Here were today's top stories! 👇
✧ Cathie Wood pens open letter to the Fed
✦ Jamie Dimon predicts recession in 6-9 months, 20% fall in stocks
✧ Bernanke & two others win economic Nobel Prize
✦ 30yr yield makes fresh highs
Tesla, BYD Break China Delivery Records as EV Rivalry Goes Global
As Elon Musk seeks to regain lead in the Chinese market, the new-energy auto-battle is also heating up overseas
The S&P 500 is down over 200 points in 3 trading sessions.
Just as new bottom callers emerged, we saw the 5th bull trap since the August highs form.
Hopes of a more "middle of the road" Fed will continue to be crushed.
You don't want to be the bull that drives the bear market.
Current situation:
1. Housing prices falling at fastest pace since 2011
2. Stocks down like it’s 2001 all over again
3. Commodities down like we have deflation
4. Treasury yields at highs like inflation is 20%
5. $VIX trading like nothing is happening
This won’t end well.
Here are some things in focus today. 👇
✧ Fed Evans and Brainard speeches
✦ $PYPL after releasing, then reversing, a controversial policy this weekend
✧ Stocks await September inflation indicators (PPI & CPI)
✦ Bitcoin continues to flirt with $20k
Strong Dollar Pressures U.S. Manufacturing Rebound
Overseas producers gain pricing power; 3M, General Electric expected to take an exchange-rate hit on foreign sales
https://t.co/FRPbETx8m3
U.S. Chip Curbs Threaten China’s Emerging Manufacturers
Makers of memory chips are among up-and-coming Chinese semiconductor manufacturers that could be hit by new rules
https://t.co/U4SAXo7B0p
Nobel Prize in Economics Winners Include Former Fed Chair Ben Bernanke
Douglas Diamond, Philip H. Dybvig also recognized for research on banks and financial crises
https://t.co/GJ9Sd9C0gE
Russia Unleashes Biggest Barrage of Strikes on Ukraine Since Invasion
Cities throughout Ukraine, including Kyiv, were bombarded after Putin slammed Ukraine over a Crimea bridge blast
https://t.co/ibLcoNmVib
Recent developments:
1. Trade war between US and China is back
2. OPEC publicly targeted US with higher oil prices
3. Mortgage rates are now higher than in 2008
4. U.S. gross national debt crosses $31 trillion
5. Worsening energy crisis with Russia
The system is collapsing.