Fed Day!

From Reuters:

Fed expected to deliver small rate hike but keep anti-inflation tilt

The Federal Reserve is expected to raise its target interest rate by a quarter of a percentage point on Wednesday, setting aside the rapid hikes used last year to curb a surge in inflation in favor of a more stepwise hunt for a stopping point.

The expected increase would set the U.S. central bank’s benchmark overnight interest rate in the 4.50%-4.75% range, the highest since November 2007, when the economy was on the eve of what would prove to be a long and deep recession.

Policymakers hope to avoid that sort of outcome this time, and economic data since their last policy meeting in December generally has moved in the right direction: Inflation is slowing under the impact of higher interest rates and tighter financial conditions, while the economy continues to grow and create jobs.

The rate-setting Federal Open Market Committee is due to release its policy statement at 2 p.m. EST (1900 GMT). Fed Chair Jerome Powell is scheduled to hold a news conference half an hour later to elaborate on the decision.

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145 Responses to Fed Day!

  1. dentss dunnigan says:

    First

  2. dentss Dunnigan says:

    2

  3. dentss dunnigan says:

    3

  4. grim says:

    What’s your guess?

    Going with 25.

  5. Hold my beer says:

    Grim

    I’m guessing 25 this time too.

  6. Hold my beer says:

    Question for the board. Why do you prefer laddering cds over laddering T bills,?especially since T bills now have better rates than short term cds and there’s no state tax on them.

  7. Fast Eddie says:

    It’ll be .25 but I don’t get this prediction:

    “Traders of futures that settle to the Fed’s policy rate see the path somewhat differently, with the benchmark rate peaking in the 4.75%-5.00% range, and the central bank cutting that rate to around 4.4% by December.”

    Why would they cut the rate if the FED is adamant they want 2% inflation? I’d like the financial guys on this forum to explain. Yeah, I get it, the market wants to run amok but I truly can’t understand the bigger picture.

  8. grim says:

    Prediction that the fed is going to overshoot, crater the market, and then have to backpedal to stop the bleeding they created.

    The street giving the middle finger to the Fed – no confidence.

    Am I wrong?

  9. grim says:

    Maybe on Bloomberg, they’d say something more politically correct like:

    The market strongly believes that the Fed will need to temporarily hit a restrictive rate in order to break the positive feedback cycle commonly associated with inflation, once inflation expectations have been tempered, the Fed can move back to a less restrictive position to keep inflation moderated in the short term.

  10. The Great Pumpkin says:

    Deflation anyone? Only a matter of time…tick tick tick

    “BREAKING: Intel cuts pay for employees by at least 5%. VPs 10% cut, more senior executives will get 15% cut and CEO gets a 25% haircut.”

  11. Fast Eddie says:

    We’re told the FED and the Street are apples and oranges. We’re lead to believe that you can’t fight the FED. They claim to want 2% inflation come hell or high water, bleeding or not. Curious to hear what Powell says but I think we already know.

  12. leftwing says:

    25 is a lock. These guys go 50 buckle up buttercup.

    Since this is likely the meeting with the highest consensus on amount the press conference will carry even more import. Look for not only the “we’re really serious” lecture but also the strength of conviction on duration, ie the length of the “how high how long” debate.

    Simplest analogy on the 2% is we all have a long term goal of hitting the gym 3x weekly and getting to 180 lbs… and we all know while it is a laudable goal over the long term a lot of life will intervene and how many of us actually realize it?

  13. grim says:

    On the computer geek talk from the other day. Loving this new 5k LG monitor. My old 27″ iMac was getting annoyingly laggy, so grabbed one of the new new Mac mini M2 pro’s and paired it up w/ the LG 5k. Fast as all get out, but man, the monitor is more impressive.

    With what Apple + TSMC are doing with CPUs, it’s no wonder Intel is hurting.

    Where does Intel dominate today? Not mobile processors, not desktop processors anymore, certainly not GPUs (it’s AI, datacenter, and networking).

  14. The Great Pumpkin says:

    Brah!! They salted the roads?!!! Criminal

  15. The Great Pumpkin says:

    Blow that budget!! Driving through clouds of salt.

  16. Juice Box says:

    Effective Fed Funds is only 4.10, are people still expecting a pivot? All this jawboning about slowing, pausing and stopping rate increases? If they do that it only means they have failed in their statements to tame inflation.

