Q2 continues to unwind some of the record gains in equity markets as stocks fell for a second straight day. Tesla deliveries falling short of expectations weighed on those shares. Bond yields rose yet again on better than expected factory order data (+1.4% vs. 1% est) and better than expected Job Openings (8.756mm v. 8.73mm est) . The USD currency continued to be a wrecking ball against the rest of the world. The 2Y is 4.70% and the 10Y is 4.36%
Interestingly very little ink has been spilled expressing any concern about the strength of the dollar and the burden that may place on EM economies that issue a lot of dollar denominated debt. Back in December there was some talk of EM debt and at the time the Dollar had been weakening for several months and the expectation was for the Fed to begin cutting and the Dollar to weaken, but of late the Fed seems to be content to hold while many other central banks begin to cut, leading to a strengthening USD since mid-March. Will the EM Dollar-denominated debt wall make headlines again? time will tell.
On the day ahead it's ADP, ISM Services, and Fedspeak with Williams and Powell.
XTOD: I’m stealing “hunting greatness”
XTOD: Moving toward goals is very different than running away from problems.
XTOD: "Sophisticated minds adopt simplified lifestyles; simplistic minds are drawn to overly sophisticated lifestyles." - Taleb
XTOD: Avoid these 9 mistakes
1. Losing sight of dreams and falling into work for work’s sake (W4W).
2. Micromanaging and e-mailing to fill time. Set the responsibilities, problem scenarios and rules, and limits of autonomous decision-making—then stop, for the sanity of everyone involved.
3. Working where you live, sleep, or should relax. Separate your environments—designate a single space for work and solely work—or you will never be able to escape it.
4. Not performing a thorough 80/20 analysis every two to four weeks for your business and personal life.
5. Striving for endless perfection rather than great or simply good enough, whether in your personal or professional life. Recognize that this is often just another W4W excuse. Most endeavors are like learning to speak a foreign language: to be correct 95% of the time requires six months of concentrated effort, whereas to be correct 98% of the time requires 20–30 years. Focus on great for a few things and good enough for the rest. Perfection is a good ideal and direction to have, but recognize it for what it is: an impossible destination.
6. Blowing minutiae and small problems out of proportion as an excuse to work.
7. Making non-time-sensitive issues urgent in order to justify work. Focus on life outside of your bank accounts, as scary as that void can be in the initial stages. If you cannot find meaning in your life, it is your responsibility as a human being to create it, whether that is fulfilling dreams or finding work that gives you purpose and self-worth—ideally a combination of both.
8. Viewing one product, job, or project as the end-all and be-all of your existence. Life is too short to waste, but it is also too long to be a pessimist or nihilist. Whatever you’re doing now is just a stepping-stone to the next project or adventure. Any rut you get into is one you can get yourself out of. Doubts are no more than a signal for action of some type. When in doubt or overwhelmed, take a break and 80/20 both business and personal activities and relationships.
9. Ignoring the social rewards of life. Surround yourself with smiling, positive people who have absolutely nothing to do with work. Happiness shared in the form of friendships and love is happiness multiplied.
XTOD: Americans spent over $113 billion on lottery tickets last year, more than they spent on movies, books, concerts and sports tickets - combined.
https://x.com/patrick_oshag/status/1775169757030871073?s=20
https://x.com/lukeburgis/status/1775244979151007755?s=20
https://x.com/nntaleb/status/1775197080954319008?s=20
https://x.com/tferriss/status/1775162018724561276?s=20
https://x.com/charliebilello/status/1775265236033081843?s=20
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