{"componentChunkName":"component---src-templates-article-index-js","path":"/insights/the-market-observatory-earnings-strength-vs-inflation-risk-video","result":{"data":{"article":{"title":"The Market Observatory: Earnings Strength Vs. Inflation Risk [Video]","slug":"the-market-observatory-earnings-strength-vs-inflation-risk-video","displayIntroOnArticlePage":false,"intro":{"intro":"Will the strength of corporate earnings outweigh the inflation risk? In the latest episode of the Market Observatory, Chris Fasciano and Sam Millette break down what investors should be watching as we look ahead."},"author":{"name":"Chris Fasciano","title":"Chief Market Strategist","description":{"description":"Chris Fasciano is vice president, investment management and research, and chief market strategist at Commonwealth. He represents Commonwealth in various media appearances, advisor speaking events, and Commonwealth conferences. He also oversees and mentors a dynamic team of investment research analysts who specialize in equity and fixed income markets. Prior to this role, Chris spent 10 years as one of the firm’s portfolio managers, involved with asset allocation, fund selection, and overall management of Commonwealth’s discretionary platform, PPS Select.\n\n\nWith a deep background in small- and mid-cap stock research, Chris is uniquely positioned to analyze the latest economic data and offer valuable insights on navigating today’s volatile markets. He has been featured in articles for Bloomberg, Reuters, Business Insider, and Barron’s. Chris also regularly speaks at advisors’ client events on market trends, offering observations and analysis on key economic and market developments that could impact investors’ financial strategies.\n\n\nChris earned his degree in economics from Bates College and his MBA from the UNC Kenan-Flagler Business School."},"linkText":"Information about securities-registered professionals may be found at FINRA BROKERCHECK.","linkUrl":"https://brokercheck.finra.org","image":{"description":"","title":"Chris Fasciano author","file":{"url":"//images.ctfassets.net/a320zjmb1inn/7dIK8ndg8U9c886qsNNjHY/d6e1c161ef270f16ae92ea959cd166d1/Chris_Fasciano_Public_Siteâ__Author_Photo_2x.png"}}},"topics":[{"slug":"market-economic-perspectives","name":"Market & Economic Perspectives","image":{"title":"Market and Economic Perspective","file":{"url":"//images.ctfassets.net/a320zjmb1inn/2mKoY96PiwQdSMHNp5LnPE/60edee6fbc2ec3508edf7c2f83dfbbd9/Market-and-Economic-Perspectives-new-crop.jpg"}},"customDisclosureText":{"json":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"The information on this website is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Certain sections of this commentary contain forward-looking statements that are based on our reasonable expectations, estimates, projections, and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Past performance is not indicative of future results. 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We are not responsible and cannot be held liable for the content and activities of these sites. You therefore visit/access these sites entirely at your own risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Website may include content and/or materials provided by third parties. All statements and/or opinions expressed in such content and materials are solely the opinions and the responsibility of the person or entity providing such content or materials and do not necessarily reflect the opinion of Commonwealth. 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GOVERNING LAW","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These Terms of Use are governed by the laws of the Commonwealth of Massachusetts without giving effect to any principles of conflict of law.","marks":[],"data":{}}]}]}}}}},"content":[{"data":{},"marks":[],"value":"Terms of Use","nodeType":"text"}],"nodeType":"entry-hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}}}],"date":"05.13.26","publishDate":"2026-05-13","content":{"json":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Despite the ongoing conflict in the Middle East and rising oil prices, stock markets have reached all-time highs. It seems investors have been able to look past the short-term noise and focus on the fundamentals. But are there other risks on the horizon?","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In this latest episode of the Market Observatory, ","nodeType":"text"},{"data":{"uri":"https://www.commonwealth.com/author/sam-millette"},"content":[{"data":{},"marks":[],"value":"Sam","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" and I take a closer look at inflation expectations, strong corporate earnings, and the biggest risks to market returns.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Watch our full conversation here:","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"a320zjmb1inn","contentful_id":"a320zjmb1inn"}},"id":"c3hS1KdwSaiY7xc6ck3Y7Ow","type":"Entry","createdAt":"2023-12-13T22:02:45.145Z","updatedAt":"2026-05-13T18:53:56.338Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment","contentful_id":"master"}},"publishedVersion":123,"revision":3,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"video","contentful_id":"video"}},"contentful_id":"3hS1KdwSaiY7xc6ck3Y7Ow"},"fields":{"name":{"en-US":"TMO_Episode19_Video"},"title":{"en-US":"Video: Earnings Strength Vs. 