March 29 (Tuesday)
Latest Morning Briefing Executive Summary: Three Related Delusions
The ripple effects of three delusions held in high places have triggered a host of interrelated global problems. Putin’s delusion about Ukraine’s sovereignty has led to war and related supply shortages of crucial commodities, which are exacerbating runaway inflation. … Powell’s delusion that the inflation outlook is more benign than it really is has misled bond investors. … But the bond market is finally shedding its delusions and acting more predictably. … How high might the 10-year Treasury bond yield go during this year of rising interest rates and stagflation? We project 3.00% by year-end.
(subscribers’ link)
YRI
Daily Markets Overview
See subscribers’ link below for today’s Morning Briefing.
Replay of Dr. Ed’s webinar on March 28.
Markets
Stocks Finish Choppy Session Modestly Higher | W
Oil Prices Fall as Lockdowns in China Weigh on Demand | W
Yen Hits Lowest Level Since 2015, and Japan, U.S. Are OK With That | W
Bond market is flashing a warning sign that a recession may be coming | C
Central banks
How Russia’s Central Bank Engineered the Ruble’s Rebound | W
US I
Federal Budget Proposal: Biden Pitches $5.8 Billion Plan With Tax Hike on Rich | B
Biden’s 2023 budget would hike taxes on the ultra-rich and corporations, boost defense spending | C
Biden says budget targets Trump’s ‘fiscal mess,’ raises taxes on wealthy | R
U.S. Army Troops Would Drop Below One Million in New Budget Proposal | B
US II
How Bad Inflation Might Get, According To The Companies That Will Raise Prices | FO U.S. Healthcare Spending Growth Slowed in 2021 After Covid-19 Surge | W
Behind the great NYC eviction tsunami that never happened | P
Industries & companies
Tobacco: Walmart Stops Selling Cigarettes in Some Stores | W
Geopolitics & trade
Ukraine sets ceasefire goal for new Russia talks, but breakthrough looks distant | R
Ukraine and Russia Prepare for Talks in Turkey as Russian Missiles Hit Cities | W
Roman Abramovich and Ukrainian Peace Negotiators Suffer Suspected Poisoning | W
Biden Says Putin Remark Reflected His Outrage Over Invasion, Not Policy Change | B
Corporate finance
HP Makes Bet on Hybrid Work With $1.7 Billion Deal | W
Virus
Shanghai’s Lockdown Tests Covid-Zero Policy, and People’s Limits | N
Covid Vaccines: World Moves From Shortages to Possible Glut of Shots | B
