Will monetary policy be enough to control inflation? A confident Jerome Powell met with Congress to share the Fed’s strategy and discuss the likelihood of a recession. The new Conference Board report could be a recession predictor. Jill Mislinski covers this latest release for Advisor Perspectives. Gifting assets to your heirs can be costly for the wealthy. There’s a way to save on the transfer, though, as Austin Jarvis explains.
Powell Tells Congress The Fed Is ‘Strongly Committed’ On Inflation — Fed Chairman Jerome Powell said Wednesday that the central bank is “strongly committed” to bringing down inflation and can do so with its monetary policy tools. That means higher interest rates until “compelling evidence” emerges that inflation is coming down. Read more…
Consumer Confidence Down Again In June — Consumers’ grimmer outlook was driven by increasing concerns about inflation, in particular rising gas and food prices. Expectations have now fallen well below a reading of 80, suggesting weaker growth in the second half of 2022 as well as growing risk of recession by yearend. Read more…
Gift And Estate Tax Savings Through An Intentionally Defective Grantor Trust — Many ultra high-net worth families want to transfer significant assets to their children, grandchildren, or other beneficiaries with minimal gift tax cost. But making large gifts requires these families to use all, or a significant portion, of their lifetime gift/estate exemption. An IDGT, or Intentionally Defective Grantor Trust, could offer substantial savings. Read more…
John R. Day, Bill Ennis, and Matt Heller