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Inflation Risk"},"file":{"en-US":{"url":"//images.ctfassets.net/a320zjmb1inn/iZsx7K8mxKQyrGR7jxOhF/cb24d66a69c9d289b0919b99e7133409/TMO_1920x1080_Video.jpg","details":{"size":1373841,"image":{"width":1920,"height":1080}},"fileName":"TMO_1920x1080 Video.jpg","contentType":"image/jpeg"}}}}},"showTranscript":{"en-US":true},"transcriptItems":{"en-US":[["0:04","Today marks an exciting evolution for the Market Observatory. What began as an audio-first experience is now moving to video, giving us new ways to bring our market insights to life and connecting more directly with you. So, let's jump right in.","Chris"],["0:22","So here we are, Sam. The negotiations to end the war in the Middle East continue. The supply of oil to the global economy is still limited. Oil prices are high, and gas prices keep going up. Seems to be a lot to worry about, and a lot of risks for the narrative. Yet the stock market’s at an all-time high, and yields on the 10-year bond have basically been range bound through this whole thing. Clearly, investors have expectations about the future, and they seem to be pretty upbeat. So from your perspective, what are bond investors looking at currently?","Chris"],["0:59","Yeah, Chris, that's a great question, and I think you kind of started to answer it with the question itself. It's really all about investor expectations, right? I think that's been the major driver of markets over the past month. And, you know, looking back at it, it kind of makes sense, right? We were talking when we last spoke about the idea that the only thing folks can be certain about is more uncertainty, right? And we've certainly seen that from a geopolitical headline perspective. But what's been encouraging for me is, you know, I think a lot of fixed income investors have really been able to look past the short-term noise and focus on the fundamentals. And there, I think, you know, the updates have actually been a little bit more positive than the headlines would have you believe, and that's why returns have been actually pretty positive, too.","Sam"],["1:46","Not surprisingly, it's a similar story on the equity side. But I do think it starts with the fact that the situation in the Middle East has not gotten worse, so equity investors have taken the worst-case scenario for the impact that the war might have on the U.S. economy going forward. And then once they do that, it allows them to focus on the fundamentals. And the fundamentals in this case are corporate earnings, and they have been really strong. We're about 90 percent of the way through first-quarter earnings reporting season, and S&P 500 companies have delivered earnings growth at a rate of 27 percent, which is pretty stunning. But then you consider that on March 31 when the quarter ended, analysts were expecting 13.2 percent growth, so they've come in twice expectations. And the really encouraging sign for equity investors is that second-quarter earnings estimates are going up, and full-year 2026 numbers have gone up over 5 percent since the start of the war. So, despite the headlines, despite the known fact that oil prices are higher, analysts are becoming more optimistic about what corporate America can earn going forward, and that is a good scenario for equity investors. But our job is always to look for something on the horizon that might cause consensus to not come to fruition, which would be disappointing to investors. So, what are you looking at that might cause consensus for bond investors not to come true?","Chris"],["3:20","Well, Chris, I think there's one primary risk that if you surveyed fixed income investors, they would all mention, and that's really inflation, right? Because we've seen already, so far throughout 2026, prices rise given the rise in oil prices, the rise in gas prices, the rise in headline inflation so far this year isn't really a surprise. I'd say what's a surprise is the fact that future-looking inflation expectations, while they are up modestly from the start of the year, have not really surged. You know, I look back at 2022 as kind of a proxy for what's going on because we saw a similar type of thing back then: geopolitical risk, oil prices rise leads to rising inflation and inflation expectations. What we haven't seen this time around is those inflation expectations surge back up, which is really encouraging because, you know, economists and the Fed keep an eye not just on inflation reports like the CPI and PPI reports that look backwards, but also expectations that look forwards, right? Because, as we all know, when consumers and producers have this idea that inflation is here to stay and it's going to be sticky, they can change their behavior. And that's really what we haven't seen, and that's really encouraging from, you know, a Fed or an investor perspective,","Sam"],["4:37","Yeah, and it's a similar story on the equity side, if corporate earnings have been the driver for market returns, then the biggest risk is that something happens such that corporate earnings don't materialize, as expectations currently are indicating they will. And there are three things that could cause that, and that would be a sign that the U.S. economy is getting worse, if not going into a recession; any