April 07 (Thursday)

Latest Morning Briefing Executive Summary:  Fed’s Hawks, China’s New Priority & Europe’s Gas Seekers
The newly released minutes of the FOMC’s March meeting suggest that even the Committee’s long-time doves now are hawks. So expect upcoming rate hikes of 50bps, not 25bps. The Fed aims to tamp down inflation without igniting a recession; investors are skeptical, but we expect inflation will moderate later this year, bringing the doves back. … Also: Can China achieve its heady economic growth goals amid a Covid resurgence, strict lockdown policies, and all the economic disruptions caused by both? We doubt it. … And: A look at the odds arrayed against EU countries trying to wean themselves off Russian oil and gas.
(subscribers’ link)

YRI
Daily Markets Overview
See subscribers’ link below for today’s Morning Briefing.
Replay of Dr. Ed’s webinar on April 4.

Markets
Tech Stocks Sink, Bonds Sell Off as Investors Study Fed Minutes | W
Treasury Yields Extend Climb Into Fourth Session | W
Bonds: 10-year yield rises to 3-year high as Fed plans a speedier policy tightening | C
Mocked as ‘Rubble’ by Biden, Russia’s Ruble Comes Roaring Back | B

Central banks
Fed Signals Faster Pace of Rate Increases, Likely Bond Runoff | W
Fed officials to take cleaver to balance sheet; ‘many’ back big rate hikes | R
Fed Lays Out Plan to Prune Balance Sheet by $1.1 Trillion a Year | B

US
What the 2008 Financial Crisis Tells Us About Today’s Inflation Surge | W
Homebuilders turn to mixed-use districts, master-planned communities | C

China
China Infrastructure Push Dwarfs U.S. Spending | B
Shanghai Workers Sleep at the Office as China Extends Covid-19 Lockdown | W

Geopolitics & trade
Russia hit with new round of U.S. sanctions as Biden decries ‘major war crimes’ | R
Ukraine seeks ruinous sanctions on Russia amid European hesitancy | R
U.S. sanctions Putin’s adult children, bans all new investment in Russia | C
Ukraine Urges Civilians to Flee Looming Russian Offensive in Eastern Regions | W
Hypersonic-Missile Delay Puts U.S. Further Behind Russia, China | B
‘We Will Kill You’: How Russia Silenced Its Antiwar Movement | W

Technology
SpaceX application to expand Starship Texas facility withdrawn by USACE | C

Virus
UK has detected a new Covid variant. Here’s what we know so far about omicron XE | C