Ahead of U.S CPI : The bond market is telling the Fed it's done with rate hikes, just a 15% chance of a Sep rate hike being priced into fed funds futures, and a 21% chance of one in Nov, expected to start cutting rates in early 2024, according to market pricing
Joe Biden signed an order that will limit US investment in some Chinese firms: It will cover semiconductor, quantum computing and AI, but will exclude passive investments and possibly publicly traded securities
"The share of U.S consumers who financed a vehicle with a monthly payment of $1,000 or more reached a new all-time peak of 17.1% in Q2, up from 16.8% in Q1 2023 and 4.3% in Q2 of 2019." - Edmunds
B of A: “.. US debt to GDP is at an all-time high, and the US now ranks in the bottom 5 (vs. Top 5 in 2000), in line with Emerging Europe. Worldwide Governance Indicators data show the US shifting closer to emerging economies on other measures like political stability ..”
For the first time since 2011, total US bank credit is now YoY negative
UPS drivers’ new $170k per year deal shows that unions (and Joe Biden) may just save the middle class after all
Markets :
Main indices a little softer under pressure, a lot going on underneath, any company missing on earnings getting a smashed, owned positions at risk etc.. Energy stocks are once again outperforming overall markets
5-year, 5-year USD inflation swap highest since 2014, all about CPI
Rice soars to highest since 2008 on rising threats to supply
Right now we have high(er) interest rates, higher gas prices, higher oil prices and higher tightening lending standards, high valuation, concentrated risk (S&P7) + governments loaded up with debts
Valuation, solid balance-sheet
and UK !