change from companies on artificial intelligence spending, because that has been a big driver of both the economy and corporate earnings; and finally, the fact that the impact of higher oil prices actually shows up in profit-and-loss statements more than analysts are currently expecting it to. Any one or all three of those I think would cause earnings estimates in the back half of the year to have to come down, and that would unnerve equity investors. But I think as long as those estimates continue to come through, then that's a supportive backdrop for equity investors going forward.","Chris"],["5:43","Well, sounds like investors certainly have plenty to think about throughout the rest of this year, but it's encouraging that the fundamentals, at least, are a tailwind,","Sam"],["5:51","Agreed.","Chris"],["5:52","Thanks, Chris. And thank you for joining us. Join us again next month for another update from the Market Observatory.","Sam"]]}}}},"content":[],"nodeType":"embedded-entry-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}},"articleImage":{"description":"","title":"The Market Observatory: Earnings Strength Vs. Inflation Risk [Video]","file":{"url":"//images.ctfassets.net/a320zjmb1inn/7B72zbOT5xaeOm5u0jlDwH/5cab52cb374426bcfd493f90719f71d7/435x635_TMO_Article-Image__1_.jpg"}},"featuredImage":{"description":"","title":"The Market Observatory: Earnings Strength Vs. 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","buttonText":null,"buttonLink":null,"buttons":[{"content":["Subscribe Now","https://learn.commonwealth.com/subscribe-to-our-blog"]}],"hubspotFormId":null,"image":{"title":"Fintech","file":{"url":"//images.ctfassets.net/a320zjmb1inn/WTJX6zvYNPSoMdu0UVfyy/81b08e4955c434a14e3fd0c3120b9921/Fintech-and-other-IT-solutions-new-crop.jpg"}},"signature":null,"sidebarBlockquote":null},"disclosureText":{"json":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"This material is for educational purposes only and is not intended to provide specific advice.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"\nPlease review our ","nodeType":"text"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"a320zjmb1inn","contentful_id":"a320zjmb1inn"}},"id":"c5wVCPV3An6EojGIPSb87Ry","type":"Entry","createdAt":"2020-07-29T14:57:55.319Z","updatedAt":"2025-03-10T18:48:14.939Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment","contentful_id":"master"}},"publishedVersion":35,"revision":4,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"page","contentful_id":"page"}},"contentful_id":"5wVCPV3An6EojGIPSb87Ry"},"fields":{"title":{"en-US":"Terms of Use"},"slug":{"en-US":"terms-of-use"},"content":{"en-US":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Last updated: February 2025","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These website terms of use (","marks":[],"data":{}},{"nodeType":"text","value":"“Terms of Use”","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":") are entered into by and between you and Commonwealth Financial Network (","marks":[],"data":{}},{"nodeType":"text","value":"“Commonwealth,” “we,” “us,”","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" or ","marks":[],"data":{}},{"nodeType":"text","value":"“our”","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":") and govern your access to and use of www.commonwealth.com and any other websites that link to these Terms of Use, and all services, materials, tools, and functionality provided by us in connection with our website (collectively, the ","marks":[],"data":{}},{"nodeType":"text","value":"“Website”","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"). The term “you,” as used in these Terms of Use, means any person or entity who accesses or uses the Website. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Please read these Terms of Use carefully before you use the Website. By using the Website, you accept and agree to be bound and abide by these Terms of Use. If you do not accept these Terms of Use, please do not access or use the Website. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Please note that our financial products and services are governed by separate agreements and terms, and not by these Terms of Use. These Terms of Use do not modify any separate agreement that you have in place, or terms you have agreed to, that govern our financial products and services. ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"1. CHANGES TO THE TERMS OF USE ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We may revise and update these Terms of Use from time to time in our sole discretion. All changes are effective immediately when we post them, and your continued use of the Website following the posting of revised Terms of Use means that you accept and agree to the changes. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2. ACCESSING THE WEBSITE","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We reserve the right to terminate, alter, or amend the Website, any service or material we provide on the Website, in our sole discretion without notice. We will not be liable if for any reason all or any part of the Website is unavailable at any time or for any period.