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Perspectives

June 2026

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War MOU Needs Work; Fed Sends Yellow Light

by Fortem Financial June 22, 2026

A deal to extend the ceasefire in the Middle East has finally been agreed, allowing energy prices to decline further and risk-asset markets to resume their pre-war bull run. The history of the Middle East points to inevitable bumps ahead. A lasting peace has not been achieved, and some of the players are not agreeing to stop at this juncture. Should investors expect setbacks ahead?   Summary Equities were higher last week with the DJIA and Russell 2000 hitting record highs, while the S&P… View More

Two Most Important Questions Today

by Fortem Financial June 15, 2026

With what appears to be a deal with Iran taking shape and the reopening of the Strait looking increasingly likely, the two most important questions we are asking ourselves are: 1) How will global inflation expectations respond, and 2) will markets revert to the trends and themes that were working before the conflict began?   Easing Inflation Expectations to Provide Rate Relief The direction of global inflation expectations will be one of the most important variables to monitor in the coming … View More

Are Rate Hikes On The Way?

by Fortem Financial June 10, 2026

The job market was surprisingly strong in May, with non-farm payrolls growing 172,000, beating even the strongest forecasts for the month. As a result, the futures market is now pricing in a quarter-point rate hike later this year and, more likely than not, another quarter-point rate hike sometime in 2027. But we think a rate hike would be ill-advised and unlikely. First, this is a good employment report, but not a “barnburner.” Barnburner job growth is 300,000 to 400,000 per month. Even Ke… View More

Last Friday The Tape Moved. The Data Didn't!

by Fortem Financial June 9, 2026

Loud Headlines, Intact Fundamentals   It was a loud few days. On Friday, the Nasdaq Composite fell 4.18% — its worst single day since April 2025 — as a violent selloff in semiconductor and AI-related shares dragged the major indexes lower, with the Philadelphia Semiconductor Index down 10.26%, its steepest drop since March 2020. Over the weekend, the conflict in the Middle East escalated again, and South Korea’s market, heavily concentrated in memory chips, opened sharply lower to start… View More

Today's Market Selloff - Data Over Drama, Put To The Test

by Fortem Financial June 5, 2026

A Strong Jobs Report, an AI-Led Selloff, and What the Evidence Actually Says   In our June monthly commentary we flagged June 5 as the date to watch for the wage-and-jobs leg of the cycle. It arrived today, and the market’s response pulled two of our running threads into a single, unusually sharp session. The May employment report came in far stronger than expected, Treasury yields jumped, and equities sold off hard — led almost entirely by the artificial-intelligence and semiconductor na… View More

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PRIVACY NOTICE REGARDING CLIENT PRIVACY

Fortem Financial Group, LLC, has adopted this policy with recognition that protecting the privacy and security of the non-public personal information we obtain about our customers is an important responsibility.

All financial companies choose how they share your non-public personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your non-public personal information. Even when you are no longer our customer, we will only share your non-public personal information as described in this notice. So, please read this notice carefully to understand what we do.

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We share your non-public personal information for our everyday business purposes such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, report to credit bureaus, to protect the confidentiality or security of your records, or as permitted by law. We may also share your non-public personal information for our own firm’s marketing purposes; so that we can offer our products and services to you.

Federal law gives you the right to limit only sharing non-public personal information about your credit worthiness for our affiliates’ everyday business purposes; sharing non-public personal information about you with our affiliates to market to you; and sharing non-public personal information with non-affiliates to market to you.

We don’t share non-public personal information about your creditworthiness with our affiliates for their everyday business purposes. We don’t share your non-public personal information with our affiliates to market to you. We don’t share your non-public personal information with non-affiliates to market to you. We also don’t share your non-public personal information for joint marketing with other financial companies. State laws and individual companies may give you additional rights to limit sharing.

We share non-public personal information with our parent company affiliate, Focus Financial Partners, Inc, for its internal and external auditing purposes. We also share your non-public personal information with a non-affiliate for the purpose of aggregating it and providing summary information based on this data to our parent company, Focus Financial Partners, Inc.

To protect your non-public personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

Our policy about obtaining and disclosing non-public personal information may change from time to time. We will provide you notice of any material change to this policy before we implement the change.

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Fortem Financial Group, LLC (“Fortem Financial” or the “Firm”) is a federally registered investment adviser with offices in California and Arizona. Registration with the U.S. Securities and Exchange Commission (“SEC”) does not imply a certain level of skill or training. Fortem Financial and its representatives are in compliance with the current registration and notice filing requirements imposed upon federally registered investment advisers by those states in which Fortem Financial maintains clients. The Firm may only transact business in those states in which it is notice filed or qualifies for an exemption or exclusion from notice filing requirements.

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Blaine Amidei received the following award on January 10, 2025. This recognition was granted by the California Desert Association of REALTORS® (CDAR), which honors one Affiliate member each year who goes above and beyond in their service to the organization and their community. The award reflects CDAR’s values of partnership, engagement, and community involvement among its dynamic members and Affiliate partners. No compensation was provided for consideration, publication, or display of this award.

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