Consumer and business sentiment surveys are notoriously bad predictors of anything, but the survey questions that detail “current conditions” — e.g., whether one is better off today than yesterday or whether parts and labor are easier to obtain—provide very useful insight into potential turning points. US equities returned -0.3% last week in choppy trading. Core CPI rose 1.6% in July (4.7% yoy) lower than expectations and boosted market hopes for a pause from the Fed in September. However, a higher-than-expected PPI number on Friday, accompanied by a spike in Treasury yields has the market worried that the Fed will keep rates higher for longer. On the wealth planning front, for the first time since the pandemic, student loan forbearance is ending. Forbearance is the pause on student loan repayments. Beginning September 1, interest on Federal loans will begin accruing, and loan payments are due in October. Please note that this applies to federal loans, not private loans.