If we can't get Dave, and Pennycoin is a project you are passionate about working on, leave a note in the comments – if Hailey Welch can figure out how to launch a coin, I’m sure we can too - let’s work together to make the penny worth something again.
If we eventually run out of pennies, do we have to stop pricing things such that they end in 0.99? Is that inflationary? Nah, who am I kidding, eventually there will be no physical currency that requires change anyway.
Speaking of inflation, the NY Fed’s consumer survey bucked the UofM trend, showing the median inflation expectations holding steady at 3%, while the 3Y and 5Y median inflation expectations rose by 0.3% to 3.0%.
By now I’m sure you’ve seen some articles pointing to a correlation between Philadelphia sports championships and poor stock market performance. For example, the Phillies won the world series in 2008, the Eagles in 2018, both bad years for stock investors, will this time be different?
If the Eagles win will spur a sell-off, it didn’t start yesterday as the S&P traded up to 6,066. Yields on the long end moved up a little higher as news of 25% tariffs on steel and aluminum seemed to cause some questions around inflation. The 2Y was relatively unchanged at 4.29% and the 10Y yield moved back up to 4.50%.
If you didn’t get a chance to participate in yesterday’s poll, please click on yesterday’s post and vote. As of now about 60% of respondents expect a lower 10Y Treasury yield come March 31, 2025.
Ahead of us, Wednesday’s CPI report and Powell’s semi-annual testimony, which starts with the Senate today, are the highlights.
Today: Powell Senate, other Fedspeak
Wed: CPI, Powell House
Thur.: PPI, Jobless Claims
Fri: Retail Sales, Industrial Production
Have you been on LinkedIn lately? A few weeks ago I shared a X post comparing LinkedIn to OnlyFans, I mean really, just swap out one type of image for humblebrags and corporate porn. I feel like I’m old enough to remember when LinkedIn was a more straightforward professional networking platform, but now it’s full of engagement-bait posts, personal life stories that barely relate to work, and self-promotional content disguised as "thought leadership." Some people even treat it like a corporate influencer platform, complete with overly polished personal brands.
As a user of the platform, I would like to see the elimination of engagement bait and more user control over who sees what and what is seen amongst other changes. As a consumer more broadly, I am increasingly frustrated in so many areas of life where I feel trapped in ecosystems that don’t serve me well, but “network effects” make it hard for people to leave those ecosystems. I have some ideas on solutions, reach out in the comments if you think you might be interested in hearing them.
We’ll see if Powell says anything interesting, or if anyone says anything funny today.
XTOD: Patrick Mahomes was reportedly "distracted" during the Super Bowl, allegedly frustrated and confused over why big tech keeps burning billions on AI capex without a clear game plan, sources claim.
XTOD: Also his company is a 7x since IPO https://pbs.twimg.com/media/GjYGj9gWYAA3GlB?format=jpg&name=900x900
XTOD: We are in the part of the cycle where Dave Portnoy can make a 2,500,000% return on a memecoin about him going to jail for pumping another memecoin. The Big Short 2 is writing itself as we speak.
XTOD: “If you only wished to be happy, this could be easily accomplished; but we wish to be happier than other people, and this is always difficult, for we believe others to be happier than they are.” - Montesquieu
https://x.com/TheTranscript_/status/1888937101451759620
https://x.com/tomowenmorgan/status/1888704310982463642
https://x.com/litcapital/status/1888642272104779993
https://x.com/morganhousel/status/1888642608509157637
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