So long Apple Vision Pro, hello Meta Orion. I wrote this in augmented reality. I, like Sam Altman, have been lobbying the government in hope that we can further build out our electric grid so that we have electricity available to power data centers so AI can do a better job writing this blog.
Mortgage refinancings surge 20%. Sales of new homes in August were lower than July, but better than expected. If they give first time homebuyers more money prices will go____?
Putin talking about potentially using nukes. Israel preparing for ground ops in Lebanon. A Hurricane in the gulf. Possible strikes at ports. Stocks near all-time highs (yes they were down slightly).
5Y auction was on the screws at 3.591% with decent internals, but no uptick in demand. The long end of the curve continues to sell off post last week's FOMC. The 2Y is at 3.56% and the 10Y at 3.79%.
Today we get updates to GDP, GDI, including revisions to data going back something like 5 years. Durable goods data, Powell at 9:20am and the 7Y auction at 1pm.
XTOD: A trader has placed the single biggest ever trade in SOFR futures today 🤯 Why? No idea.
XTOD: It is fascinating that yimbyism started with sensible democrats (as the problem is so much worse in places like sf), but then republicans rather than say great, you discovered property rights and markets, let’s get this done, moved to reflexive opposition.
XTOD: In the future, I think this era is going to be looked at critically in this regard. The ratio of attention that market participants have to give to the Fed, and the amount of communication that the Fed gives to the market on a regular basis, has kind of reached banana land.
XTOD: Almost one third of our life is spent at work. But only 20% of people are passionate about their jobs. This is one of the key reasons why: 45% of people have not felt true happiness for more than 2 years. 25% don't know, or have forgotten, what it means to feel happy.
XTOD: Do It Your Way You do your best work and have the most fun when you’re not burdened by fear that someone else thinks you’re doing it wrong.
https://collabfund.com/blog/your-way-is-the-only-way/
https://x.com/EddBolingbroke/status/1838975589761376693
https://x.com/JohnHCochrane/status/1838954256705151380
https://x.com/LynAldenContact/status/1838228747670917137
https://x.com/Igor_Buinevici/status/1838579715113914639
https://x.com/morganhousel/status/1838678204460195927
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