market update

Home sales in March fell 21% year-over-year. The market is trapped by low inventory because of low mortgages. No one wants to make a move. Market Prices as of 4 pm EST, 4/20/23 Macro In sharp contrast with this week’s Empire State Manufacturing Index, the Philadelphia Fed’s gauge of...

BlackRock, the largest asset manager in the world with $9 trillion in assets, says interest rates will rise another 75bps. But Janet Yellen says they aren’t going higher. Market Prices as of 4 pm EST, 4/14/23 Macro Around the world, the de-dollarization trend is in full swing. Countries...

Bitcoin (CRYPTO: BTC) just hit $30,000 for the first time since last June. Is nature healing? Market   Prices as of 4 pm EST, 4/10/23 Macro China is planning to increase spending on major construction projects by 17% (or +$1.8 trillion) this year. With a focus on infrastructure like...

The week kicked off with a significantly different and more risk-averse tone than the one that surrounded the U.S. stock market over the last month.   Following Friday's robust labor market data, traders have repriced the Fed's rate path higher, placing greater odds of a...

Jamie Dimon is probably hoping a few more banks have trouble so he can scoop up their assets for cheap. Markets Prices as of 4 pm EST, 4/3/23 Macro Today may be a good day to mute “Trump” on your Twitter feeds. The former president is in New York where he’s expected to...

Since the recent high, total deposits at U.S. banks are down a record $1 trillion. Where did the money go? A lot went to money market funds which just hit a record high. Who wants to make 0.3% with a bank account when you can make 5% in a money market fund!? Market Prices as of 4 pm EST, 3/...

Good morning!  Could things get worse in France right now? This morning prosecutors raided 5 of the biggest banks including Société Generale, BNP Paribas, and HSBC. They face +$1 billion in penalties from tax fraud and money laundering.  Are you kidding me? Markets Prices...

FED hiking rates will cause more losses on bank balance sheets. Unrealized losses are $620 billion, up from $8 billion a year ago. Yellen said the FDIC will NOT guarantee ALL deposits. Meanwhile, equity and bond holders of regional banks can get wiped out overnight if there’s a bank run....

The FDIC is looking into insuring deposits of more than $250k. Senator Elizabeth Warren says up to $10 million should be insured. Should we just make all deposits FDIC-insured to stop bank runs? Market Prices as of 4 pm EST, 3/20/23 Macro On his first trip abroad since securing another term this...

Credit Suisse (NYSE: CS) is borrowing $54 billion from the Swiss National Bank to help shore up liquidity. Big week for bank bailouts! Market Prices as of 4 pm EST, 3/15/23 Macro An unexpected decline in producer prices might have been the top news yesterday, if not for Credit...

Good Morning Everyone! China stuns the world with manufacturing activity expanding at the fastest pace in more than a decade in February.  The Hong Kong stock index is up +4%. Maybe the economy won’t crash after all. Prices as of 4 pm EST 2/28/23; % YTD MARKET UPDATE S&P 500...

Good Morning Everyone! Elon Musk recruits team to develop OpenAI rival to fight ‘Woke AI’. Will it be called TruthGPT? Prices as of 4 pm EST, 2/27/23; % YTD MARKET UPDATE Hot European Inflation Data / No-Landing France CPI +7.2% in February Spain CPI +6.1% in February German 2-...

Good Morning Everyone! Crypto winter has been rough for everyone. Especially Coinbase: Q4 2021: $840m net profit Q4 2022: $557m net loss Prices as of 4 pm EST, 2/21/23; % YTD MARKET UPDATE 2 pm: FOMC minutes Market embracing higher-for-longer Federal funds rate expectations ~5.3% in June...

Good Morning Everyone! Customers are setting banks on fire in Lebanon because they can’t get their money out. Inflation is at +170%. This is what a currency collapse looks like: In Lebanon people are burning down financial institutions and politicians' homes to reclaim their own money...

Good Morning Everyone! Berkshire Hathaway’s Charlie Munger was asked about long-term valuations: “I don't worry about it too much, because I will be dead." At least he’s being honest. Prices as of 4 pm EST, 2/15/23; % YTD MARKET UPDATE Retail sales +3% vs. 1.8%...