I wrote this entry while trapped in a NYC subway, contracting bird flu, while examing pictures for evidence of unibrow or no unibrow, while checking the value of my Hawk Tauh coins and being spied on by a drone.
Central banks cut rates cause that's what central bankers like to do: the ECB cuts 25bps as expected, with Lagarde signaling future cuts, but with no major urgency while growth is forecast slower. SNB surprised with a 50bp cut bringing their rate to 50bps while indicating further cuts could be possible.
Stateside PPI comes in at 0.4% MoM, double the consensus estimate, while the "core" was lower, things like goods and food remained hot and the trend in PPI isn't going the direction the Fed wants.
Jobless claims came in above expectations.
Heading into a near holiday Friday we had stocks down and yields up. The 10Y reclaimined 4.30% up to 4.33% while the 2Y hit 4.20%.
XTOD: Ackman: "We're stepping into the most pro-growth, pro-business, pro-American administration I've perhaps seen in my adult lifetime."
XTOD: Watch Steve Liesman squirm as he realizes the BLS is finally publishing catch-up inflation data now that the election is over:
XTOD: OH: "We were promised flying cars, and all we got was a large-scale alien drone invasion in New Jersey."
XTOD: I’m so glad that I made the right financial decision in 2018 and ditched my $89/mo cable package so that I can now pay $83/mo for YouTube TV, $23/mo for Netflix, $16/mo for Disney+, $13/mo for Paramount, $15/mo for Prime, $10/mo for AppleTV, and $21/mo for HBO
XTOD: He was contented because he was wealthy, and wealthy because he was contented.
- Russell Herman Conwell (Acres of Diamonds)
https://x.com/HedgeVision/status/1867243828379574300
https://x.com/ConsensusGurus/status/1867206029022482604
https://x.com/tylercowen/status/1867352330955633069
https://x.com/ChrisJBakke/status/1867242556452688307
https://x.com/joyofcompoundin/status/1867075155467366427
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