    Is there really any pain on main street yet? Unemployment says no, and consumer confidence is still quite high do to low unemployment on main street.

    Fed has said via their meeting minutes that their internal metrics say we need much higher unemployment to get to their Core PCE 2% inflation goal, so they will keep raising rates until we shed 5-6 million jobs. We have to consider the at estimated lagged functions of the demand for money. The creation of credit at the banks etc. Increasing borrowing rates takes a year or more to really tickle down to business and consumer borrowing.

    All I see in the Fed charts is demand for credit still going up in consumer credit and the business commercial paper markets. Rate increases are supposed to take a year to really feel the effects and slow borrowing, except for housing which is the one area where we see a drop off in borrowing for mortgages almost immediately.

    Core PCE prices in the US, which exclude food and energy, went up by 0.3% month-over-month in December of 2022.

    U.S. Core PCE Price Index YoY
    Latest Release. Jan 27, 2023.
    Actual. 4.4%
    Forecast. 4.4%
    Previous. 4.7%

    I think we will see several more rate increases for the remainder of this year. To get to the pain they say they want/need to inflict so .25 is too low. It needs to be much higher .50 to slow borrowing otherwise we may never get there.

    https://fred.stlouisfed.org/series/FEDFUNDS

  17. grim says:

    I think chicken is going to tame price pressures in early 2023.

    I don’t mean eggs, I mean industries that had collectively raised prices, because they could, now chasing the market in the other direction once one major supplier bucks the trend and undercuts everyone else.

    Tesla cutting prices, quickly followed by Ford – this isn’t an outlier, you are going to see this all over the place. Just wait until this echoes through the rest of the auto market (it won’t be limited to EVs).

    As soon as the sector gets fat and happy with their new price point, somebody is going to come in and undercut, and spur a race to the bottom in pricing.

    Ready? Set? Squeeeeeze those margins.

  18. Juice Box says:

    Intel has been floundering around for years trying to figure out what they do better than TSMC or Qualcomm. The new CHIPS Act legislation however will breath new life into them, they are poised to build up to eight new factories in Ohio with all of that government money and now our political agreements with the Dutch and ASML to no longer ship their latest tech to China, Russia etc. We are tossing hundreds of billions in subsidies to bring chip manufacturing to our shores. It will be interesting to watch what transpires over the next few years. I suspect China will try and clone/steal ASML ‘s technology if they haven’t already, so no need in invade Taiwan anymore.

  19. 3b says:

    .25 this time , and another strong message they are not done, and they won’t be cutting anytime soon. Rates trending down, inflationary, China opening back up , inflationary. This is a strange market, we are going into a recession, we are not, we are already in a recession, we are in a recessionete as I heard one guy call it. The recession.will be over in 6 months, we can’t have a recession. Take your pick. I agree with the Fed pausing once they are done raising and then waiting a substantial time period to have them take effect, but this cutting before year end, makes no sense to me.

  20. The Great Pumpkin says:

    Deflation! Get ready for a bad recession in the future.

    grim says:
    February 1, 2023 at 8:07 am
    I think chicken is going to tame price pressures in early 2023

  21. Juice Box says:

    re: Chicken is a metric I use. Milk is another one, prices still higher…OJ also seems to be back to more reasonable prices.

    Bell and Evans Chicken brand is a good one.

    Whole Foods this week.

    Regular$7.99/lb
    Sale Price$5.99/lb
    Prime Member Price $5.39/lb

    Shoprite this week is $4.49/lb for same of their house brand non-organic Boneless Skinless Fresh Chicken Breasts.

    Organic still hovers around $9.00 a lb at whole paycheck.

    In have seen slimy bargain chicken in larger packages for $3.49/lb but my wife won’t let me buy it. It is not like the flame won’t kill the slime..

  22. grim says:

    Second the Bell and Evans – seems to have a way better shelf life than anything else, making the higher price worth it in my book.

  23. Fast Eddie says:

    Where do you guys see job demand and salaries in the next 6 to 12 months regarding the Info Tech industry specifically?

  24. leftwing says:

    “…their [the Fed’s] internal metrics say we need much higher unemployment to get to their Core PCE 2% inflation goal, so they will keep raising rates until we shed 5-6 million jobs…”

    I was going to type in response that three more 25s in March, May, and June won’t get you there and then later in your post I see the below…

    “I think we will see several more rate increases for the remainder of this year. To get to the pain they say they want/need to inflict so .25 is too low. It needs to be much higher .50 to slow borrowing otherwise we may never get there.”