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"3. INTELLECTUAL PROPERTY RIGHTS","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Website and its entire contents, features, and functionality (including but not limited to all information, software, text, displays, images, video, and audio, and the design, selection, and arrangement thereof) are owned by Commonwealth, its licensors, or other providers of such material and are protected by United States and international copyright, trademark, patent, trade secret, and other intellectual property rights laws. All rights not specifically granted herein are reserved by Commonwealth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These Terms of Use permit you to use the Website for your personal use only. You must not reproduce, distribute, modify, create derivative works of, publicly display, publicly perform, republish, download, store, or transmit any of the material on our Website except for your personal use. If we provide social media features, you may take such actions as are enabled by such features.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No right, title, or interest in or to the Website or any content on the Website is transferred to you under any circumstances, and all rights not expressly granted are reserved by Commonwealth. Any use of the Website not expressly permitted by these Terms of Use is a breach of these Terms of Use and may violate copyright, trademark, and other laws.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"4. TRADEMARKS","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All trademarks, service marks, logos, and trade names that appear on the Website, whether registered or not (including but not limited to: the word mark “Commonwealth” and the Commonwealth logo) (the ","marks":[],"data":{}},{"nodeType":"text","value":"“Marks”","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":") are and remain the exclusive property of Commonwealth or its licensors (as applicable) and are protected by applicable intellectual property and trademark laws and treaties. You may not use, copy, reproduce, republish, upload, post, transmit, distribute, or modify any of the Marks in any way, including in advertising or publicity pertaining to distribution of materials on the Website, without Commonwealth’s prior consent, which shall be in Commonwealth’s sole discretion. The use of any of the Marks on any other website is prohibited without the express written consent of Commonwealth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"5. PASSWORD-PROTECTED AREAS","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Portions of the Website may only be accessed through valid login credentials. If you have login credentials for access to non-public areas of the Website, you are solely responsible for maintaining the security and confidentiality of your login credentials, and other security data, methods, and devices. Additionally, you are responsible for all activities that occur using your login credentials, including all instructions electronically transmitted to us via the Website, and all use of any data, information, or services obtained using your login credentials and other security data. We shall not be under any duty to inquire as to the authority or propriety of any instructions given to us by you or by a person who has logged on using login credentials, shall be entitled to act upon any such instructions, and will not be liable for any loss, cost, expense, or other liability arising out of any such instructions. Accordingly, it is your responsibility to take steps to protect the confidentiality of your login credentials.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"6. PROHIBITED USES","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You may use the Website only for lawful purposes and in accordance with these Terms of Use. You agree not to use the Website:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In any way that violates any applicable federal, state, local, or international law or regulation (including, without limitation, any laws regarding the export of data or software to and from the U.S. or other countries).","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To send, knowingly receive, upload, download, use, or reuse any material that does not comply with these Terms of Use.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To transmit, or procure the sending of, any advertising or promotional material, including any “junk mail,” “chain letter,” or “spam” or any other similar solicitation.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To impersonate or attempt to impersonate Commonwealth, a Commonwealth employee, another user, or any other person or entity (including, without limitation, by using email addresses or screen names associated with any of the foregoing).","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To engage in any other conduct that restricts or inhibits anyone’s use or enjoyment of the Website, or which, as determined by us, may harm Commonwealth or users of the Website or expose them to liability.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you are a competitor, or for purposes of monitoring the Website’s availability, performance, or functionality, or for any other benchmarking or competitive purposes.