Daily Economic Update: February 12, 2024

It was between this or the many memes of Kelce yelling at Reid

Why the day after the Super Bowl is not a national holiday remains a mystery. 

On Friday the S&P closed above 5K for the first time ever.  Yields continued to move higher over the last week. The 2Y is close to reclaiming 4.50% as the timing of rate cuts continues to get pushed back, while the 10Y is 4.18%.

The week ahead features CPI on Tuesday and Retail Sales on Thursday as highlights.

Today: fedspeak

Tue: CPI

Wed: Valentine's Day 

Thur: Retail Sales, jobless claims, 

Fri: Housing starts and building permits, PPI and UofM survey

XTOD: Heard from our NYC office that they went out to get bagels as a team today, some new analyst ordered a scooped bagel and the rest of the deal team beat the shit out of him and now we have an incoming lawsuit

XTOD: We’re all living through a great enshittening, in which the services that matter to us, that we rely on, are turning into giant piles of s**t. It’s frustrating. It’s demoralising. It’s even terrifying https://on.ft.com/48bnYyv

XTOD: "Margin of safety—you can also call it room for error or redundancy—is the only effective way to safely navigate a world that is governed by odds, not certainties. And almost everything related to money exists in that kind of world."  — Morgan Housel

XTOD: Positioning over predicting.

XTOD: "Then I get that feeling...which is, 'I don't care who reads this, I don't care what happens to this, this is mine, no one's taking it away from me, I am doing this at the expense of all other things.'"  (

@SomanChainani   on the  @tferriss podcast)  Beautiful. This is the definition of authenticity.

XTOD: Macro is Hard   "It’s fine to have views on the economy. It’s fine to listen to other people’s views on the economy. It’s rarely helpful to act on those views when it comes to your portfolio."  https://buff.ly/3Uz4XTm 

XTOD: Great summary by  @I_Am_NickBloom  “So the big-name CEOs and Politicians claiming WFH is damaging growth have got it 100% wrong. WFH is likely powering the current economic boom by increasing labor supply and productivity, while also improving personal and family time.”  Women plus flexibility is profitable. Who knows what I might have accomplished if I have had flexibility during my career. It would have been a lot easier and humane. TY Nick. 👏paying it forward in every way I can.

XTOD: Chernobyl's mutant wolves appear to have developed resistance to cancer, study finds. The wolves are exposed to cancer-causing radiation as they roam the wastelands of the abandoned city - with researchers finding part of their genetic information seems resilient to increased risk of the disease. https://news.sky.com/story/chernobyls-mutant-wolves-appear-to-have-developed-resistance-to-cancer-study-finds-13067292

https://x.com/boutique_banker/status/1755659660890157223?s=20

https://x.com/FT/status/1755614505034563664?s=20

https://x.com/InvestingCanons/status/1755608605775343853?s=20

https://x.com/ShaneAParrish/status/1756022236719309183?s=20

https://x.com/sheehanch/status/1755965734553895146?s=20

https://x.com/RitholtzWealth/status/1756673360610619739?s=20

https://x.com/DianeSwonk/status/1756400034847830273?s=20

https://x.com/vtchakarova/status/1756439231046541542?s=20