Record closes for equities yet again. In data, the ISM PMI beat expectations with solid new orders. Across the pond, French government as on the verge of collapse. Other than that is it just me or are food recalls at an all time high?
In Fedspeak, Bostic calls policy restrictive and is biased towards easing over time, but doesn’t necessarily believe a December rate cut is preordained. Waller had a cool line: “Overall, I feel like an MMA fighter who keeps getting inflation in a choke hold, waiting for it to tap out, yet it keeps slipping out of my grasp at the last minute,” while stressing that they will get the eventual tap out. Ultimately he’s leaning toward 25bps in Dec. but of course that’s data dependent. We also had Williams late in the day explaining why the Fed can continue to cut rates: "The simple answer is that while growth in demand has been strong, growth in supply has been even stronger. Specifically, robust growth in both the labor force and in productivity has meant that the economy can expand at a higher pace than we saw before the pandemic, without creating inflationary pressures." Of course he's also data dependent.
Yields rose some wiht the 10Y at 4.20% and the 2Y is also at 4.20%, almost back to inverted.
On the day ahead it's JOLTs and more Fedspeak.
XTOD: Art Cashin, @NYSE fixture for decades, dies at age 83. In the intensely competitive world of stock market commentary, he was that rarest of all creatures: a man respected by all. He was a great drinker and a great teller of stories, and a great friend.\
XTOD: Biden's Hunter pardon riles Democrats who defended US justice system http://reut.rs/3Zy0PFb
XTOD: Missed a chance to make 4x on Biden corruption? Here is a 10x opportunity on Biden pardoning Fauci ahead of the inevitable perp walk https://pbs.twimg.com/media/Gdz4COGXAAEdaNh?format=png&name=900x900
XTOD: The world is full of foolish gamblers, and they will not do as well as the patient investor."
— Charlie Munger
XTOD: When I came across Pareto’s work one late evening, I had been slaving away with 15-hour days seven days per week, feeling completely overwhelmed and generally helpless.
I would wake up before dawn to make calls to the United Kingdom, handle the U.S. during the normal 9–5 day, and then work until near midnight making calls to Japan and New Zealand.
I was stuck on a runaway freight train with no brakes, shoveling coal into the furnace for lack of a better option. Faced with certain burnout or giving Pareto’s ideas a trial run, I opted for the latter.
The next morning, I began a dissection of my business and personal life through the lenses of two questions:
1. Which 20% of sources are causing 80% of my problems and unhappiness?
2. Which 20% of sources are resulting in 80% of my desired outcomes and happiness?
For the entire day, I put aside everything seemingly urgent and did the most intense truth-baring analysis possible, applying these questions to everything from my friends to customers and advertising to relaxation activities. Don’t expect to find you’re doing everything right—the truth often hurts. The goal is to find your inefficiencies in order to eliminate them and to find your strengths so you can multiply them.
In the 24 hours that followed, I made several simple but emotionally difficult decisions that literally changed my life forever and enabled the lifestyle I now enjoy.
The first decision I made is an excellent example of how dramatic and fast the ROI of this analytical fat-cutting can be: I stopped contacting 95% of my customers and fired 2%, leaving me with the top 3% of producers to profile and duplicate.
https://x.com/BobPisani/status/1863686260314849326
https://x.com/Reuters/status/1863731138784567748
https://x.com/zerohedge/status/1863637443624239104
https://x.com/tferriss/status/1863608894221688853
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