    Agree that they ‘should’ if they have any chance of hitting their own forecast. On whether they ‘will’….

  25. The Great Pumpkin says:

    Wonder how large this stimulus package is going to be? lmao

    Pain will come first though, to justify it.

    “On whether they ‘will’….”

  26. leftwing says:

    “Ready? Set? Squeeeeeze those margins”

    Negative operating leverage…anyone want to venture a guess on what earnings multiple is applied to businesses with slowing/flat absolute earnings and declining margins in a 4% rate environment?

    Everyone seems comfortable with an 18x multiple…for reference, that was the multiple in our bull market with rising earnings, rising margins, and a ZIRP, TINA environment…and BTW 18x is where we are trading now….

  27. Juice Box says:

    re: “‘Ready? Set? Squeeeeeze those margins.”

    Margin compression means buying opportunities.

    Where and when are the usual questions. Lot’s of charts in this recent report on the S&P margins.

    https://www.yardeni.com/pub/sp500margin.pdf

  28. 1987 Condo says:

    Brady done, again…finally?

  29. The Great Pumpkin says:

    Read yesterday that Amazon was trying to get their suppliers to provide cuts for wholefoods products as their customer base has started to react to higher pricing. This has to be the most obvious coming recession in history. Only tough part, figuring out when it will get here.

    “Organic still hovers around $9.00 a lb at whole paycheck.”

  30. The Great Pumpkin says:

    Brady threw away his marriage by staying one or two years too long in the nfl….should have went out on top.

  31. Bystander says:

    Juice,

    SR is out of control. Another week and another round of price hikes. I buy Polar seltzer and they (to credit) kept prices about 15% higher than two years ago. Yesterday, prices went up 70%. I peruse cheese aisle and Bowl and Basket brand up 20%. I won’t buy it but still shocking. In CT they also implement deposit on all drink period, even a jug iced tea. I don’t think return machines can fit them. Another stealth increase.

    Ed,

    Not good on job front. I know the poor tech people are upset but it is the lower paid operations and HR people who are getting whacked hard. I ever heard Google let go of D&I directors…but assume that would be good news ;)

  32. Ex says:

    Luttig was a staffer for Gerald Ford, Ronald Reagan and George HW Bush, who put him on the federal bench in 1991. Now 68, he is a retired conservative jurist widely deemed unlucky not to have made the supreme court. He came to national attention last June, when he appeared before the House January 6 committee.

    In a televised hearing, using precise and powerful words, Luttig explained why on 4 January 2021 he told Pence he could not do as Trump wished and block certification of Joe Biden’s election win, an argument Luttig also published on Twitter.

    Luttig went on to paint a stark picture of America “at war against herself” and warned that a year and a half after the deadly Capitol riot, Trump and his supporters still posed “a clear and present danger to American democracy”.

    Another six months on, Trump is in legal jeopardy amid investigations of his election subversion, his financial and campaign finance affairs and his retention of classified records, and a lawsuit brought by a writer who says he raped her, an allegation Trump denies.

    But Trump is still the only declared major candidate for the Republican presidential nomination in 2024, dominating polls of the notional field.

    In a lengthy profile published by the Post on Tuesday, Luttig said he had seen “ample evidence” of criminal activity and believed Trump would be indicted. He also cautioned that any decision about indicting the former president should consider how it might “split the nation”, given the inevitable “spectacle” of Trump’s fight to beat any charges.

  33. Juice Box says:

    Keep in mind taming inflation is the stated goal. But there are other considerations. The other side of the equation for the Fed Funds rate is the man behind the curtain. The man behind the curtain no longer wants to provide liquidity to housing market.

    In order for the Fed to continue unwinding their massive balance sheet they need to keep going with higher rates. It is still not a year yet since ending QE in March and then beginning QT in June.

    When Powell signaled enough was enough with QE for housing he meant it, and will stay the course for now of QT. They want to get out of the housing market all together, and unwind the remaining 2.7 Trillion in housing bonds without actually selling them. It will take a while for that to happen, but what that means is the market for these bonds and the government owned GSEs that package and sell them must continue, and be sold to the public and private investment funds whatever flavor they may be and for that to happen the rate needs to remain attractive.

