The Federal Reserve left rates unchanged, holding them at the target range of 3.5%-3.75%. Q2 GDP growth came in at +1.5%; the Atlanta Federal Reserve is forecasting a much larger figure for Q3 at 5% growth. Markets had a strong week, with the S&P 500, International developed, and emerging markets all rising over 1%. Emerging markets continue to lead the pack year-to-date, sitting at +20%.

Disclosures:
These materials have been designed for general informational and educational purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any security. Such offers can only be made where lawful under applicable law. These materials have been prepared and derived on the basis of publicly available information, internally developed data and other third party sources believed to be reliable. Zhang Financial LLC has not sought to independently verify information obtained from public and third party sources. No representation, warranty or undertaking, stated or implied, is given as to the accuracy or completeness of the information contained herein. Zhang Financial LLC expressly disclaims any liability for the accuracy and completeness of this information. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information, and are subject to change at any time without notice and with no obligation to update. To the extent that these materials contain statements about the future, such statements are forward looking and subject to a number of risks and uncertainties. This information is intended solely for the information of those to whom it is distributed by Zhang Financial LLC. No part of these materials may be reproduced or retransmitted in any manner without the prior written permission of Zhang Financial LLC. Zhang Financial LLC does not intend to provide investment advice through these materials and does not represent that any market position, economic forecast, securities or services are suitable for any investor. Investors are advised not to rely on these materials in the process of making a fully informed investment decision and they do not render business, tax or legal advice. Each client or prospective client should consult his/her own attorney, business advisor and tax advisor as to legal, business, tax and related matters concerning the information contained herein. The information, opinions and views contained herein have not been tailored to the investment objectives of any one individual, are current only as of the date noted and may be subject to change at any time without prior notice. Past performance does not guarantee future results. All investing involves risk of loss including the possible loss of principal.

Inflation expectations rose last week, largely driven by oil prices due to renewed activity in Iran. The Federal Reserve meets this week, and there is a 36% chance of an interest rate hike. US markets fell slightly (-0.6%), dragged down by the Magnificent 7, which dropped 5.4% alone. Emerging markets continue to lead performance YTD at +17.3%, compared to the S&P 500's ~9% YTD gain.

Disclosures:
These materials have been designed for general informational and educational purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any security. Such offers can only be made where lawful under applicable law. These materials have been prepared and derived on the basis of publicly available information, internally developed data and other third party sources believed to be reliable. Zhang Financial LLC has not sought to independently verify information obtained from public and third party sources. No representation, warranty or undertaking, stated or implied, is given as to the accuracy or completeness of the information contained herein. Zhang Financial LLC expressly disclaims any liability for the accuracy and completeness of this information. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information, and are subject to change at any time without notice and with no obligation to update. To the extent that these materials contain statements about the future, such statements are forward looking and subject to a number of risks and uncertainties. This information is intended solely for the information of those to whom it is distributed by Zhang Financial LLC. No part of these materials may be reproduced or retransmitted in any manner without the prior written permission of Zhang Financial LLC. Zhang Financial LLC does not intend to provide investment advice through these materials and does not represent that any market position, economic forecast, securities or services are suitable for any investor. Investors are advised not to rely on these materials in the process of making a fully informed investment decision and they do not render business, tax or legal advice. Each client or prospective client should consult his/her own attorney, business advisor and tax advisor as to legal, business, tax and related matters concerning the information contained herein. The information, opinions and views contained herein have not been tailored to the investment objectives of any one individual, are current only as of the date noted and may be subject to change at any time without prior notice. Past performance does not guarantee future results. All investing involves risk of loss including the possible loss of principal.

Inflation metrics and consumer sentiment both came in better than expected last week, and the Atlanta Fed raised its Q2 GDP estimate. However, Chinese companies announced new AI models, which dragged down semiconductor stocks in the US and abroad. The S&P 500 fell 1.6%, but emerging markets, which have a large exposure to semiconductor-heavy Taiwan and South Korea, dropped 4.1%.

