahead

Put together, the current story is one of measured, if uneven, progress. Growth and employment are staying firm, inflation remains elevated but contained, and markets are digesting a powerful AI-driven rally.

Throughout July, eyes will turn to fresh inflation and jobs data, corporate earnings, and how the Fed moves at the July 28-29 meeting. The key questions are whether price pressures keep easing and whether profits can support current valuations. From there, it’s a matter of how shifting rate expectations feed through to stocks and bonds.

This remains a market that rewards close attention, and we’re watching it on your behalf. As always, if you have any questions about your portfolio or strategy, don’t hesitate to reach out. We are here to be a resource for you. Wishing you an amazing July!

If you would like to dive deeper into these topics, we are always here as a resource for you and available to discuss anything on your mind! Feel free to direct any of your questions or concerns to your advisor or any general questions by emailing [email protected] or calling us at 513.232.6500.

These are the opinions of Interdependent Advisors and not necessarily those of Cambridge, which are for informational purposes only, and should not be construed or acted upon as individualized investment advice.

02/07/2026

Wishing everyone a happy Independence Day filled with family, friends, and fun!

As we celebrate the freedoms we enjoy, it's also a great time to reflect on your journey toward financial independence. Thoughtful planning today can help provide the flexibility and peace of mind to enjoy the future with confidence.

In celebration of Independence Day, our office will close early at 1:00 PM on Thursday, July 2, and will remain closed through the holiday weekend. We will reopen with normal business hours on Monday, July 6.

We wish you a safe, happy, and memorable holiday!

29/06/2026

We are excited to announce Dalton Scaggs has joined the OSJ of Peers!

Please join us in extending Dalton a warm welcome to IA!

23/06/2026

Mark your calendar for our IA Monthly Meeting this Friday at 9:30 AM EST!

Join us for an engaging discussion with IA Advisor Joe Bozo of Bright Forecast Financial, who will share insights into his process, niche markets, products, and unique approach to serving clients. We'll also hear from Wholesaler/Vendor Matt Couri of Griffin Capital, who will provide valuable industry perspectives and expertise.

For more details feel free to reach out to John Maddrill our Business Development Specialist at [email protected].

10/06/2026

We are excited to announce Tony Pritchett has joined the OSJ of Peers!

Please join us in extending Tony a warm welcome to IA!

05/06/2026

IA Market Update: June Edition

We hope this message finds you well. May delivered a familiar tension. The U.S. economy kept expanding, driven by resilient consumer spending and surging AI investment, yet rising energy prices tied to the U.S.-Iran conflict stoked inflation, leaving the Federal Reserve in a holding pattern and deferring hopes of near-term rate cuts.

For long-term investors, the picture can feel contradictory, with parts of the stock market hitting record highs while entrenched rates weighed on bonds and household budgets. What follows is our monthly review of markets, the Fed, and what both mean for your investments.

Major U.S. Stock Indices

Equity markets rose in May, with tech indices and AI-exposed Asian markets among the strongest performers. Semiconductor and mega-cap growth stocks drove nearly all the upside, while value stocks, small caps, and defensives lagged.

Here’s a look at the numbers for May:
• The S&P 500 climbed 5.15%.
• The Nasdaq 100 surged 10.49%.
• The Dow Jones Industrial Average edged up 2.78%.
The Big Picture, Up Close

Growth Holds, Unevenly. First-quarter GDP came in at 2.0% annualized before being revised down to 1.6% in late May, while unemployment held steady at 4.3%. Affluent households continued to spend freely on services and experiences while lower-income consumers were visibly stretched by fuel and food costs. AI-driven investment in data centers and software surged, offsetting sluggish traditional capital spending.

A Fed With Few Good Options. Newly minted Fed Chair Kevin Warsh, who was sworn in on May 22nd, is stepping into a Fed that’s between a rock and a hard place. Core PCE data, released in mid-May, showed that the inflation measure rose to 3.3% in April, well above the Fed's 2% target. Additionally, markets are now pricing in a rate increase as the more likely next move. Officials would prefer to hold steady and watch inflation fade, but sticky services inflation and an energy shock have made that increasingly difficult.

A Strong Earnings Season. With 97% of S&P 500 companies reporting actual results, 85% have reported a positive earnings per share (EPS) surprise, and 81% have reported a positive revenue surprise. During April and May, analysts increased earnings per share estimates for Q2 by 2.5%. Analysts typically cut estimates in the first two months of a quarter, making the 2.5% upgrade an encouraging signal.

The Three Variables That Matter Most. With the Fed funds rate at 3.50% to 3.75%, short-term yields kept cash and short-duration bonds competitive with risk assets. The dollar stayed strong, which squeezed emerging markets and trimmed the returns U.S. investors earned on overseas holdings. Of the three, oil was the most consequential. Surging well above $110 per barrel early in May on conflict escalation before retreating below $90 on ceasefire signals, its next sustained move will do more to shape inflation's trajectory than any single Fed decision.

Putting It All Together

The economy is resilient but not immune. Inflation has reset higher, and the real risk is not recession but a drawn-out stretch of uncomfortable prices that eventually forces the Fed’s hand. Oil is the swing factor. If energy costs push higher again, the glide path back to target gets considerably steeper.

Equity markets are strong but remain concentrated, with earnings holding the bull case together while rate-sensitive segments show strain. Cash yields are attractive, and the dollar offers insulation, but the core message is straightforward: stay invested, stay diversified, and resist crowded trades.

