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JUNE 2023 Newsletter: Now That the Debt Ceiling is Over, What's Next?

June 09, 2023

Now that the debt ceiling negotiations are behind us and President Biden has signed the measure, what will Wall Street's wandering eye focus on next?

Inflation? Interest rates? Recession? Artificial intelligence?

More than likely, headlines will quickly turn to the Federal Reserve's next meeting, which ends on June 14.

As you can see from the accompanying chart, there are conflicting opinions about what's next for short-term rates this summer. Some see rates ticking higher, while others believe the Fed will pause rate hikes. The Fed's current target for short-term rates is 5% to 5.25%. Two-thirds of speculators expect the Fed to hold steady in June.

It's also possible that the conversation will shift to artificial intelligence and how companies use this new technology frontier. The chart below shows that 110 of the S&P 500 companies mentioned AI in Q1 quarterly reports, a 40% increase from Q4 2022. This trend is expected to continue to trend higher in the coming quarters.

While Wall Street's attention will shift from topic to topic, expect our conversations to stay consistent -- diversification, patience, and discipline.

  • Concord River Financial is growing! We are so fortunate to have Advisor Mary Butler-Aldrich join the CRF team, along with her Advisor Assistants, Petra Conboy and Julie McHugh. Please join us in giving a warm welcome to Mary, Petra and Julie!

  • Did you know? There are professional fiduciary trustees affiliated with LPL who are able to fill the roll of trustee in the event that you may not have one that you are readily comfortable with. The Private Trust Company (PTC) is a corporate fiduciary that can serve as a professional trustee, co-trustee, agent for trustee, estate representative, estate guardian/conservator. As a part of LPL, PTC’s services integrate seamlessly with your investment management. Contact your Financial Advisor for more information.

You Have The Right To Retain Representation When Working With The IRS

As part of the Taxpayer Bill of Rights, you have the right to retain an authorized representative to represent you when dealing with the IRS. If you can’t afford representation, seek help from a Low Income Taxpayer Clinic (LITC).

An authorized representative can represent you in interviews, audits, appeals, and tax collection disputes with the IRS and in court. Authorized representatives include attorneys, CPAs, enrolled agents, enrolled actuaries, or any other person who has submitted a written power of attorney to represent you.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.

Tip adapted from

 An eccentric farmer requests that you build four pens for his nine sheep but only allow an odd number of sheep in each pen. How do you accomplish this? 


Last Month's Riddle:  Two fathers and two sons shopped for computers at their local big box retailer. Eash bought a PC, yet they purchased only three PCs in total. How could this be?

Answer: There was a grandfather, a father, and a son.