Disclosures:
These materials have been designed for general informational and educational purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any security. Such offers can only be made where lawful under applicable law. These materials have been prepared and derived on the basis of publicly available information, internally developed data and other third party sources believed to be reliable. Zhang Financial LLC has not sought to independently verify information obtained from public and third party sources. No representation, warranty or undertaking, stated or implied, is given as to the accuracy or completeness of the information contained herein. Zhang Financial LLC expressly disclaims any liability for the accuracy and completeness of this information. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information, and are subject to change at any time without notice and with no obligation to update. To the extent that these materials contain statements about the future, such statements are forward looking and subject to a number of risks and uncertainties. This information is intended solely for the information of those to whom it is distributed by Zhang Financial LLC. No part of these materials may be reproduced or retransmitted in any manner without the prior written permission of Zhang Financial LLC. Zhang Financial LLC does not intend to provide investment advice through these materials and does not represent that any market position, economic forecast, securities or services are suitable for any investor. Investors are advised not to rely on these materials in the process of making a fully informed investment decision and they do not render business, tax or legal advice. Each client or prospective client should consult his/her own attorney, business advisor and tax advisor as to legal, business, tax and related matters concerning the information contained herein. The information, opinions and views contained herein have not been tailored to the investment objectives of any one individual, are current only as of the date noted and may be subject to change at any time without prior notice. Past performance does not guarantee future results. All investing involves risk of loss including the possible loss of principal.

Economic data releases were rather light last week, but initial jobless claims slightly beat expectations. The Federal Reserve meets in a few weeks, and odds for some form of interest rate increase by year-end continue to climb. The "Magnificent 7" powered the S&P 500's positive week, as the index rose 1.4%. In contrast, international equities fell, including both developed and emerging markets.

Disclosures:
These materials have been designed for general informational and educational purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any security. Such offers can only be made where lawful under applicable law. These materials have been prepared and derived on the basis of publicly available information, internally developed data and other third party sources believed to be reliable. Zhang Financial LLC has not sought to independently verify information obtained from public and third party sources. No representation, warranty or undertaking, stated or implied, is given as to the accuracy or completeness of the information contained herein. Zhang Financial LLC expressly disclaims any liability for the accuracy and completeness of this information. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information, and are subject to change at any time without notice and with no obligation to update. To the extent that these materials contain statements about the future, such statements are forward looking and subject to a number of risks and uncertainties. This information is intended solely for the information of those to whom it is distributed by Zhang Financial LLC. No part of these materials may be reproduced or retransmitted in any manner without the prior written permission of Zhang Financial LLC. Zhang Financial LLC does not intend to provide investment advice through these materials and does not represent that any market position, economic forecast, securities or services are suitable for any investor. Investors are advised not to rely on these materials in the process of making a fully informed investment decision and they do not render business, tax or legal advice. Each client or prospective client should consult his/her own attorney, business advisor and tax advisor as to legal, business, tax and related matters concerning the information contained herein. The information, opinions and views contained herein have not been tailored to the investment objectives of any one individual, are current only as of the date noted and may be subject to change at any time without prior notice. Past performance does not guarantee future results. All investing involves risk of loss including the possible loss of principal.

The S&P 500 rose 1.2% last week as the Magnificent 7 rebounded. International developed holds a slight edge in YTD performance at +11% compared to the S&P's +10%. Emerging markets, however, still outshine both at +24% YTD. The Federal Reserve meets this month, and there is a 22% probability of a rate hike. However, there is a much higher chance, 77%, of at least one rate hike by the end of the year.

Disclosures:
These materials have been designed for general informational and educational purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any security. Such offers can only be made where lawful under applicable law. These materials have been prepared and derived on the basis of publicly available information, internally developed data and other third party sources believed to be reliable. Zhang Financial LLC has not sought to independently verify information obtained from public and third party sources. No representation, warranty or undertaking, stated or implied, is given as to the accuracy or completeness of the information contained herein. Zhang Financial LLC expressly disclaims any liability for the accuracy and completeness of this information. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information, and are subject to change at any time without notice and with no obligation to update. To the extent that these materials contain statements about the future, such statements are forward looking and subject to a number of risks and uncertainties. This information is intended solely for the information of those to whom it is distributed by Zhang Financial LLC. No part of these materials may be reproduced or retransmitted in any manner without the prior written permission of Zhang Financial LLC. Zhang Financial LLC does not intend to provide investment advice through these materials and does not represent that any market position, economic forecast, securities or services are suitable for any investor. Investors are advised not to rely on these materials in the process of making a fully informed investment decision and they do not render business, tax or legal advice. Each client or prospective client should consult his/her own attorney, business advisor and tax advisor as to legal, business, tax and related matters concerning the information contained herein. The information, opinions and views contained herein have not been tailored to the investment objectives of any one individual, are current only as of the date noted and may be subject to change at any time without prior notice. Past performance does not guarantee future results. All investing involves risk of loss including the possible loss of principal.