These are complex markets, and we are tracking them closely on your behalf. As always, if you have any questions about your portfolio or strategy, we are here to help. Wishing you an amazing June!

If you would like to dive deeper into these topics, we are always here as a resource for you and available to discuss anything on your mind! Feel free to direct any of your questions or concerns to your advisor or any general questions by emailing [email protected] or calling us at 513.232.6500.

These are the opinions of Interdependent Advisors and not necessarily those of Cambridge, which are for informational purposes only, and should not be construed or acted upon as individualized investment advice.

26/05/2026

Mark your calendar for our IA Monthly Meeting this Friday at 9:30 AM EST!

Join us for an engaging discussion with IA Advisor Adam Rex of Cornerstone Financial Services, who will share valuable insights and strategies. We’ll also hear from Wholesaler/Vendor Mac Deegan of First Trust, bringing additional industry perspective and expertise!

For more details feel free to reach out to John Maddrill our Business Development Specialist at [email protected].

22/05/2026

This Memorial Day, we pause to honor and remember the brave men and women who made the ultimate sacrifice for our country. Their service, courage, and dedication to protecting our freedoms will always be remembered.

Please note that our office will close at 1:00 PM on Friday, May 22, and we will resume regular business hours on Tuesday, May 26.

11/05/2026

Market Update: May Edition

We hope this message finds you well. U.S. markets reached record highs in April, driven by strong corporate earnings and enthusiasm around AI. Investors largely looked past elevated inflation, rising yields, and persistent tensions in the Middle East, marking a sharp reversal from a difficult first quarter.

However, beneath the surface, a more cautious story emerged. The broader economy is slowing, and inflation is proving stubborn. Core measures are easing, but higher energy costs are keeping overall readings above the Federal Reserve's target, leaving policymakers on hold with no clear case to cut or tighten.

Below is a look at how the major indexes performed in April and the key drivers behind the moves.

Major U.S. Stock Indices

Mega-cap technology and semiconductors accounted for most of the index gains, as investors rewarded companies with clear AI monetization and accelerating profits. Few other sectors kept pace.

That narrowness has raised valuation risks, leaving markets more exposed to any setback in earnings, policy, or geopolitical developments heading into mid-2026.

Overall, in April:

• The S&P 500 climbed 10.42%.
• The Nasdaq 100 rallied 15.64%.
• The Dow Jones Industrial Average gained 7.14%.

Economic and Market Overview

The Macro Backdrop. The U.S. economy remained solid in April but continued to slow, with gross domestic product (GDP) growth tracking at 2% for Q1. Core personal consumption expenditures (PCE) continued to ease gradually, but rising oil prices pushed headline inflation above 3.5%, complicating the case for rate cuts. At its late-April meeting, the Fed held steady and signaled it wants more convincing progress on inflation before easing. Rates are unlikely to come down soon.

The Economy’s Complicated Dynamics. The labor market held steady, with the latest data showing that hiring topped expectations and unemployment changed little. Business investment is increasingly directed toward AI infrastructure and automation, supporting productivity but not widespread growth. Consumer sentiment fell to a record low as households remained focused on the inflation fallout from the Middle East conflict.

Energy, Inflation, and Rates. The tension between rising oil prices and markets’ hopes for rate cuts remained the dominant story in April. Brent crude spiked to $126 per barrel as the conflict between the U.S. and Iran continued to disrupt supply routes through the Strait of Hormuz, pushing headline inflation higher and reducing the likelihood of near-term easing. The 10-year Treasury yield rose above 4.40%, its highest level of the year, as investors reassessed both inflation risk and worries over the U.S. fiscal outlook.

U.S. Stocks and the AI Rally. U.S. equities had an exceptional month. The S&P 500 crossed 7,000 for the first time, finishing April at a record high of 7,209.01. Earnings primarily drove this gain: With only Nvidia's results still to come, Q1 earnings for the Magnificent Seven are expected to grow 45.7% year-over-year on 24.6% higher revenues.

Commodities Rally. Commodities rose broadly, with energy up 7.7% and industrial metals gaining on strong demand linked to data center and AI infrastructure spending. The commodity rally also supported shares of energy and materials companies while putting upward pressure on inflation expectations and Treasury yields.

Keeping Perspective

April brought plenty of market-moving headlines, but the underlying fundamentals of long-term investing continue to hold up.

Know that we are staying focused on your long-term plan and keeping an eye on what’s driving the markets now. If you have questions about recent market shifts or simply want to talk through your strategy, do not hesitate to reach out. We are here to be a resource for you. Wishing you an amazing May!

If you would like to dive deeper into these topics, we are always here as a resource for you and available to discuss anything on your mind! Feel free to direct any of your questions or concerns to your advisor or any general questions by emailing [email protected] or calling us at 513.232.6500.

These are the opinions of Interdependent Advisors and not necessarily those of Cambridge, which are for informational purposes only, and should not be construed or acted upon as individualized investment advice.

11/05/2026

We are excited to announce Mark Becker, Brian DeVault, Olivia Hatfield, Shannon Wendt, & Elisabetta Seabolt joined the OSJ of Peers!

Please join us in extending the Hatfield & Becker group a warm welcome to IA!

Interdependent Advisors, An OSJ of Peers

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