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Additionally, you agree not to:","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Use the Website or any device, software, or routine that in any manner could disable, overburden, damage, or impair the proper working of the Website or interfere with any other party’s use of the Website, including their ability to engage in real-time activities through the Website.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Modify copies of any materials from the Website.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Use any illustrations, photographs, video or audio sequences, or any graphics separately from the accompanying text.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Delete or alter any copyright, trademark, or other proprietary rights notices from copies of materials from the Website.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Use any robot, spider, or other automatic device, process, or means to access the Website for any purpose, including monitoring, scraping, or copying any of the materials on the Website.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Introduce any viruses, Trojan horses, worms, logic bombs, or other material that is malicious or technologically harmful.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Attempt to gain unauthorized access to, interfere with, damage, or disrupt any parts of the Website, the server on which the Website is stored, or any server, computer, or database connected to the Website.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Attack the Website via a denial-of-service attack or a distributed denial-of-service attack.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Otherwise attempt to interfere with the proper working of the Website.","marks":[],"data":{}}]}]}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"7. NO RELIANCE ON INFORMATION POSTED","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To the extent permitted by applicable law: The information presented on or through the Website is made available solely for general information purposes. We do not warrant the accuracy, completeness, timeliness, or usefulness of this information. Any reliance you place on such information is strictly at your own risk. We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to the Website, or by anyone who may be informed of any of its contents.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While we may periodically update or correct information presented on this Website, such information, or other information on this Website, may include typographical errors and/or technical inaccuracies and/or omissions. We make no representation or warranty as to the accuracy of any information on this Website and expressly disclaim any obligation to update such information. We also reserve the right to make additions, deletions, or modifications to any information at any time and from time to time without any prior notice.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Website may include content and/or materials provided by third parties. All statements and/or opinions expressed in such content and materials are solely the opinions and the responsibility of the person or entity providing such content or materials and do not necessarily reflect the opinion of Commonwealth. We are not responsible, or liable to you or any third party, for the content or accuracy of any content or materials provided by any third parties.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"8. PRIVACY","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.commonwealth.com/for-clients/disclosure/privacy-policy"},"content":[{"nodeType":"text","value":"Privacy Policy","marks":[],"data":{}}]},{"nodeType":"text","value":" describes our collection, use, and disclosure of personal information in connection with the Website. Our Privacy Policy is expressly incorporated into these Terms of Use, and by using the Website you agree to the collection, use, and disclosure practices in our Privacy Policy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"9. NO INVESTMENT OR PROFESSIONAL ADVICE ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Materials and content on the Website are intended for general and noncommercial use only. Nothing on the Website, nor any content thereon, should be considered investment or professional advice, and by making materials and content available through the Website, Commonwealth is not providing investment or any other professional advice. Such information should not be relied upon for the purpose of making any investment decision without the direct guidance of a properly credentialed investment advisor.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"10. TIMELINESS OF CONTENT ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Without limitation of any other section of these Terms of Use, all content on the Website is presented only as of the date and time published or indicated, and may be superseded by market events or other reasons. Do not place undue reliance on any forward-looking statements, including by language such as “believe,” “anticipate,” “expect,” or any similar words or terms, which were based on information available at the time they were made. We do not take on any obligation to publicly update or revise any dated, forward-looking, or other statements or content on our Website.