I decided to write this blog entry while eating an ice cream cone. Yesterday stocks were up slightly. In the bond market the 7Y Note auction seemed solid clearing through where WI was trading with good end-user uptake. Durable goods fell more than expected thanks to declining airplane orders (blame Boeing) but the core component was strong. On the Fed front, Bowman isn't sold on the idea of cutting rates yet and added that they may need to raise rates if progress on inflation stalls or reverses. The 2Y finished the day at 4.71% and the 10Y at 4.31%..
On the day ahead it's inventories and another look at 4QGDP.
I mentioned impact of fiscal policy in yesterday's post and in this post from last week. Claudia Sahm is never quiet and she put out a piece declaring big fiscal policy as a big win. In it she does acknowledge the role it played in causing inflation:
" we would have had high inflation in the US without the Rescue Plan, too, though likely somewhat less....A key lesson from this crisis is that fiscal policy is much more powerful than monetary policy. With great power comes great responsibility. It’s a lesson that macroeconomists must learn and devote more time to the nuts and bolts of fiscal policy, even though it’s inherently more tied to politics than the Fed."
XTOD: "The last time Americans spent this much of their money on food, George H.W. Bush was in office, Terminator 2 was in theaters and C+C Music Factory was rocking the Billboard charts. Eating continues to cost more, even as overall inflation has eased..." https://wsj.com/economy/consumers/its-been-30-years-since-food-ate-up-this-much-of-your-income-2e3dd3ed?st=xce0z9cp30fihg5
XTOD: “The total cumulative easing over the past four months ranks as one of the most significant periods of relaxing financial conditions since at least 1982:” https://pbs.twimg.com/media/GHX2hv6XUAAIdQq?format=jpg&name=medium
XTOD: Full story here :- The fund sold its 29% stake in Manhattan’s 360 Park Avenue South for $1 to one of its partners, Boston Properties Inc., which also agreed to assume CPPIB’s share of the ‘Project’s Debt’ Moreover , this deal took place in last year end : https://bloomberg.com/news/articles/
XTOD: The godson and a childhood friend of Jam Master Jay were found guilty by a jury for the 2002 murder of the Run-DMC rap pioneer, who was fatally shot at his New York City recording studio in one of the most infamous killings in rap history https://reut.rs/42Xy3xT
XTOD: The world belongs to those who can keep doing without seeing the result of their doing.
https://x.com/nomiprins/status/1762595094945747398?s=20
https://x.com/lisaabramowicz1/status/1762585892147929200?s=20
https://x.com/sajag_kundu/status/1762544052199891347?s=20
https://x.com/ReutersShowbiz/status/1762597263010865310?s=20
https://x.com/AlexHormozi/status/1762478890336030851?s=20
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