Daily Economic Update: May 14, 2024

Aside from the fun times with GameStop meme trading as "Roaring Kitty" resurfaced on X for the first time in 3 years, it was a pretty quiet market days with all eyes towards inflation data with PPI today and CPI on Wednesday.  If you're curious about GameStop, Andrew Tate (I thought he was in jail) vowed to never sell the GameStop shares he bought today, no matter what, "PERMA DONATIONS TO THE CAUSE AGAINST THE SYSTEM".  I'm not sure exactly what that means, but time to revisit my post from January on finfluencers and civilization https://edwardquince.blogspot.com/2024/01/daily-economic-update-january-29-2024.html

Yesterday's NY Fed Survey of Consumer Expectations showed increasing median inflation expectations at both the 1Y and 5Y ahead horizons to 3.3% and 2.8% respectively.  Consumers also showed confidence in their job prospects.  Separately the Cleveland Fed's Survey of Firms Inflation Expectations also showed CEO's and executives raising their 1Y ahead inflation expectations, in this case up to 3.8% from 3.4% back in January.  Inflation is so under control that everyone thinks it's not under control, crazy reverse, psyops I'm sure.

If trading meme stocks and inflation data isn't your thing feel free to join the discussion over bat speed and swing length.

On the day ahead it's PPI at 830am and Powell at 10am as the highlights.

XTOD: Yeah so basically GameStop is so back, it’s wild. RoaringKitty just tweeted a random photo after 3 years and that was seen as a bullish signal so the stock ripped 100% and so did other meme stocks. You should get in before we head to the moon haha I’ll send you my robinhood link

XTOD: $GME has already traded almost a third of its outstanding shares and it's not even noon. 97.7M shares traded so far of 306M shares outstanding.

XTOD: In the coming decades, all of East Asia’s main states will experience an era of depopulation, making it more difficult for them to generate economic growth, mobilize armed forces, and extend influence abroad, writes Nicholas Eberstadt.

https://trib.al/bonL4w5

XTOD: You either grow into your potential or you keep living the same six months over and over again.   The difference is how many hard conversations you’re willing to have and how fast you have them once you realize you need to.

XTOD: The depth of your understanding is reflected in the simplicity of your explanations.

https://x.com/litcapital/status/1790052434309500955

https://x.com/dlauer/status/1790048301242368138

https://x.com/ForeignAffairs/status/1789626974731636957

https://x.com/AlexHormozi/status/1789986504221028574