Multiple economic data points came in better than expected, including initial jobless claims, personal income, and personal spending. Despite this positivity, markets were negative last week, particularly in the growth and large cap sectors. The S&P 500 dropped almost 2%, while the Magnificent 7 equal-weight index was down 5.7%. The equal-weight S&P 500 is now outperforming its market-weighted counterpart by almost 4% year-to-date.

Disclosures:
These materials have been designed for general informational and educational purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any security. Such offers can only be made where lawful under applicable law. These materials have been prepared and derived on the basis of publicly available information, internally developed data and other third party sources believed to be reliable. Zhang Financial LLC has not sought to independently verify information obtained from public and third party sources. No representation, warranty or undertaking, stated or implied, is given as to the accuracy or completeness of the information contained herein. Zhang Financial LLC expressly disclaims any liability for the accuracy and completeness of this information. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information, and are subject to change at any time without notice and with no obligation to update. To the extent that these materials contain statements about the future, such statements are forward looking and subject to a number of risks and uncertainties. This information is intended solely for the information of those to whom it is distributed by Zhang Financial LLC. No part of these materials may be reproduced or retransmitted in any manner without the prior written permission of Zhang Financial LLC. Zhang Financial LLC does not intend to provide investment advice through these materials and does not represent that any market position, economic forecast, securities or services are suitable for any investor. Investors are advised not to rely on these materials in the process of making a fully informed investment decision and they do not render business, tax or legal advice. Each client or prospective client should consult his/her own attorney, business advisor and tax advisor as to legal, business, tax and related matters concerning the information contained herein. The information, opinions and views contained herein have not been tailored to the investment objectives of any one individual, are current only as of the date noted and may be subject to change at any time without prior notice. Past performance does not guarantee future results. All investing involves risk of loss including the possible loss of principal.

The Atlanta Federal Reserve decreased its Q2 GDP forecast from 3.3% back down to 3%. The Fed kept rates steady at its June meeting, but markets are pricing in a 42% probability of a hike in July and a 90% probability of at least one hike by the end of 2026. The S&P 500 climbed ~1% last week, now +10.2% YTD. This tops international developed markets, sitting at +9.4%. However, emerging markets continue to outperform both, rising 4.15% last week alone, reaching +28.3% YTD.

Disclosures:
These materials have been designed for general informational and educational purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any security. Such offers can only be made where lawful under applicable law. These materials have been prepared and derived on the basis of publicly available information, internally developed data and other third party sources believed to be reliable. Zhang Financial LLC has not sought to independently verify information obtained from public and third party sources. No representation, warranty or undertaking, stated or implied, is given as to the accuracy or completeness of the information contained herein. Zhang Financial LLC expressly disclaims any liability for the accuracy and completeness of this information. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information, and are subject to change at any time without notice and with no obligation to update. To the extent that these materials contain statements about the future, such statements are forward looking and subject to a number of risks and uncertainties. This information is intended solely for the information of those to whom it is distributed by Zhang Financial LLC. No part of these materials may be reproduced or retransmitted in any manner without the prior written permission of Zhang Financial LLC. Zhang Financial LLC does not intend to provide investment advice through these materials and does not represent that any market position, economic forecast, securities or services are suitable for any investor. Investors are advised not to rely on these materials in the process of making a fully informed investment decision and they do not render business, tax or legal advice. Each client or prospective client should consult his/her own attorney, business advisor and tax advisor as to legal, business, tax and related matters concerning the information contained herein. The information, opinions and views contained herein have not been tailored to the investment objectives of any one individual, are current only as of the date noted and may be subject to change at any time without prior notice. Past performance does not guarantee future results. All investing involves risk of loss including the possible loss of principal.

The Atlanta Federal Reserve increased its Q2 GDP forecast from 3% to 3.3%, and the FOMC will meet next week for the first time under new Chair Kevin Warsh. No interest rate movement is expected. The S&P crept up 0.15% this week, despite the magnificent 7 dropping 2.4%. Year-to-date, the equal-weighted S&P 500 has outperformed the standard (market-weighted) S&P 500. 

