One of those weeks where everyone is kind of waiting for inflation data. Stocks fell slightly while yields rose again. The 2Y is sitting right around 4.80% and the 10Y at 4.43%. Market continues to reprice the number of rate cuts on the remainder of the year lower.
In the interim there is more student loan related forgiveness talk, this time using something through the Higher Education Act. The plan reportedly would cancel up to $20K in interest for borrowers up to certain income caps and has several other categories of debt eligible for cancelation, including those whose loans have been outstanding for greater than 20 years.
Yellen talks tough on Chinese banks for supporting Russia.
On the inflation front, the NY Fed SCE showed consumers continue to have 1 year ahead inflation expectations of 3% and once again increased their 3 year ahead expectations.
On the day ahead it's NFIB Small Business Optimism and 3Y Treasury Note auction.
XTOD: Slide deck from Jim Bullard's talk on April 2, 2024 at the University of Miami. Basic message: TR says Fed was too slow in raising policy rate and is now too slow in cutting. https://docs.google.com/presentation/d/1Qi6jBL4htNvkXa7-7e1PRtJyAXtFQTPe/edit?usp=sharing&ouid=115002303683574113856&rtpof=true&sd=true
XTOD: Leon suddenly became the element Curb couldn't do without. New mansions in new neighborhoods, a move to New York for a season, even a five-year hiatus—Leon and his durags have persisted through it all. And in the process, JB Smoove became one of Hollywood’s most prolific comedic character actors. https://gq.com/story/jb-smoove-hype?utm_brand=gq&mbid=social_twitter&utm_social-type=owned&utm_medium=social&utm_source=twitter
XTOD: The focus is on big name MLB elbows, but what should get as much attention/concern are 16-year-old studs having UCL reconstructions now. They'll be throwing 100+mph in the big leagues with old ligaments 10 years from now. That's how this perpetuates. We HAVE to think upstream.
XTOD: Warren Buffett: "[My dad] taught me that what's on your inner scorecard is more important than your outer scorecard. A lot of people are concerned with what the world will think about this or that — instead of what they themselves think about it."
XTOD: No surprise: "Brent Clark is often asked by other parents how he and his wife Anne nurtured Caitlin to become the basketball star that she is.
His answer? Get your children engaged with as many different activities as possible, sports or otherwise."
https://x.com/dandolfa/status/1777410964973064450
https://x.com/curb_david/status/1777369828946223309
https://x.com/EricCressey/status/1777407118900883853
https://x.com/kejca/status/1777100432789119103
https://x.com/DavidEpstein/status/1777000899354697777
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