News from the Home Team

As we step into the new year, this month’s newsletter is all about fresh starts, practical tools, and inspiration—for your finances and beyond. January is Financial Wellness Month, making it the perfect time to reflect, reset, and take small, meaningful steps toward healthier money habits. Inside, you’ll find guidance to help you check in on your financial health, along with reminders that building confidence and clarity around your finances is a journey you don’t have to take alone.

We’re also sharing helpful tech tips to make managing your accounts easier, a great chili recipe to enjoy during these winter months, and a travel article spotlighting the beauty of Zion National Park. Whether you’re organizing your finances, streamlining your digital access, planning your next adventure, or simply looking for something warm to cook, we hope this month’s newsletter offers both value and inspiration as you begin the year ahead.

If you are interested in a Financial Planning worksheet to help you organize and inventory your financial life, please reach out and we’d be happy to email it to you.

Market Insights

Week in Review

Economic data released this week continued to show a U.S. economy growing at a steady, though gradually moderating, pace. Real gross domestic product (GDP) for the most recent quarter was revised higher to an annualized 4.4%, reflecting strong consumer spending and resilient business investment. Personal consumption remained the primary contributor to growth, while government spending also provided support. Despite the strong backward-looking print, forward indicators suggest growth is likely to cool as restrictive monetary policy continues to work through the economy.

Labor market conditions remained firm. Initial jobless claims for the week came in at 200,000, up slightly from the prior week but still near historically low levels. The four-week moving average held close to 205,000, reinforcing the view that layoffs remain limited and that employers continue to retain workers amid a tight labor market. These figures remain consistent with stable income growth and ongoing labor market resilience.

Inflation data was broadly in line with expectations. Headline Personal Consumption Expenditures (PCE) inflation rose 0.2% month-over-month and 2.8% year-over-year, while core PCE also increased 0.2% on the month and 2.8% year-over-year. Services inflation remained sticky, offsetting continued easing in goods prices. The data suggest inflation progress has slowed, supporting expectations that the Federal Reserve will remain cautious on the timing of policy easing.

Business sentiment softened modestly. Manufacturing Purchasing Managers’ Index (PMI) registered 51.9, while Services PMI came in at 52.5, both remaining in expansion territory but down from prior highs. The readings point to continued growth in private-sector activity, though at a more moderate pace entering the new year.

Economic and Capital Markets Dashboard

Week Ahead

The upcoming week features several important economic releases that will help shape market sentiment. Durable goods orders, due early in the week, will offer insight into business investment and demand for long-lasting manufactured goods. Investors often view this report as a signal of corporate confidence and industrial momentum, with implications for cyclical sectors and broader growth expectations.

Also early in the week, Consumer Confidence data will provide a snapshot of household sentiment regarding economic conditions and spending prospects. Because consumer activity is a key driver of economic growth, shifts in confidence can influence equity markets and interest rate expectations, particularly in consumer-focused sectors.

Mid-week attention will center on the Federal Reserve, with the release of the Federal Open Market Committee (FOMC) statement and interest rate decision. Even in the absence of a policy change, markets will closely analyze the Fed’s language for clues on inflation, economic risks, and the future path of monetary policy. Subtle changes in tone can have outsized effects on bond yields, the U.S. dollar, and equity volatility.

Later in the week, Producer Price Index (PPI) data will be released, offering insight into inflation pressures at the wholesale level. Investors will assess whether input costs are easing or persisting, as this can influence expectations for future consumer inflation and Fed policy.

The week concludes with the Chicago PMI, a regional manufacturing survey that serves as an early indicator of broader factory activity. The report can shape views on manufacturing momentum heading into the next month.

Disclosures and Definitions

Economic Indicators:

