December 23 (Friday)

Latest Morning Briefing Executive Summary: The Fed, Consumers, China, & Fusion
FOMC sees rates headed higher for longer, but a soft economic landing remains in the cards. …. The Consumer Discretionary sector stands to profit from the drop in prices for gas, cotton, and shipping on the high seas. Lower inflation and higher wages should help, too. ….  China’s politicians may hope eliminating zero-Covid policies will boost the nation’s economy. But the likely surge of Covid cases may prompt citizens to enter self-imposed isolation. …. Scientists reported a great advancement in nuclear fusion. But expect many more years of development before we’ll know if fusion will become an economically feasible way to generate carbon-free electricity.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on December 12.

Markets
S&P 500 Facing a Historical Warning Sign After This Year’s Slump | B

Central banks
Japan Inflation Hits Four-Decade High, Pressuring Central Bank in 2023 | W
How the Federal Reserve affected 2022’s stock market | C
Opinion | Larry Summers: what to do next on inflation | WP

Energy
Russia says it may cut oil output up to 7% over price cap | R
Column: Key coal import hubs in China perk up as economy reboots | R

US I
Why America’s economy remains surprisingly strong — but you don’t realize it | NN
Why everyone thinks a recession is coming in 2023 | C
U.S. Household Spending Rose Sightly in November as Inflation Eased | W
U.S. Population Growth Remains Sluggish Despite Uptick This Year | W
Low weekly jobless claims underscore U.S. labor market tightness; Q3 growth revised up | R
U.S. Home Sales Post Record 10th Straight Month of Declines | W
Biden must take on the cost of rent next — and urge Congress to act | The Hill
CarMax results hit by ‘used-vehicle recession’; buyback paused | R

US II
Egg Prices Surge to Records as Bird Flu Hits Poultry Flocks | W
Senate passes government funding bill, teeing up House vote | C
$52 billion plan to save New York’s low-lying areas from sea flooding | C
Winter weather: Biden urges Americans to travel early with a massive blizzard slated to hit the U.S. | C

China I
Opinion | China’s Future Isn’t What It Used to Be | N
China Covid News: Soaring Cases Push Economic Activity Off A Cliff | B
China Covid Cases Surge Infecting 37 Million People a Day, According to Estimate | B
China’s Covid Outbreak Could Spark Dangerous New Variant That Infects the World | B
Shanghai hospital warns of ‘tragic battle’ as COVID spreads | R
Opinion | In China, ‘Zero Covid’ Is Gone, but the Trauma Lingers | N
Sour U.S.-China Relations Feed the Fentanyl Crisis | W
Xi’s Support for Big Tech Is About More Than Covid | B

Geopolitics & trade
Exclusive: US says Russia’s Wagner Group bought North Korean weapons for Ukraine war | R
Europe Is Rushing Arms to Ukraine but Running Out of Ammo | W

Industries & companies
Airlines: Winter storm Elliott: Airlines cancel flights before Christmas | C
Autos: Tesla stock slides on demand concerns, Elon Musk Twitter distraction | C

Beyond markets
Covid, flu, RSV: Tripledemic means masking up again, says virus expert | C
Schools Prepare for Rise in Flu, Covid-19 Cases Tied to Holiday Break | W
FTX founder Sam Bankman-Fried to be released on $250 million bail, will live with his parents | C