Yesterday was another tough day for equities despite GDP exceeding expectations at an annualized 4.9% (seems like Atlanta Fed GDPNow model wasn't so bad after all) and yields falling 8+ basis points with a solid 7Y auction. Durable Goods orders beat expectations and were the best in 3 years and jobless claims increased above 200K. AMZN beat on top line and profit after the bell which is providing relief to equities, as equity futures are positive this morning. U.S. yields up slightly to start the day with the 2Y at 5.05% and the 10Y at 4.86%.
Biden doesn't believe in the Phillips Curve: “I never believed we would need a recession to bring inflation down – and today we saw again that the American economy continues to grow even as inflation has come down" and “The unemployment rate has been below 4% for 20 months in a row, real wages are up over the last year, and median wealth for American families has grown by a record amount, accounting for inflation,"
The ECB left the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility unchanged at 4.50%, 4.75% and 4.00% respectively and will remain 'data dependent'. ECB also touched on the need for fiscal authorities to reign in energy subsidies and to reform debt.
On the day ahead it's PCE, personal income and spending data and UofM survey about gas prices (kind of). Investors will continue to weigh heading into another weekend with unresolved and heightened geopolitical risk, especially as the U.S. is countering attacks against our military resources in the region.
XTOD: Unemployment rate: low
GDP growth: high
Household net worth: never been higher
Inflation: coming down
Sentiment: worst economy ever
My replies: the data is fake
XTOD: The qualifying yearly income for a median-priced house in 2020 was $49,680. Now it’s more than $107,000, according to the NAR
XTOD: Both of these are true: 1) She's right, a 9-5 plus commute sucks and drains your energy. We all know it. 2) If it does suck, cultivate equanimity and work on escaping it.
XTOD: Janet Yellen is a delusional national embarrassment.
XTOD: JPMorgan CEO Jamie Dimon and his family intend to sell 1 million of the lender’s shares for financial diversification and tax-planning purposes
XTOD: "Using your money to buy time and options has a lifestyle benefit few luxury goods can compete it."
XTOD: Blackstone investment strategist Byron Wien, known as a friendly optimist in an investment world often driven by fear and greed, has died at 90
XTOD: In honor of Byron Wien, essential lessons from his long life. RIP. https://x.com/EdBorgato/status/1717615113308708995?s=20
XTOD: Before you work harder on something, spend time identifying the point of leverage in the situation. Working harder on the wrong thing won't move you forward.
This can be somewhat counterintuitive for those of us who have been taught to work harder when you're not getting the results you want.
Working smarter is the most valuable form of working harder.
https://x.com/awealthofcs/status/1717522532457238997?s=20
https://x.com/unusual_whales/status/1717553418552906233?s=20
https://x.com/NeckarValue/status/1717623211112722935?s=20
https://x.com/DiMartinoBooth/status/1717610051379093873?s=20
https://x.com/business/status/1717853070921470375?s=20
https://x.com/Psy_of_Money/status/1717634109860708541?s=20
https://x.com/WSJ/status/1717672480721047776?s=20
https://x.com/EdBorgato/status/1717615113308708995?s=20
https://x.com/ShaneAParrish/status/1717532281961697501?s=20
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