April 18 (Tuesday)

Latest Morning Briefing Executive Summary: Pandemic Pandemonium
The pandemic effectively accelerated the latest business cycle. Government interventions including lockdowns, rent moratoriums, stimulus payments, and ultra-easy monetary policy altered the behavior of economic actors including businesses, workers, consumers, landlords, tenants, home buyers, and home sellers. The result was a business cycle on warp speed. … Pandemic-altered consumer behavior escalated inflation, first for goods and then for services. … That disproves the theory that inflation is simply a monetary phenomenon, fully within the Fed’s power to control.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on April 17.

Markets
Stock Market Keeps Going Up, But Skeptics Hold Tight to the Bear Case | B
U.S. Stocks Edge Up, With Earnings in Focus | W
US warns companies over Russian oil price cap evasion via ESPO pipeline | R

US
BofA Says Tough Earnings Season Is Off to Best Start in a Decade | B
America needs to sort out its industrial policy confusion | The Hill
Free tax preparation taught me where the US tax code falls short | Vox
How Much Money Do I Need to Retire? A Quarter of Americans Have No Savings | B
Nikki Haley enjoys early billionaire support in 2024 race | C

China
Chinese Millennials Look to Stocks, Bonds and Crypto in Seeking Ways to Wealth | B
China’s electric car drive, led by BYD, leaves global brands behind | R

Japan
Japan Hotels Draw Foreign Investors at Scale Unseen in Years | B

India
India’s Worthless College Degrees Undercut World’s Fastest-Growing Major Economy | B

Industries & companies
Financials: HSBC shareholder Ping An to vote for bank’s break-up at annual meeting -source | R
Financials: State Street, Schwab See Deposits Drop | W
Media: Opinion | Twitter Is Broken. Thanks, Elon. | NYT
Tech: Alphabet shares fall on report Samsung may dump Google Search for Bing | R

Geopolitics & trade
U.S., Allies Weigh How to Reduce Economic Ties With China | W
U.S. Arrests Two, Charges Dozens for Alleged Illegal U.S. Activities by Chinese Security Agents | W
Taiwan to Buy 400 US Anti-Ship Missiles Intended to Repel China | B
 
Crypto
Bitcoin dips below $30,000, and backlash brews as SEC moves toward DeFi oversight | C