Insights
At Peapack Private, we consider education to be an important part of what we do, both for our clients and for the public overall. That's why we regularly speak to local and national media, and why we contribute articles to leading publications, and our time to professional organizations.
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Consumer prices rose sharply in May. The consumer price index jumped higher than expected with a 5% year-over-year increase and the core CPI lifted at the fastest pace since 1992. With demand springing to life in segments of the economy that were more deeply affected by the economic shutdown, such as restaurants and travel, temporary supply shortages are creating a short-term acceleration in prices. The Federal Reserve is likely to maintain its stance that inflationary pressures are transitory and remain committed to current monetary policy. The Fed has publicly stated it will keep rates near zero until late next year at the earliest and will taper its bond purchases well ahead of rate increases. caused by the pandemic.
Click here to listen to Chief Investment Officer, John Creamer's take on the market trends from last week on WCBS NewsRadio 880.
Why inflation is both good and bad for your wallet
Inflation is here. Higher interest rates may follow if the Federal Reserve deems higher consumer prices are entrenched rather than temporary. Savers may rejoice at higher interest rates on safe investments. But inflation (and taxes) could fully erase those gains. Inflation would benefit homeowners with a low fixed-mortgage rate, according to financial advisors. However, it would likely be bad news for others, such as many retirees and holders of long-term individual bonds or certificates of deposit.
Peapack-Gladstone Financial Corporation to Acquire Princeton Portfolio Strategies Group
Peapack-Gladstone Financial Corporation, parent company of Peapack-Gladstone Bank announced today that it has entered into an agreement to acquire Princeton, NJ-based Princeton Portfolio Strategies Group, LLC (“PPSG”), with assets under management of approximately $550 million. The Company anticipates the purchase will be immediately accretive to earnings. The transaction is expected to close in the third quarter of 2021, subject to the receipt of regulatory approval and other customary closing conditions.
Peapack-Gladstone lines up another wealth management acquisition
Peapack-Gladstone Financial in Bedminster, New Jersey, has agreed to buy Princeton Portfolio Strategies Group, a wealth management firm in Princeton, New Jersey, with $550 million of assets under management.
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