Stocks at fresh all time highs, coming off the best week of the year. We start the week with the bond market closed for Veteran's Day. As we start the week, #endthefed gained some traction on social media with endorsement from Elon.
I'll keep it short. To start the week the 2Y is 4.25% and the 10Y is 4.30%. Despite Powell not being willing to speculate on policies that haven't yet been enacted, Minneapolis Fed Pres Kashkari expressed some concern around tit for tat tariff wars having an impact on inflation.
On the week ahead we get a CPI report on Wednesday and retail sales on Friday.
Today: no data
Tuesday: Fed Waller and other Fedspeak
Wed: CPI, Fedspeak
Thur: PPI, Powell speech, Fed Williams
Fri: Retail Sales
XTOD (long thread on the Fed): But Wall Street has an addiction to speculative investments and demands lower rates, while the narrative is that the economy is doing well. When no average worker can afford a home without going deep in debt, this is an elite, high inequality economy. 7/n..The Fed is the main actor fueling the speculation, and inequality, and the proof is in their "transitory" narrative a while back. 9/...The current Fed scheme is outdated and elitist. It assumes that the objectives of banks and large corporations match those of labor. 10/n...Conclusion: I don't expect a shift to pro-labor policies but instead a continuation of pro-capital policies and higher inequality until workers realize they have been fed hopes and dreams by political actors from all sides. The Fed must be reorganized to focus on labor. 12/12
XTOD: "It’s a race between technology-driven abundance and government-driven poverty."
• Governments rarely make things better • They're terrible at spending • And they go into huge debt
The government isn't going to save you. Save yourself.
XTOD: Let's start with my long term basic point that should be where you stop reading this thread and go about building your wealth through your profession. Owning a long only diversified portfolio of assets (what I call beta) is free money. And should be your ONLY investment strategy to build your savings That is MY CALL. It will always be my call and anything I write on Twitter or at DampedSpring or 2GrayBeards is an order of magnitude LESS important that this CALL
Why? Because any deviation from this plan requires market timing or identifying those who can. It requires an investor to underweight or go short or overweight and leverage in order to outperform MY CALL.
XTOD: The money supply is not currently in the hands of the central bank, for those unaware of this fact....They set the overnight interest rate. They do not in any way control the supply of money. Textbook nonsense.
XTOD: Zen and the Art of Motorcycle Maintenance, what a paragraph...https://pbs.twimg.com/media/Gb37hLdWgAAixZC?format=jpg&name=900x900
https://x.com/mikeharrisNY/status/1855197445182869524
https://x.com/Tim_Denning/status/1854968651276812523
https://x.com/dampedspring/status/1855249543232704799
https://x.com/StephanieKelton/status/1855070583052009499
https://x.com/DylanoA4/status/1854915262291620174
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