Good Morning Everyone!
Remember, if you sold all your stocks recently this investing thing just isn’t for you. You gotta stay in the game!
Prices as of 4 pm EST, % YTD
MARKET UPDATE Quiet Day ahead of U.S. Fed meeting on Wednesday
- Japan is closed
- U.K. holiday for Queen Elizabeth funeral
June 2022 lows 3666
Today 3873
- Today we are 5% above the June lows
CNBC this morning
- Thomas Petterfy, CIO Interactive Brokers
- “cash balances are at all-time highs”
Central Bank meetings this week:
- U.S., Japan, Sweden, Switzerland, Norway, U.K.
- Jay Powell very likely to go 75 basis points
Fed Rate upper bound rate
- 2.5% + 0.75 this week + 0.50 in November + 0.50 in December = 4.25% by year-end
10yr 3.5%
US$ 109
C$ 75
VIX 28
Crude 82 -3%
- OPEC heavyweight UAE (United Arab Emirates) is speeding up plans to boost oil production
- Goal is to produce 5 million barrels a day by 2025 vs. 2030 previous plans
- UAE produced 3.4 million barrels a day in August
Germany’s Chancellor Scholz
- to travel to UAE and Saudi Arabia this week
- expected to sign contracts to secure natural gas supplies from the Middle East
Earnings None
CRYPTO UPDATE Digital asset flows (last week)
- Low activity, $7 million total inflows
-
Ethereum (CRYPTO: ETH): continued caution post-Merge
- $15 million outflows (4th consecutive week)
-
Bitcoin (CRYPTO: BTC): snaps 5-week outflow streak
- $17 million inflows
-
Inflows to multi-asset products have remained steady
- Only a few weeks of outflows YTD
- Nearly same YTD inflows as Bitcoin
- Safety in numbers
Source: CoinShares
MEME OF THE DAY
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