1. CPI: Consumer Price Index measures the average change in prices paid by consumers for goods and services over time. Source: Bureau of Labor Statistics.
2. Core CPI: Core Consumer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
3. PPI: Producer Price Index measures the average change in selling prices received by domestic producers for their output. Source: Bureau of Labor Statistics.
4. Core PPI: Core Producer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
5. PCE: Personal Consumption Expenditures measure the average change in prices paid by consumers for goods and services. Source: Bureau of Economic Analysis.
6. Core PCE: Core Personal Consumption Expenditures exclude food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Economic Analysis.
7. Industrial Production: Measures the output of the industrial sector, including manufacturing, mining, and utilities. Source: Federal Reserve.
8. Mfg New Orders: Measures the value of new orders placed with manufacturers for durable and non-durable goods. Source: Census Bureau.
9. Durable New Orders: Measures the value of new orders placed with manufacturers of durable goods. Source: Census Bureau.
10. Durable Inventories: Measures the value of inventories held by manufacturers for durable goods. Source: Census Bureau.
11. Consumer Confidence (CB, 1985=100): Measures the degree of optimism that consumers feel about the overall state of the economy and their personal financial situation. Source: Conference Board.
12. ISM Manufacturing Report: Measures the economic health of the manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
13. ISM Non-Manufacturing Report: Measures the economic health of the non-manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
14. Leading Economic Index: Measures overall economic activity and predicts future economic trends. Source: Conference Board.
15. Building Permits (Mil. of Units, saar): Measures the number of new residential building permits issued. Source: Census Bureau.
16. Housing Starts (Mil. of Units, saar): Measures the number of new residential construction projects that have begun. Source: Census Bureau.
17. New Home Sales (Mil. of Units, saar): Measures the number of newly constructed homes sold. Source: Census Bureau.
18. SA: Seasonally adjusted.
19. SAAR: Seasonally adjusted annual rate.

Market Indices & Indicators:

1. S&P 500: A market-capitalization-weighted index of 500 leading publicly traded companies in the U.S., widely regarded as one of the best gauges of large U.S. stocks and the stock market overall.
2. Dow Jones 30: Also known as the Dow Jones Industrial Average, it tracks the share price performance of 30 large, publicly traded U.S. companies, serving as a barometer of the stock market and economy.
3. NASDAQ: The world's first electronic stock exchange, primarily listing technology giants and operating 29 markets globally.
4. Russell 1000 Growth: Measures the performance of large-cap growth segment of the U.S. equity universe, including companies with higher price-to-book ratios and growth metrics.
5. Russell 1000 Value: Measures the performance of large-cap value segment of the U.S. equity universe, including companies with lower price-to-book ratios and growth metrics.
6. Russell 2000: A market index composed of 2,000 small-cap companies, widely used as a benchmark for small-cap mutual funds.
7. Wilshire 5000: A market-capitalization-weighted index capturing the performance of all American stocks actively traded in the U.S., representing the broadest measure of the U.S. stock market.
8. MSCI EAFE Index: An equity index capturing large and mid-cap representation across developed markets countries around the world, excluding the U.S. and Canada.
9. MSCI Emerging Market Index: Captures large and mid-cap representation across emerging markets countries, covering approximately 85% of the free float-adjusted market capitalization in each country.
10. VIX: The CBOE Volatility Index measures the market’s expectations for volatility over the coming 30 days, often referred to as the "fear gauge."
11. FTSE NAREIT All Equity REITs: Measures the performance of all publicly traded equity real estate investment trusts (REITs) listed in the U.S., excluding mortgage REITs.
12. S&P U.S. Aggregate Bond Index: Represents the performance of the U.S. investment-grade bond market, including government, corporate, mortgage-backed, and asset-backed securities.
13. 3-Month T-bill Yield (%): The yield on U.S. Treasury bills with a maturity of three months, reflecting short-term interest rates.
14. 10-Year Treasury Yield (%): The yield on U.S. Treasury bonds with a maturity of ten years, reflecting long-term interest rates.
15. 10Y-2Y Treasury Spread (%): The difference between the yields on 10-year and 2-year U.S. Treasury bonds, often used as an indicator of economic expectations.
16. WTI Crude ($/bl): The price per barrel of West Texas Intermediate crude oil, a benchmark for U.S. oil prices.
17. Gold ($/Troy Oz): The price per troy ounce of gold, a standard measure for gold prices.
18. Bitcoin: A decentralized digital currency without a central bank or single administrator, which can be sent from user to user on the peer-to-peer bitcoin network.

This content was developed by Cambridge from sources believed to be reliable. This content is provided for informational purposes only and should not be construed or acted upon as individualized investment advice. It should not be considered a recommendation or solicitation. Information is subject to change. Any forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice. The information in this material is not intended as tax or legal advice.

Investing involves risk. Depending on the different types of investments there may be varying degrees of risk. Socially responsible investing does not guarantee any amount of success. Clients and prospective clients should be prepared to bear investment loss including loss of original principal. Indices mentioned are unmanaged and cannot be invested into directly. Past performance is not a guarantee of future results.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange.