    The historical average for a mortgage over the last 50 years is 7.75 percent. With that in mind current rates are near that. We may see high interest rate for a mortgage indefinitely, where 7-8% is the new normal. Waiting for rates to come down to 3-4% again may never happen, as the Fed does not want to continue what Bernanke started in January of 2009, they will no longer intervene in the housing bond market. I don’t think we will see a Fed intervention and QE in housing again unless there is some kind of blow up like 2008 where the whole financial system were to come crashing down do to lax mortgage lending standards and trillions in near-worthless mortgage back securities in subprime and other mortgages.

    https://fred.stlouisfed.org/series/WSHOMCB

  34. Phoenix says:

    I watch pork bellies. Will buy when they get down to sixty four. Billy Ray Valentine said so, Randolph and Mortimer Duke agree. Can’t lose.

  35. Fast Eddie says:

    Bystander,

    I ever heard Google let go of D&I directors…but assume that would be good news ;)

    Yep. Thanks. I wish I knew which direction the wind will blow on the tech job front.

    Btw, you want to listen to a good jam? Jimmy Page w. the Black Crowes at the Greek: https://en.wikipedia.org/wiki/Live_at_the_Greek

    I was working out in the basement to this CD last night. The sound quality is pretty good. Well, to my ear it is.

  36. Phoenix says:

    BREAKING NEWS: FBI searches Biden’s beach home in Rehoboth in connection with classified documents

    Defense : I have Alzheimers.

    Jury: Yup, seen it on TV many times. Not Guilty by reason of Mental Defect.

  37. Juice Box says:

    Bystander – re: ShopRite..

    It doesn’t feel pity, or remorse, or fear. And it absolutely will not stop… ever, until you are dead!

    Firs they rolled out 4,000 skus under their Bowl and Basket brand, and lowered the prices to take business from the normal paid-for brand label products that people tend to buy over and over again. Then they rolled out CB4 AI store execution technology for shelf optimization, there is some probably neat yield management software in there. They will move the expensive brand somewhere else, stock less of it, increase the retail price and put their higher margin Bowl and Basket food item in it’s place on the shelf.

    So how do you defeat the Shoprite AI?

  38. Ex says:

    9:58 let me know when Biden mounts an insurrection.

  39. Ex says:

    Or bilks a veteran’s charity.

  40. Ex says:

    Or cheats on his taxes for decades.

  41. leftwing says:

    JOLTS exceeds both forecast and prior, and reverses trend to move back up…..11m and change.

    That’s news for the Fed…

    Manufacturing orders down sixth month in a row…

    I’ll keep feeding you guys my besties…here’s a good site for news as it breaks.

    https://www.financialjuice.com/home

  42. grim says:

    So how do you defeat the Shoprite AI?

    Remember those DARE anti-drug commercials? “I learned it from watching you dad”

    In their case, Dad is amazon and jeff bezos.

    Front-run every name brand on the marketplace and do it with nearly 100% certainty of business outcome. I can’t imagine this model ends well – I’m going to put my money on Big-Brand winning over the front-running marketplaces.

  43. Chicago says:

    JPM says today, March, pause, see UE gets stuck at 4.5% and core stick at 3.5%, so hikes in 4Q23

    3b says:
    February 1, 2023 at 8:11 am
    .25 this time , and another strong message they are not done, and they won’t be cutting anytime soon. Rates trending down, inflationary, China opening back up , inflationary. This is a strange market, we are going into a recession, we are not, we are already in a recession, we are in a recessionete as I heard one guy call it. The recession.will be over in 6 months, we can’t have a recession. Take your pick. I agree with the Fed pausing once they are done raising and then waiting a substantial time period to have them take effect, but this cutting before year end, makes no sense to me

  44. Chicago says:

    TO be clear, their comment, not my call

  45. grim says:

    I think I told this story here. Some major retailers are refusing to do business with vendors who leverage Amazon’s tech stack. In fact, a good portion of Azure/GCP business isn’t because they love their tech stacks, it’s because “anything but Amazon” is company policy.

    I was sitting in a boardroom pitch with LVMH 3 or 4 years back.

    We were talking tech infrastructure generally, and one of the LV guys asks what sounds like a pretty innocuous question about AWS.

    One of our cloud tech guys jumped to answer it as if the heavens themselves opened and anointed them with the spotlight of God. Bing, bang, boom, everything under the sun, we use it everywhere, love it, huge investments, we even have direct connect and cross-connects around the world.

    I shit you not, they closed their binders, thanked us for our time, and proceeded to walk out, full stop.

