September 22 (Friday)
Latest Morning Briefing Executive Summary: The Fed, The Deficit & Earnings
The Fed once again alerted the financial markets that the federal funds rate will remain restrictively aloft for longer than generally expected. Managing the market’s expectations in this way rather than raising rates further might lower the risk of a credit crunch and recession. We agree with the FOMC members who collectively anticipate a soft landing. … Also: Inflation has boosted federal entitlements and interest outlays, ballooning the federal budget deficit to worrisome heights, and soon the Biden administration’s spending spree will take it further north. … And: Get ready for a better Q3 earnings season; that’s the message from the earnings estimate data that Joe tracks for S&P 500 companies.
(subscribers’ link)
YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on September 17.
Markets
US Stocks Drop Most in Six Months as Treasury Yields Surge | B
10-year yields hit 16-year peak as Fed seen higher for longer | R
Central banks
ECB Chief Economist Lane Says Rates Will Be Restrictive as Long as Necessary | B
Japan Inflation Unexpectedly Steady Ahead of BOJ Decision | B
Japan’s Aug inflation stays above BOJ target for 17th month | R
Geopolitics & trade
Malaysia PM Anwar Says China Explanation of Controversial Sea Map ‘Reassuring’ | B
Biden announces $325 million military aid package during a White House meeting with Zelenskyy | C
India suspends visa services for Canadians, demands parity in diplomats | C
Saudi Crown Prince Mohammed bin Salman says he will keep sportswashing | C
US
August Home Sales Declined to Slowest Pace Since January | W
Why AT&T’s John Stankey remains bullish on the economy | Fast Company
Republicans Aim for New Shutdown Despite Strategy Never Working | B
McCarthy Cancels House Votes, Raising Risk of US Government Shutdown | B
House recesses after Defense bill, government funding plan implode | C
White House takes steps to remove medical bills from credit reports | C
China
7 Reasons China’s GDP Growth Is Slowing—And What It Means for Investors | Morningstar
Industries & companies
Autos: UAW strike: Top issues and where GM, Ford and Stellantis stand | C
Autos: UAW’s Demand for 32-Hour Workweek Takes Back Seat in Talks | W
Materials: Hyped up uranium investors face political fallout risk | R
Corporate finance
Tech IPOs get ‘meh’ response from Wall Street: Arm, Instacart, Klaviyo | C
Climate
Government Shutdown Poses ‘Seismic’ Threat to Pollution Controls | B
States push to get to 20 million installed heat pumps by 2030 | C
