December 11 (Monday)
Latest Morning Briefing Executive Summary: Hard Luck For Hard Landers
The economy has proven resilient, defying all the reasons it shouldn’t be, to which diehard hard landers still cling. We expect that it will remain resilient and that inflation will continue to fall to the Fed’s target (a.k.a. “immaculate disinflation”). In this scenario, the Fed won’t be rushing to ease and won’t ease by much. The Fed’s policy stance is perhaps better cast as “normalizing” than tightening that requires undoing. … Labor market supply and demand are coming into better balance, as the Fed would like, though November employment data attest to the labor market’s continued strength. … Also: What to make of the fact that GDI is weaker than GDP. … And: Dr. Ed reviews “Reptile” (+).
(subscribers’ link)
YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on December 4.
Markets
A New Era of Income Investing Is Turning Boomers Into Bond Buyers | W
Why Treasury Auctions Have Wall Street on Edge | W
Central banks
Higher Interest Rates Are Here to Stay. What It Means for the Economy. | BR
Jerome Powell’s Inflation Fight Is Succeeding, Raising Questions About Rate Cuts | W
US
Inflation expectations plunge in closely watched University of Michigan survey | C
Here’s Where Prices Are Actually Coming Down | W
Runway getting clearer, U.S. economy still not assured of soft landing | C
Economy’s Soft Landing Comes Into View as Job Growth Slowly Descends | W
Opinion | The Progressive Case for Bidenomics | N
The Megafactories Are Coming. Now the Hustle Is On to Find Workers | W
Europe
Europe’s technology startups are doing just fine | E
Europe, a laggard in AI, seizes the lead in its regulation | E
China
Will China leave behind its economic woes in 2024? | E
Japan
Will a fiscal mess thwart Japan’s nascent economic growth? | E
Industries & companies
Autos: Auto Loan Rejections at Record High — How to Up the Odds of Approval | C
Banks: A Bank Safety ‘Endgame’ Is Coming. Who Wins and Loses. | BR
Health Care: Buy This Hospital Stock. It’s Making the Best of a Bad Situation. | BR
Geopolitics & trade
China and the EU risk a trade war | E
Israel and Palestine: How peace is possible | E
Europe Swears Off Russian Gas. The Unexpected Price. | BR
Zelenskyy will meet Biden at the White House amid a stepped-up push for Congress to approve more aid | C
Vladimir Putin is running Russia’s economy dangerously hot | E
Corporate finance
Cigna abandons pursuit of Humana, plans $10 billion share buyback | R
Investor Group Launches $5.8 Billion Buyout Bid for Macy’s | W
Sigma Healthcare Agrees to $5.79 Billion Merger With Pharmacy Chain | W
Climate
Disturbing UN report calls on Americans to reduce meat consumption. But that’s just the beginning of UN’s radi | FO
What to watch at COP28 on Monday | R
The Chinese and American Climate Negotiators Pushing for a Deal | W
Artificial Intelligence
Artificial: The OpenAI Story | W
Beyond markets
What bankrupt trucker Yellow’s billion-dollar battle means to economy | C
Covid-19 was a disaster for the world’s schoolchildren | E