Disclosures:
These materials have been designed for general informational and educational purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any security. Such offers can only be made where lawful under applicable law. These materials have been prepared and derived on the basis of publicly available information, internally developed data and other third party sources believed to be reliable. Zhang Financial LLC has not sought to independently verify information obtained from public and third party sources. No representation, warranty or undertaking, stated or implied, is given as to the accuracy or completeness of the information contained herein. Zhang Financial LLC expressly disclaims any liability for the accuracy and completeness of this information. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information, and are subject to change at any time without notice and with no obligation to update. To the extent that these materials contain statements about the future, such statements are forward looking and subject to a number of risks and uncertainties. This information is intended solely for the information of those to whom it is distributed by Zhang Financial LLC. No part of these materials may be reproduced or retransmitted in any manner without the prior written permission of Zhang Financial LLC. Zhang Financial LLC does not intend to provide investment advice through these materials and does not represent that any market position, economic forecast, securities or services are suitable for any investor. Investors are advised not to rely on these materials in the process of making a fully informed investment decision and they do not render business, tax or legal advice. Each client or prospective client should consult his/her own attorney, business advisor and tax advisor as to legal, business, tax and related matters concerning the information contained herein. The information, opinions and views contained herein have not been tailored to the investment objectives of any one individual, are current only as of the date noted and may be subject to change at any time without prior notice. Past performance does not guarantee future results. All investing involves risk of loss including the possible loss of principal.

Better-than-anticipated economic numbers came out last week, led by non-farm payrolls nearly doubling expectations (+172,000 actual vs. +96,000 expected). This led markets to price in a lower chance of the Federal Reserve lowering interest rates, and instead potentially raising them later this year. Markets tumbled as a result, with the S&P 500 losing 2.55% on the week. International markets fell too, but by a smaller margin.

Disclosures:
These materials have been designed for general informational and educational purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any security. Such offers can only be made where lawful under applicable law. These materials have been prepared and derived on the basis of publicly available information, internally developed data and other third party sources believed to be reliable. Zhang Financial LLC has not sought to independently verify information obtained from public and third party sources. No representation, warranty or undertaking, stated or implied, is given as to the accuracy or completeness of the information contained herein. Zhang Financial LLC expressly disclaims any liability for the accuracy and completeness of this information. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information, and are subject to change at any time without notice and with no obligation to update. To the extent that these materials contain statements about the future, such statements are forward looking and subject to a number of risks and uncertainties. This information is intended solely for the information of those to whom it is distributed by Zhang Financial LLC. No part of these materials may be reproduced or retransmitted in any manner without the prior written permission of Zhang Financial LLC. Zhang Financial LLC does not intend to provide investment advice through these materials and does not represent that any market position, economic forecast, securities or services are suitable for any investor. Investors are advised not to rely on these materials in the process of making a fully informed investment decision and they do not render business, tax or legal advice. Each client or prospective client should consult his/her own attorney, business advisor and tax advisor as to legal, business, tax and related matters concerning the information contained herein. The information, opinions and views contained herein have not been tailored to the investment objectives of any one individual, are current only as of the date noted and may be subject to change at any time without prior notice. Past performance does not guarantee future results. All investing involves risk of loss including the possible loss of principal.

Economic indicators were mixed last week, with PCE coming in better than expected while initial jobless claims and personal income fared worse than anticipated. Still, the S&P 500 rose 1.44% as growth outperformed value. Additionally, international markets continued to climb, with emerging markets gaining 4% last week alone. Emerging markets are now up 25.6% YTD, despite the drag from underperforming Chinese equities.

Disclosures:
These materials have been designed for general informational and educational purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any security. Such offers can only be made where lawful under applicable law. These materials have been prepared and derived on the basis of publicly available information, internally developed data and other third party sources believed to be reliable. Zhang Financial LLC has not sought to independently verify information obtained from public and third party sources. No representation, warranty or undertaking, stated or implied, is given as to the accuracy or completeness of the information contained herein. Zhang Financial LLC expressly disclaims any liability for the accuracy and completeness of this information. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information, and are subject to change at any time without notice and with no obligation to update. To the extent that these materials contain statements about the future, such statements are forward looking and subject to a number of risks and uncertainties. This information is intended solely for the information of those to whom it is distributed by Zhang Financial LLC. No part of these materials may be reproduced or retransmitted in any manner without the prior written permission of Zhang Financial LLC. Zhang Financial LLC does not intend to provide investment advice through these materials and does not represent that any market position, economic forecast, securities or services are suitable for any investor. Investors are advised not to rely on these materials in the process of making a fully informed investment decision and they do not render business, tax or legal advice. Each client or prospective client should consult his/her own attorney, business advisor and tax advisor as to legal, business, tax and related matters concerning the information contained herein. The information, opinions and views contained herein have not been tailored to the investment objectives of any one individual, are current only as of the date noted and may be subject to change at any time without prior notice. Past performance does not guarantee future results. All investing involves risk of loss including the possible loss of principal.