This Month’s Spotlight

Each January, Financial Wellness Month invites you to take a fresh look at your finances. Coming right after the holidays, it’s a timely reminder to reset and build healthier money habits for the year ahead.

Financial wellness is about more than just your bank balance. It includes how you earn income, manage and budget what you have, and plan for the future. It also reflects your emotional relationship with money — what influences your spending and saving, how you respond to those influences, and how confident you feel making financial decisions.

There are many ways to take advantage of this opportunity to reevaluate and plan your financial future. Pick a few items from the list below and kick off your new year.

• Review your emergency fund
• Check on your credit
• Review your retirement plans
• Tackle your credit card debt
• Set saving and investing goals
• Build your 2026 budget
• Increase your financial literacy

Whether you’re managing your own budget, planning for retirement, investing for the future, or supporting others along the way, Financial Wellness Month is about checking in on your financial health and taking meaningful steps that move you closer to your goals. And remember, you don’t have to do it alone. The Cantella team is here to answer questions, share guidance, and support you as you build healthier financial habits.

Did You Know?

Fascinating New Year Fun Facts You Probably Didn’t Know

New Year’s Day marks a fresh start, a time to reflect on the past and set goals for the future. But did you know there’s more to the New Year than champagne toasts and countdown clocks? From ancient traditions to quirky modern-day customs, the history of New Year’s celebrations is filled with interesting and unexpected facts.

January 1 Became the Start of the Year in 46 B.C.  

The idea of starting the year on January 1 comes from none other than Julius Caesar. When he introduced the Julian calendar in 46 B.C., he made the year begin in January to honor Janus, the Roman god of doors and beginnings. With two faces, Janus symbolizes looking into the past while looking forward to the future—fitting for the start of a new year.

Dropping The Ball Began In 1907

The iconic ball drop at Times Square started over a century ago, in 1907. That year, a ban on fireworks led to the creative lighted ball idea, initially constructed using wood and iron and weighing 700 pounds. Today’s modern version is nearly 12 feet in diameter, weighs 11,875 pounds, and is covered in thousands of sparkling Waterford crystals.

The Most Common New Year’s Resolution Is Health-Related

You’ve probably heard the phrase “new year, new me.” Unsurprisingly, health-related resolutions—like exercising more, eating healthier, or losing weight—top the list of New Year’s goals. Research suggests that close to 35% of Americans set at least one fitness goal every New Year.

A Fresh Start Awaits  

The New Year is more than just a celebration—it’s a meaningful time filled with history, traditions, and a shared sense of hope across cultures. Whether you eat grapes at midnight, watch the iconic ball drop, or wear a lucky color, the New Year is an opportunity to carry forward the best of the past and look ahead with excitement.

Tech Tips

Your Guide to Online Account Access

NetXInvestor.com

NetXInvestor is an online access portal for your clients to access their Pershing Brokerage Accounts. Within this access, clients can establish E-Delivery, view documents, see activity, and more.  

• E-delivery
• Positions
• Account History
• Account Balances
• Order status online with intraday updates
• Unlimited number of quotes on a 15-min delay from the exchanges

Clients are directed to click the Register Now link on the main website and create a login ID. Register for this access at www.NetXInvestor.com.

Going paperless offers these important benefits:

• Convenience and Flexibility: Access, download, print, and email account communications at any time
• Increased Security: Lessen the risk of identity theft by eliminating paper delivery of sensitive financial information
• Anytime, Anywhere Access: Whether you're working, traveling, or at home, obtaining online account communications is a snap
• Centralized Recordkeeping: Reduce clutter at home and access your account communications in one convenient location
• Environmental Responsibility: Conserve natural resources and make a better choice for the environment
• Free of Charge

Wealthscape Investor^℠

Wealthscape Investor enables you to access comprehensive investment information and trading for your National Financial Services Brokerage Accounts, virtually anytime and anywhere, so it's convenient for you.

Clients can do the following:

• View their account balances, history, positions, and order status
• View monthly statements
• Receive 20-minute delayed quotes and news
• Sign up for electronic delivery of statements and trade confirmations*
• Download Fidelity Investments^® account data into Turbo Tax^® or Quicken^®

Clients will be charged $1 per statement and $1 per confirm until the client enrolls in electronic delivery of statements and confirmations.

Clients can self-register online at www.wealthscapeinvestor.com/cir and click the Register Now link. For ineligible account types, you will need to submit the Wealthscape Investor Authorization Form. Customer signatures may be required.

