September 19 (Monday)
Latest Morning Briefing Executive Summary: On Blackouts & Liquidity
Fed Chair Powell seems to be channeling his 1970s predecessor Paul Volcker—who masterfully tamed high inflation amid a severe recession. Today, we assess how August’s CPI shocker may alter the FOMC’s economic projections and policy decisions. … We expect Wednesday’s FOMC meeting to bring a 100bps hike in the fed funds rate to 3.25%-3.50% and more hawkish projections of committee members, suggesting a terminal rate this tightening cycle of 4.25%-4.50%. … For the economy, we expect the current rolling recession to continue without turning into an official recession because there is ample liquidity to avert a credit crunch. And: Dr. Ed reviews “Five Days at Memorial” (+ + +).
(subscribers’ link)
YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on September 6.
Markets
Stocks subdued, dollar firm for central bank jamboree | R
Oil Prices Retreat After an Earlier Surge. Why That Makes Perfect Sense. | BR
Dollar off 20-year peak as Fed headlines big central bank week | R
Dollar’s Rise Spells Trouble for Global Economies | W
Central banks
Do Wages Drive Prices, or Vice Versa? The Answer Matters for Interest Rates | W
US
Consumers Show Signs of Uncertainty Amid High Inflation | W
America still has an inflation problem | E
Emerging markets
India, Indonesia, and Brazil Are About to Outshine Other Emerging Markets. Here’s How Investors Can Profit. | BR
‘At the Breaking Point’: Tibetans, Under Lockdown, Make Rare Cries for Help | N
China’s Factories Accelerate Robotics Push as Workforce Shrinks | W
China’s Ponzi-like property market is eroding faith in the government | E
Frugal is the new cool for young Chinese as economy falters | R
Geopolitics & trade
Biden says U.S. forces would defend Taiwan in the event of a Chinese invasion | R
Vladimir Putin’s Energy War With Europe Seems to Falter | W
Vladimir Putin’s war is failing. The West should help it fail faster | E
Op-ed: Putin’s battlefield failures provide an opportunity for the world to step up efforts to help end the war in Ukraine | C
Industries & companies
Autos: Electric Vehicles Took Off. Car Makers Weren’t Ready | W
Energy: Electric Bills Soar Across the Country as Winter Looms | W
Financials: Big Regional Banks Might Face New Rules for Dealing With a Crisis | W
Materials: Newmont Stock Cheap and Has a 5% Dividend Yield. It’s Time to Buy. | BR
Media: Netflix and Disney+ Ads Are Almost Here. What It Means for Streaming Stocks. | BR
Retail: Home-Goods Retailers Jolted by Slowdown in Housing Market | W
Retail: Bed Bath & Beyond closing 150 stores. Map of ones on the list so far | C
Climate
Devastating floods like Pakistan’s will be more common in a warming world | E
Corporate finance
Volkswagen targets $70.1 billion to $75.1 billion valuation in planned Porsche IPO | C
Technology
China testing floating car that uses magnets to hover at 143 mph | C
Beyond markets
As Britons Wait to See Queen’s Coffin, ‘The Queue’ Takes On a Life of Its Own | W
Games That Push the Brain to the Limit Get Scientists’ Attention in Fight Against Dementia | W
