Good Morning Everyone!
Remember, tough markets don’t last but tough investors do.
Prices as of 4 pm EST, 9/14/22; % YTD
MARKET UPDATE Yield curve remains inverted
- 10yr 3.4% - highest since 2011
- 2yr 3.8% - highest since 2007
- Fed typically ends tightening after inversions…
- …different this time…
Retail Sales +0.3% MoM (vs. 0.0% expected)
- Retail sales ex autos dropped (-0.3% vs +0.1% expected) for first time this year
Regional manufacturing - contraction
- NY Empire State Manufacturing -1.5 (vs. -13 expected)
- Philly Fed Manufacturing Index -9.9 (vs. 2.8 expected)
Import prices -1% (vs. -1.2% expected)
Export prices -1.6% (vs. -1.2% expected)
US 30-year mortgage interest rate tops 6% for first time since 2008
Railroad strike - crisis averted
- White House reaches tentative agreement
- Would have been massive disruption to economy
- 27% of US freight moved by rail
- Ports already bottlenecked:
- And food shipments threatened:
Crude $87.5
-
China eases Covid restrictions in Chengdu (megacity, 21 million people)
- BUT, growth projections have been declining
- EIA small crude inventory build (2.4 million barrels)
Earnings None
CRYPTO UPDATE
And we finalized!Merge SUCCESSFUL: Ethereum (CRYPTO: ETH) switches to proof-of-stakeHappy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
— vitalik.eth (@VitalikButerin) September 15, 2022
- Initiated at 2:45 am EST, completed 13 min later
- Nothing seems to have broken
- Estimated to reduce blockchain’s power consumption by 99.95%
- Move will drop new supply issuance of ETH by 90%
- ETH mined per day down to 1,600 from 13,000
- Miners replaced by validators
- End-user experience unchanged
- Focus will now be to grow scalability via rollups
MEME OF THE DAY
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