April 08 (Friday)
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.
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YRI
Daily Markets Overview
See subscribers’ link below for today’s Morning Briefing.
Replay of Dr. Ed’s webinar on April 4.
Markets
Stocks Finish Higher, Bonds Extend Fed-Driven Selloff | W
Stocks rally late, 10-yr U.S. Treasury yield touches 3-yr high | R
Carnage is epic in bonds due to Fed’s inflation error: Jim Bianco | C
Energy
Shell Warns of Up to $5 Billion Hit From Russia Exit | W
EU Backs Russian Coal Ban in First Punch at Energy Revenue | B
Central banks
Fed’s James Bullard says interest rate policy is ‘behind the curve’ | C
Bank of Japan Stocked Up On ETFs In $450 Billion Buying Spree, Now They’re Stuck | B
US
US weekly jobless claims | C
Rising mortgage rates cause more home sellers to lower asking prices | C
Ketanji Brown Jackson confirmed to Supreme Court, first Black woman justice | C
New York UBI Program Focuses on New Moms, Pregnant Women | B
The new entitlement of the American consumer | Vox
China
Manufacturers Grind to a Halt in China as Covid Lockdowns Expand | W
China uses AI software to improve its surveillance capabilities | R
Geopolitics & trade
The Russian Patriarch Just Gave His Most Dangerous Speech Yet — And Almost No One in the West Has Noticed
Russians discuss killing civilians in radio intercepts by German intelligence | WP
How Ukraine Used a Ragtag Arsenal to Thwart Russia’s Air Attacks | W
Ukraine Calls for More Arms as It Girds for Heavier Fighting Against Russia in the East | W
Horrors of Ukraine’s Bucha Laid Bare on Yablunska Street | W
Industries & companies
Consumer discretionary: Walmart says it is raising pay for truck drivers, starting training program | C
Consumer discretionary: Walmart Dangles $110,000 Starting Pay to Lure Truck Drivers | W
Pharma: Medicare Limits Payments for Biogen’s Alzheimer’s Drug | W
Crypto
Crypto-Like Digital Dollar at Least Several Years Away, Yellen Says | W
Virus & climate
U.S. court reinstates Biden federal employee COVID vaccine mandate | R
Shanghai, in Lockdown, Struggles to Feed Itself | W
Rising rivers force more Sydney flood evacuations as rain eases | R
Technology
New lithium technology can help the world go green — if it works | R
Beyond markets
How Many Billionaires Are There, Anyway? | N