Please reach out to us for any questions or to inquire about additional forms and access you may need.

Recipe of the Month

The Best Chili Recipe

Ingredients

• ▢1 tablespoon olive oil
• ▢1 medium yellow onion, chopped
• ▢1 pound lean ground beef
• ▢4 cloves garlic, minced
• ▢1-2 tablespoons chili powder*, use 1 tablespoon for mild chili, 2 tablespoons for spicier chili
• ▢1 tablespoon ground cumin
• ▢1 tablespoon brown sugar
• ▢1 teaspoon dried oregano
• ▢½ teaspoon salt
• ▢¼ teaspoon black pepper
• ▢3 tablespoons tomato paste
• ▢1 ¾ cups low sodium beef broth, or one 14.5 ounce can
• ▢28 ounce can fire roasted crushed tomatoes, or fire roasted diced tomatoes
• ▢15 ounce can red kidney beans, rinsed and drained
• ▢15 ounce can pinto beans, or black beans, rinsed and drained
• ▢For topping: shredded cheddar cheese, sour cream, avocado, chopped red or green onions, cilantro, etc., as desired

Instructions

• Heat the olive oil in a large Dutch oven or other heavy pot over medium-high heat. Add the onion and cook 2 minutes, until onion starts to soften.
• Add the ground beef and cook, crumbling, until browned, about 5 minutes. Drain off excess grease. Add the garlic and cook, stirring, for 30 seconds.
• Add the chili powder, cumin, brown sugar, oregano, salt, pepper and tomato paste. Stir to combine.
• Add the broth and stir, scraping up any bits from the bottom of the pot
• Stir in the crushed or diced tomatoes and beans
• Bring to a boil, then reduce heat to low and cook at a low simmer for 1-2 hours, stirring occasionally. Cover the chili during the first part of the cook time and then uncover during the last 30 minutes as needed to thicken the chili.
• Serve chili with toppings, as desired

National Parks

Zion National Park (Utah) At-A-Glance

• Best Time to Visit Zion National Park: Zion National Park is open year-round, 24/7, offering great experiences regardless of the season. Due to mild temperatures and fewer crowds, April, May, September, and October are my preferred times. Summer sees peak visitation with hot temperatures and crowded trails, while winter offers solitude and mild temperatures.
• Where to Stay When Visiting Zion National Park: Staying inside Zion National Park is ideal, but accommodations are limited and require reservations up to a year in advance. The only hotel inside the park is Zion Lodge, offering cabins, hotel rooms, and suites year-round. There are three campgrounds: South and Watchman Campgrounds are in Zion Canyon, while Lava Point Campground is about an hour’s drive away on Kolob Terrace Road. Reservations are necessary for South and Watchman Campgrounds.
• How to Get to Zion National Park: The closest international airports to Zion National Park that you can fly into are located in Las Vegas (LAS), Nevada, and Salt Lake City (SLC), Utah. There are smaller Regional Airports in St. George (SGU), Utah, and Cedar City (CDC), Utah.
• How to Get Around in Zion National Park: From March to November, Zion National Park requires visitors to use the shuttle service; private vehicles aren’t permitted. The shuttle fee is included in your recreational use pass, allowing you to hop on and off at any shuttle stop.
• How Much Does It Cost to Visit Zion National Park: To visit Zion National Park, you need to purchase a recreational day-use pass, which costs $35 per vehicle and is good for 7 consecutive days. You can purchase the pass right at the entrance to the park.
• Check the Zion National Park Website for Trail Closures and Changes to Shuttle Operations: It is important that you check the Zion National Park website for any trail or road closures (usually due to rock slides) prior to going to the park. 

What to see in Zion National Park in One Day

In a hurry? Here’s what to see in Zion National Park in one day:

• Riverside Walk Trail (1 hour)
• Weeping Rock (30 minutes): views of Angel’s Landing, Cable Mountain, the Organ, the Great White Throne, and Observation Point
• Lower Emerald Pools Trail (1 hour)
• Lunch at Zion Lodge (1 hour)
• Court of the Patriarchs (30 minutes)
• Pa’rus Trail (1 hour)
• Zion Visitor Center (30 minutes)
• Watchman Trail (1.5 hours)
• Dinner in Springdale (1 hour)

The list above is an 8-hour day, but you should also factor in 1-1.5 additional hours to account for the time it will take to ride the park shuttle from one place to the next.

Follow the order above for fewer crowds and a better Zion experience!

The Narrows

Riverside Walk