August 21 (Monday)
Latest Morning Briefing Executive Summary: No Hard Feelings
Is the strength of the economy a double-edged sword that means higher-for-longer inflation, further monetary tightening, and a recession? Or will the tightening that’s already occurred fell the economy still? Or is the mounting federal budget deficit the economy’s Achilles’ Heel? While we remain in the light-side camp, we do share the deficit concerns of dark-side prognosticators: Profligate government spending combined with falling revenues as a percent of GDP points to nowhere good. The bond market is concerned too. Fed Chairman Powell will have a chance to calm the bond market at Jackson Hole on Friday. Much depends on whether he does. … And: Dr. Ed reviews “Breaking” (+ +).
(subscribers’ link)
YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on August 14.
Markets
Advice from a fund manager who’s crushed the S&P 500 since 1989 | C
Central banks
Fed’s long-term GDP outlook is dismal; the economy hasn’t got the message yet | R
China Banks Disappoint With Small Lending Rate Cuts, Holding Mortgage Reference | B
China trims 1-year rate, but unexpectedly leaves 5-year rate unchanged | C
US
Goldman Sees GDP, Markets Weathering Likely Government Shutdown | B
Republican feud over ‘root canal’ spending cuts raises US gov’t shutdown risk | R
Millions Move to the South As US Economy Favors Its Wealth, Job Opportunities | B
Chris Christie’s Presidential Campaign Is All About Donald Trump | B
China
Xi Jinping Is Running China’s Economy Cold on Purpose | B
Geopolitics & trade
BRICS Summit 2023: Putin, Xi and Modi See Chance to Shake Up World Order | B
What is BRICS, which countries want to join and why? | R
Industries & companies
Retail: Exclusive: Walmart, Centric probe suppliers for potential links to Cambodia women’s prison | R
Travel: Global Travel and Tourism Will Represent a $15.5 Trillion Economy by 2033 | B
Corporate finance
J&J to hold 9.5% stake in Kenvue after share exchange offer | R
Artificial Intelligence
AI Helps Drive US Stock-Market Exceptionalism, Evercore’s Emanuel Says | B
Climate
El Nino: Major shipping routes are struggling with water shortages | C
Southern California prepares for more floods from Tropical Storm Hilary | C
Massive Wind Turbines Are Rising From The Atlantic Ocean: Big Take Podcast | B
Beyond markets
Moon landing anticipation builds for India after Russia’s crash | R
America’s Fastest Growing City Is Embracing ‘Yellowstone’ Mania | B
