Good Morning Everyone!
Inflation:
+8.3% YoY in August. Higher than +8.1% expected.
Average interest rate of savings account in America: 0.06%.
Do with this what you want.
Prices as of 4 pm EST, 9/12/22; % YTD
MARKET UPDATE Market has rallied on:
But interest rates continue to trend higher at the same time (usually moves in opposite direction)
CPI year-over-year
- June 9.1% highest since 1981 (40+ year high)
- July 8.5%
- August 8.3% inflation dropped less than expected (8.1% expected)
Core CPI
- Up 6.3% versus 5.9% in July
10yr 3.4% moved from 3.3% to 3.4% after today’s inflation data
Federal Reserve meeting
- Next week (Sept. 21)
- 75-basis point increase in the bag
- Federal Funds Target (NYSE:TGT) Rate Range 2.25% to 2.5%
- New expected Range 3.0% to 3.25%
US$ 109
C$ 76
VIX 24
Crude 87 -0.5%
- Supply constraints vs. China/U.S. recession fears
- U.S. Strategic Reserves at lowest level since 1984
- Versus
- China 3-day Festival holiday trips fell by 16.7%
- Tomorrow: U.S. Department of Energy report
Emmy Awards
- HBO took home the most Emmy Awards last night
- 38 wins including Succession and White Lotus, up from 19 wins last year
- Netflix (NASDAQ: NASDAQ:NFLX) at #2 with 26 wins, down from 44 last year
Meta (NASDAQ: META)
- This is the opportunity ahead of Zuck (Value Stock)
- Close the 10-to-1 gap.
- According to WSJ:
- Users cumulatively spending
- TikTok 197.8 million hours a day
- Reels 17.6 million hours a day
Earnings
- Oracle (NYSE: NYSE:ORCL) - stock flat, building cloud but no EPS upside
CRYPTO UPDATE Institutional adoption
- Fidelity considering Bitcoin (CRYPTO: BTC) trading on its brokerage platform
- Chicago Mercantile Exchange (NASDAQ: CME) launching ether options
Coffee & NFTs
- Starbucks’ (NASDAQ: SBUX) new NFT-based loyalty rewards program
- Built on Polygon (CRYPTO: MATIC) PoS network
- “Starbucks (NASDAQ:SBUX) Odyssey” - waitlist open
Digital asset flows
- Total outflows = $62.7 million
-
5th consecutive week of outflows
- 5-week total = $99 million
- Relatively small
- Weak volume at 46% of year average
- Contrarian inflows out of Europe ($7 million)
- Altcoins minor inflows
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