  46. 3b says:

    Chgo: I can see that.

  47. Chicago says:

    To be clear, base effects + pairwise + vodka = vodka

  48. 3b says:

    Chgo: Understand. There call is certainly more rational in my view then a lot of what I am hearing/ reading out there

  49. leftwing says:

    “Not good on job front. I know the poor tech people are upset but it is the lower paid operations and HR people who are getting whacked hard.”

    Will be legging into INTC for a longer term short, by options. There is easier lower hanging near term fruit but…in addition to all the industry and product issues they just cut comp and benefits across the board…stupidest corporate move ever…instead of using this opportunity to prune the same amount of SG&A by actual cuts, they are keeping the full force and just pissing everyone off…how many of you are going to hang around a corporation that cuts midyear bonuses, eliminates year-end bonuses, freezes pay hikes, and halves their contribution to your 401k? And of the all pissed off people who will look to leave, who are the most mobile? The best or worst performers? So, they just ensured themselves a workforce of the lower end of their existing base who instead of being cut will be pulling a paycheck AND pissed off at that fact. Will take a while to play out but sell. I see bands at 30.50 and 25.50 and looking for it to break the lower band for ATLs….

    Sclerotic corporation run by sclerotic lifers who don’t even have the framework to distinguish between high and low performers and no balls to act if they did.

  50. Phoenix says:

    I predict a sharp increase in the amount of alcoholism in America, how that affects the stock market I don’t know.

    Ain’t no way the USA is going to make it through this while being sober.

  51. Phoenix says:

    Texas power grid buckles under pressure from icy storm and leaves 250,000 without power: More than 40M people in path of freezing weather as more than 1,400 flights are canceled

    Fool me once, shame on you, fool me twice…….

  52. 3b says:

    Don’t worry people, none of this will negatively impact the real estate market in the NYC metro area. Maybe a little pain for like 6 months, and then it’s back to Fed cutting , and 3 percent mortgage rates, buy whatever you can now, and just refinance to the lower rate.

  53. Fabius Maximus says:

    “Brady threw away his marriage by staying one or two years too long in ….”

    Crypto!

  54. Phoenix says:

    I paid for that diploma, it’s mine.
    The attitude of some in my career-wanna get paid, but don’t wanna work.
    Put ’em in federal prison. No parole there.

    Twenty-two Georgia nurses who allegedly purchased fraudulent degree documents through a recently uncovered scheme have been asked to surrender their licenses.

    The Georgia Board of Nursing sent letters to the nurses Jan. 17, asking them to voluntarily surrender their nursing licenses within 30 days. As of Jan. 30, none have, according to the report. Authorities in Georgia are working with the FBI to gather the evidence required to revoke the nurses’ licenses if they refuse to surrender them.

  55. leftwing says:

    “JPM says today, March, pause, see UE gets stuck at 4.5% and core stick at 3.5%, so hikes in 4Q23”

    Who at JPM, lol? Surprised that made it out of review…only way I could see that is if PCE gets a two handle by then…seven weeks…even I’m not looking at that flight plan….

    “One of our cloud tech guys jumped to answer it as if the heavens themselves opened and anointed them with the spotlight of God. Bing, bang, boom, everything under the sun…”

    Most important part of high end, large ticket sales is listening…not pitching. Especially to anyone with a European mentality.

  56. 1987 Condo says:

    Texas weather is a mess, severe…flooding, tornados, Hurricanes, Heat, ice storms, ugh

  57. Boomer Remover says:

    One of the perks of my Amex Blue Cash Pref card, which I’ve asked to be cremated with, is unlimited 6% cash back at supermarkets. And let me tell you, that cash back adds up quick! The price of Bell Evans chicken above drops to $5.06 per pound if you pay with Blue Cash Pref. So, between the Amex discount and the Prime discounts, it’s not always a bad place to shop. My local H-Mart is more expensive across the board.

    Also, while food prices are up, people are spending wastefully in other areas. If my family clamped down on food waste at home, it would just about offset price inflation.

    I believe eggs are still 5.99 at Costco for two dozen. However, the spread between the proletariat brand and burn (money) baby burn organics tightened significantly.

  58. Juice Box says:

    Grim – luxury good sales have never been about buying online and getting it delivered via prime so I am not surprised about LVMH doing zero business with Amazon retail or their tech stack. Those French assholes of fashion now own 75 fashion houses and growing. Last I heard they have been been building their own Death Star with Salesforce Cloud.