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"11. THIRD-PARTY WEBSITE LINKS AND OTHER INFORMATION; SOCIAL MEDIA ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Website may contain links to websites that are owned and controlled by third parties that are not within Commonwealth’s control, and which are for your convenience only. The sites you can link to have their own, separate terms and conditions and privacy policies, which we encourage you to review prior to using such sites. We are not responsible and cannot be held liable for the content and activities of these sites. You therefore visit/access these sites entirely at your own risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Website may include content and/or materials provided by third parties. All statements and/or opinions expressed in such content and materials are solely the opinions and the responsibility of the person or entity providing such content or materials and do not necessarily reflect the opinion of Commonwealth. We are not responsible, or liable to you or any third party, for the content or accuracy of any content or materials provided by any third parties.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Website may include features that operate in conjunction with certain third-party social networking websites that you visit such as Facebook, Instagram, YouTube, and others (","marks":[],"data":{}},{"nodeType":"text","value":"“Social Network Features”","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":"). While your use of the Social Network Features is governed by these Terms, your access and use of third-party social networking sites is governed by the terms of each such third-party site. You are responsible for ensuring that your use of those sites complies with any applicable terms of service or other agreements.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We may remove endorsements, recommendations, comments, posts, photos, videos, “friends,” “fans,” “likes,” “followers,” or any similar term or function from our profile page(s) on third-party social networking sites and our Website. Please avoid and refrain from posting any of the following on such sites: (i) comments that are unlawful, abusive, defamatory, or offensive or that contain profanities; (ii) specific investment advice or products, specific securities or investments, or trading strategies; (iii) testimonials, endorsements, or recommendations; or (iv) personal, account, or transaction information.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"12. DISCLAIMER OF WARRANTIES","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"YOUR USE OF THE WEBSITE, ITS CONTENT, AND ANY SERVICES OBTAINED THROUGH THE WEBSITE IS AT YOUR OWN RISK. THE WEBSITE, ITS CONTENT, AND ANY SERVICES OBTAINED THROUGH OR IN CONNECTION WITH THE WEBSITE ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS, WITHOUT ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. WE DISCLAIM ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT. NEITHER COMMONWEALTH NOR ANY PERSON ASSOCIATED WITH COMMONWEALTH MAKES ANY WARRANTY OR REPRESENTATION WITH RESPECT TO THE COMPLETENESS, SECURITY, RELIABILITY, QUALITY, ACCURACY, OR AVAILABILITY OF THE WEBSITE. WITHOUT LIMITING THE FOREGOING, NEITHER COMMONWEALTH NOR ANYONE ASSOCIATED WITH COMMONWEALTH REPRESENTS OR WARRANTS THAT THE WEBSITE, ITS CONTENT, OR ANY SERVICES OBTAINED THROUGH OR IN CONNECTION WITH THE WEBSITE WILL BE ACCURATE, RELIABLE, ERROR-FREE, OR UNINTERRUPTED, THAT DEFECTS WILL BE CORRECTED, THAT OUR SITE OR THE SERVER THAT MAKES IT AVAILABLE ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS, OR THAT THE WEBSITE OR ANY SERVICES OBTAINED THROUGH OR IN CONNECTION WITH THE WEBSITE WILL OTHERWISE MEET YOUR NEEDS OR EXPECTATIONS. WE ARE NOT RESPONSIBLE FOR TYPOGRAPHICAL ERRORS OR OMISSIONS. WHILE WE ATTEMPT TO MAKE YOUR ACCESS AND USE OF THE WEBSITE SAFE, WE CANNOT AND DO NOT REPRESENT OR WARRANT THAT OUR WEBSITE OR ITS SERVER(S) ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. THE FOREGOING DOES NOT AFFECT ANY WARRANTIES THAT CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"IN THE EVENT OF ANY PROBLEM WITH THE WEBSITE OR ITS CONTENT, YOU AGREE THAT YOUR SOLE REMEDY IS TO CEASE ACCESSING AND USING THE WEBSITE AND THE CONTENT. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"13. LIMITATION ON LIABILITY","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"IN NO EVENT WILL COMMONWEALTH, ITS AFFILIATES, OR THEIR LICENSORS, SERVICE PROVIDERS, EMPLOYEES, AGENTS, OFFICERS, OR DIRECTORS BE LIABLE FOR DAMAGES OF ANY KIND, UNDER ANY LEGAL THEORY, ARISING OUT OF OR IN CONNECTION WITH YOUR USE, OR INABILITY TO USE, THE WEBSITE, ANY WEBSITES LINKED TO IT, ANY CONTENT ON THE WEBSITE OR SUCH OTHER WEBSITES, OR ANY SERVICES OBTAINED THROUGH OR IN CONNECTION WITH THE WEBSITE OR SUCH OTHER WEBSITES, INCLUDING ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, INCLUDING, BUT NOT LIMITED TO, PERSONAL INJURY, PAIN AND SUFFERING, EMOTIONAL DISTRESS, LOSS OF REVENUE, LOSS OF PROFITS, LOSS OF BUSINESS OR ANTICIPATED SAVINGS, LOSS OF USE, LOSS OF GOODWILL, LOSS OF DATA, AND WHETHER CAUSED BY TORT (INCLUDING NEGLIGENCE), BREACH OF CONTRACT, OR OTHERWISE, EVEN IF FORESEEABLE. SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE ABOVE LIMITATION OR EXCLUSION MAY NOT APPLY TO YOU.