Another relatively strong/low jobless claim report, despite the incessant headlines of layoffs. Yields rose a few bps as the S&P crossed but couldn’t hold 5K. The 30Y Auction was also strong, marking a strong week for demand for U.S. govt. debt. Otherwise Chinese deflation is out there and for now it doesn't seem like the decline in Chinese equities and the real estate crisis is at a level yet that will lead to any meaningful global risk aversion. Perhaps the bigger question is what will the impact of ailing U.S. CRE (particularly office) be on some foreign banks and investment firms?
I was wondering why I couldn't get Snoop Dogg's cereal at Walmart, per CNBC: "According to the lawsuit, when it was placed on shelves, Snoop Cereal was popular and sold well. However, the products were quickly taken off the shelves, leaving shoppers wondering where to find them, the suit says."
XTOD: Have a buddy who is feeding workplace conflicts into ChatGPT and asking it to analyze the situation and propose his course of action based on the 48 Laws of Power
He is definitely going to either be promoted or fired in the next 6 months. Excited to find out which it is
XTOD: Fed officials love to pretend they don’t wade into fiscal matters, but the Fed paying interest on reserves (IOR) *is deficit spending*. Hell, all Fed spending goes right out of the budget via reduced remittances. Not to mention the rate hikes themselves, obviously.
XTOD: Monetary & fiscal policy is linked via a consolidated government budget constraint. But IOR is not in itself “deficit spending.” (It’s possible to pay IOR and run a surplus). Comments on post below are bizarre.
XTOD: MMTers: "We never said deficits don't matter...they can cause inflation if they push the economist past capacity"
Congress: Here's $4 trillion over 2 years to push the economy past capacity.
Economy: Here's 7% inflation.
MMTers: "Look at this supply shock"
XTOD: Choose a career you love and you’ll never work a day in your life because that field probably isn’t hiring.
XTOD: Watching the Presidents press conference in real time, responding to the special prosecutor’s report alleging cognitive decline. This was the worst possible moment to confuse Egypt with Mexico while answering a question on Gaza.
https://x.com/buccocapital/status/1755377328102772984?s=20
https://x.com/StephanieKelton/status/1755226213008699891?s=20
https://x.com/dandolfa/status/1755406638876447034?s=20
https://x.com/MarcGoldwein/status/1755416932449153233?s=20
https://x.com/dougboneparth/status/1755588582058648013?s=20
https://x.com/realcynicalfox/status/1755761093434060990?s=46&t=D2AESCsaw42dAEzgmjXHQA
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