Anchor on Your “Why” During Times of Uncertainty 

Six Things You Should Know

1. Equity Markets – were down this week with U.S. stocks (S&P 500) slumping –2.08% while international stocks (EAFE) dropped –2.80%.
2. Fixed Income Markets – were also down this week with investment grade bonds (AGG) slipping –0.54% and high yield bonds (JNK) declining –0.32%.
3. Fed Meeting – As expected the Federal Reserve decided to leave interest rates unchanged (in an 11-1 vote) at their meeting this week. The only meaningful change to the statement from the previous meeting was additional language stating “implications of developments in the Middle East for the U.S. economy are uncertain”. 
4. Producer Price Index – PPI spiked by 0.7% in February on increased energy and food prices, with prices now up 3.4% from a year ago. Over the past year, prices for services have increased by 3.8% while prices for goods are up 2.5%. 
5. Cybersecurity Reminder- Scammers are increasingly using Remote Access Tools (RATs) along with phishing emails or texts to take control of devices like phones, tablets, and computers. Once installed, these tools can give cybercriminals access to sensitive information, including your Schwab accounts. These attacks can be hard to spot, so if something doesn’t feel right- like unusual account activity or suspicious messages- trust your instincts. If you sense suspicious activity, please call us immediately or report any concerns to Schwab at 800-515-2157. 
6. Key Insight – [VIDEO & ARTICLE] When markets feel chaotic, the biggest risk isn’t volatility—it’s losing sight of why you’re invested in the first place. Staying anchored to your long-term goals, with the right advisor helping you filter noise from signal, is what ultimately drives better outcomes.

Insights for Investors

By Dave Gordon

Anchor on Your “Why” During Times of Uncertainty 

In reflecting on several client reviews recently, I’ve noticed it’s been hard to ignore the noise right now. 

Every headline feels urgent. Every narrative sounds definitive. And every market move is framed as the one that changes everything. 

It rarely is. 

Periods like this don’t just test portfolios—they test discipline. And more often than not, the biggest risk isn’t what the market does next. It’s how investors respond to it. 

That’s where your “why” matters. 

Your portfolio isn’t built for this week’s news cycle. It’s built for something much bigger—retirement, family, flexibility, legacy. Those objectives don’t change just because the tone of the headlines does. 

When markets feel unstable, time horizons tend to shrink. Investors start thinking in days and weeks instead of years. That shift is subtle, but it’s where good strategies get abandoned. 

A simple check: if you couldn’t look at your portfolio for the next 12 months, would you still be comfortable with how it’s positioned today? 

If the answer is yes, the plan is doing its job. 
If the answer is no, that’s worth a conversation—but it’s a structural question, not a reaction to the noise. 

The reality is, very little of what’s driving short-term volatility is controllable. What is controllable—allocation, tax strategy, rebalancing, liquidity—tends to matter far more over time. 

And that’s where discipline compounds. 

Volatility also tends to create opportunity, but only for those positioned to take advantage of it. Rebalancing into dislocations, harvesting losses where appropriate, and maintaining liquidity are not reactive decisions—they’re intentional ones, made within the context of a broader plan. 

The investors who navigate periods like this best aren’t the ones who predict the next move. They’re the ones who stay aligned with a process that was built to handle uncertainty in the first place. 

Because in the end, success in markets isn’t about reacting faster. 

It’s about staying anchored when others don’t. 

And this is where the value of an advisor relationship matters most. Not in calm markets or when the news flow is light, but in moments like this—when perspective is easy to lose. A good advisor helps filter signal from noise, reinforces the purpose behind the plan, and ensures decisions stay aligned with your long-term objectives. 

In uncertain environments, discipline is the edge. And having the right partner helps you keep it. 

For our clients, you know how to find us.  

And for those searching for that partnership, our door is always open. 

Have a wonderful weekend, 

Dave and the team at TEN 

Data, Just the Data

• U.S. Jobless Claims – initial claims fell by 8,000 last week to 205,000, well below expectations of an increase. Continuing claims, which serve as a proxy for outstanding unemployment in the U.S., rose slightly to 1,857,000.
• U.S. New Home Sales – plummeted 17.6% in January to a seasonally adjusted annualized rate of 587,000 units despite expectations of 720,000. This marks the sharpest decline since 2013 and the lowest overall rate since 2022.  

• U.S. Industrial Production – rose 0.2% in February for the 4^th consecutive month of expansion. Year-over-year production now sits at +1.4% 
• U.K. Unemployment – latest data showed unemployment for the region remained unchanged at 5.2% in January. Despite expectations of an increase, unemployment remains at its highest level since February 2021.