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"14. INDEMNIFICATION ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You agree to indemnify, defend, and hold Commonwealth (and its affiliated companies, contractors, employees, directors, officers, licensors, and agents) harmless from any and all claims, suits, actions, losses, costs, damages, and any other liabilities, including attorneys’ fees, brought by a third party arising out of or related to (i) your use or misuse of the Website; (ii) any violation of applicable law or the rights of any other person or entity by you; or (iii) any breach or violation by you of these Terms of Use.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"15. INTERNATIONAL USERS","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We operate the Website from the United States of America, and the Website is meant for use by United States users. If you choose to access the Website from outside of the United States, you are responsible for complying with applicable local laws. Please refer to our Privacy Policy for information regarding the collection of personal data.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"16. SEVERABILITY; WAIVER ","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If any provision of these Terms of Use is held unlawful, void, or for any reason unenforceable, then that provision is deemed severable from these Terms of Use and will not affect the validity and enforceability of any remaining provisions. A provision of these Terms of Use may be waived only by a written instrument executed by the party entitled to the benefit of such provision. The failure of any party at any time to require performance of any provision of these Terms of Use will in no manner affect such party’s right at a later time to enforce the same. A waiver of any breach of any provision of these Terms of Use is not construed as a continuing waiver of other breaches of the same or other provisions of these Terms of Use. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"17. ARBITRATION; CLASS ACTION WAIVER","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Please read the following arbitration agreement in this Section 17 (“Arbitration Agreement”) carefully. It requires you to arbitrate disputes with Commonwealth unless you opt out as described below and limits the manner in which you can seek relief from us.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(a) Applicability of Arbitration Agreement","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You agree that any dispute or claim relating in any way to your access or use of the Website, to Commonwealth’s marketing or advertising practices, to the collection of information on the Website, to the sharing of information collected on the Website, or to any aspect of your consumer relationship with Commonwealth (unless otherwise governed by a separate agreement as described above) will be resolved by binding arbitration, rather than in court, except that (1) you may assert claims in small claims court if your claims qualify, so long as the matter remains in such court and advances only on an individual (non-class, nonrepresentative) basis; and (2) you or Commonwealth may seek equitable relief in court for infringement or other misuse of intellectual property rights (such as trademarks, trade dress, domain names, trade secrets, copyrights, and patents). This Arbitration Agreement shall apply, without limitation, to all claims that arose, accrued, or were asserted before the effective date of this Arbitration Agreement or any prior version of this Arbitration Agreement.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"IF YOU AGREE TO ARBITRATION WITH COMMONWEALTH, YOU ARE AGREEING IN ADVANCE THAT YOU WILL NOT PARTICIPATE IN OR SEEK TO RECOVER MONETARY OR OTHER RELIEF IN ANY LAWSUIT FILED AGAINST COMMONWEALTH ALLEGING CLASS, COLLECTIVE, AND/OR REPRESENTATIVE CLAIMS ON YOUR BEHALF. INSTEAD, BY AGREEING TO ARBITRATION, YOU MAY BRING YOUR CLAIMS AGAINST COMMONWEALTH ONLY IN AN INDIVIDUAL ARBITRATION PROCEEDING. IF SUCCESSFUL ON SUCH CLAIMS, YOU COULD BE AWARDED MONEY OR OTHER RELIEF BY AN ARBITRATOR. YOU ACKNOWLEDGE THAT YOU HAVE BEEN ADVISED THAT YOU MAY CONSULT WITH AN ATTORNEY IN DECIDING WHETHER TO ACCEPT THIS AGREEMENT, INCLUDING THIS ARBITRATION AGREEMENT.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(b) Arbitration Rules and Forum","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Federal Arbitration Act governs the interpretation and enforcement of this Arbitration Agreement. To begin an arbitration proceeding, you must send a letter requesting arbitration and describing your claim and the relief sought to Corporation Service Company, 84 State Street, Boston, MA 02109. The arbitration shall be commenced and conducted under the Commercial Arbitration Rules of the American Arbitration Association (“AAA”) and, where appropriate, the AAA’s Supplementary Procedures for Consumer Related Disputes (“AAA Consumer Rules”), both of which are available at the AAA website www.adr.org. Your arbitration fees and your share of arbitrator compensation shall be governed by the applicable AAA rules. If AAA is not available to arbitrate, the parties will select an alternative arbitral forum. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The place and manner of the arbitration shall be governed by AAA’s rules. Any judgment on the award rendered by the arbitrator may be entered in any court of competent jurisdiction.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(c) Authority of Arbitrator","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The arbitrator, and not any federal, state, or local court or agency, shall have exclusive authority to resolve any dispute related to the interpretation, applicability, enforceability, or formation of this Arbitration Agreement, including, but not limited to, any claim that all or any part of this Arbitration Agreement is void or voidable. The arbitration will decide the rights and liabilities, if any, of you and Commonwealth. The arbitration proceeding will not be consolidated with any other matters or joined with any other cases or parties. The arbitrator shall have the authority to grant motions dispositive of all or part of any claim. The arbitrator shall have the authority to award monetary damages and to grant any non-monetary remedy or relief available to an individual under applicable law, the arbitral forum’s rules, and the agreement (including the Arbitration Agreement). The arbitrator shall issue a written award and statement of decision describing the essential findings and conclusions on which the award is based, including the calculation of any damages awarded. The arbitrator has the same authority to award relief on an individual basis that a judge in a court of law would have. The award of the arbitrator is final and binding upon you and us.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(d) Waiver of Jury Trial","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"YOU AND COMMONWEALTH HEREBY WAIVE ANY CONSTITUTIONAL AND STATUTORY RIGHTS TO SUE IN COURT AND HAVE A TRIAL IN FRONT OF A JUDGE OR A JURY. You and Commonwealth are instead electing that all claims and disputes shall be resolved by arbitration under this Arbitration Agreement, except as specified above. An arbitrator can award on an individual basis the same damages and relief as a court and must follow this agreement as a court would. However, there is no judge or jury in arbitration, and court review of an arbitration award is subject to very limited review.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(e) Waiver of Class or Consolidated Actions","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"YOU AND COMMONWEALTH AGREE TO WAIVE ANY RIGHT TO RESOLVE CLAIMS WITHIN THE SCOPE OF THIS ARBITRATION AGREEMENT ON A CLASS, COLLECTIVE, OR REPRESENTATIVE BASIS. ALL CLAIMS AND DISPUTES WITHIN THE SCOPE OF THIS ARBITRATION AGREEMENT MUST BE ARBITRATED ON AN INDIVIDUAL BASIS AND NOT ON A CLASS OR REPRESENTATIVE BASIS. ONLY INDIVIDUAL RELIEF IS AVAILABLE, AND CLAIMS OF MORE THAN ONE CUSTOMER OR USER CANNOT BE ARBITRATED OR CONSOLIDATED WITH THOSE OF ANY OTHER CUSTOMER OR USER. In the event that this subparagraph is deemed invalid or unenforceable, neither you nor we are entitled to arbitration and instead claims and disputes shall be resolved in a court.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(f) 30-Day Right to Opt Out","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You have the right to opt out of the provisions of this Arbitration Agreement by sending written notice of your decision to opt out to the following address within thirty (30) days after first becoming subject to this Arbitration Agreement: Corporation Service Company, 84 State Street, Boston, MA 02109. Your notice must include your name, address, and an unequivocal statement that you want to opt out of this Arbitration Agreement. If you opt out of this Arbitration Agreement, all other parts of this Agreement will continue to apply to you. Opting out of this Arbitration Agreement has no effect on any other arbitration agreements that you may currently have, or may enter in the future, with us.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(g) Severability","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Subject to Section 17(e), if any part or parts of this Arbitration Agreement are found under the law to be invalid or unenforceable, then such specific part or parts shall be of no force and effect and shall be severed and the remainder of the Arbitration Agreement shall continue in full force and effect.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"(h) Survival of Agreement","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This Arbitration Agreement will survive the termination of your relationship with Commonwealth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"18. GOVERNING LAW","marks":[{"type":"bold"}],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These Terms of Use are governed by the laws of the Commonwealth of Massachusetts without giving effect to any principles of conflict of law.","marks":[],"data":{}}]}]}}}}},"content":[{"data":{},"marks":[],"value":"Terms of Use","nodeType":"text"}],"nodeType":"entry-hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}},"url":"https://www.commonwealth.com"}},"pageContext":{"slug":"the-market-observatory-earnings-strength-vs-inflation-risk-video","topicSlug":"market-economic-perspectives"}},"staticQueryHashes":["1305383892","1305383892","2092848105","2092848105","2184437937","2184437937","2856679551","2856679551","4153683896","4153683896","712563084","712563084"]}