  59. Phoenix says:

    “Brady threw away his marriage by staying one or two years too long in ….”

    Wrong.
    His wife was planning to leave him. Probably told him give up the career, we can stay together-well knowing she was done. Leaving football was his way of trying to save the marriage and her way of getting back at him.

    Plenty of married men were talked into getting a clip clip by women who knew they were leaving-telling them they would get more( a lie) -insuring the man could not conceive with other women which would lower either child support payments, or his chances of dating another woman who wanted kids.

    Some women are kind, some are devious as hell.

    One of my co-workers picked a fight with one of our female physicians at work. I wouldn’t have taken that doc on, not in a million years. Gonna backfire hard on her-don’t know when, don’t know how, but it’s coming. She better sleep with a scalpel under her pillow.

  60. Fabius Maximus says:

    https://twitter.com/Goodable/status/1620484977413734400

    Washington, DC just became the largest city in America to make bus rides fare-free.
    Starting this summer, all public buses will no longer have any fare.
    The goal is to keep money in the pocket of low-income earners and encourage people to take public transit.

  61. The Great Pumpkin says:

    Want to know what this is really about? Breaking the labor market. Workers became too powerful. WFH was clear evidence of this…with workers telling their bosses to go f/k themselves…that work life balance was more important to them. Writing was on the wall. Now they are going to lower the economy till workers are once again scared to lose a job.

    Remember….biggest source of inflation now is workers getting large raises. Follow the money and the power…worker is walking dead.

    Juice Box says:
    February 1, 2023 at 9:40 am
    Keep in mind taming inflation is the stated goal. But there are other considerations. The other side of the equation for the Fed Funds rate is the man behind the curtain. The man behind the curtain no longer wants to provide liquidity to housing market.

  62. Boomer Remover says:

    Phoenix — Debatably though no fault of your own, but you are a broken man.

    The reference to sleeping with a scalpel under the pillow made me think of that scene in Gone Girl where Rosamund Pike slices Neil Patrick Harris’ neck. Great movie!

  63. Juice BOx says:

    NJ based retailer and premier American fashion brand Tiffany was purchased by LVMH a year ago at a premium. I gather those tech workers who have been there for decades are all looking for work now.

    Just another piece in the Death Star of luxury fashion now as they began their transformation to the Salesforce commerce cloud from I think Shopify.

    https://www.lvmh.com/job/?ref=55234

  64. The Great Pumpkin says:

    I know you don’t want to hear it, but who do you think will benefit from falling real estate prices? You think the avj joe? It will be the rich snakes watering at the mouth to take advantage of the situation. I will be one of them…gobbling up anything on fire sale, whether real estate, or stocks…or whatever opportunity presents itself.

    3b says:
    February 1, 2023 at 10:28 am
    Don’t worry people, none of this will negatively impact the real estate market in the NYC metro area. Maybe a little pain for like 6 months, and then it’s back to Fed cutting , and 3 percent mortgage rates, buy whatever you can now, and just refinance to the lower rate.

  65. Boomer Remover says:

    3b @ 10:38 — I’m not sure if this is satire or conviction.

  66. leftwing says:

    On Brady I think we are all overthinking the relationship discussion….He’s fucking BRADY…

    He’s going to end up with a smoking hot 29 year old model on his arm, the divorce is a non-event as his wife earned and has assets, and his biggest relationship issue is going to be what every newly freed man his age deals with albeit from a much higher quality talent pool….

    Target half your age plus seven (works at every age, cradle to grave), and…

    Is she older than my oldest child.

  67. The Great Pumpkin says:

    Yet, people not making rational decisions and moving in droves. Don’t believe the headlines, but they do… the headlines told them to move to texas.

    1987 Condo says:
    February 1, 2023 at 10:34 am
    Texas weather is a mess, severe…flooding, tornados, Hurricanes, Heat, ice storms, ugh

  68. Chicago says:

    Bob Michele, Managing Director, is the Chief Investment Officer and Head of the Global Fixed Income, Currency & Commodities

    leftwing says:
    February 1, 2023 at 10:34 am
    “JPM says today, March, pause, see UE gets stuck at 4.5% and core stick at 3.5%, so hikes in 4Q23”

    Who at JPM, lol? Surprised that made it out of review…only way I could see that is if PCE gets a two handle by then…seven weeks…even I’m not looking at that flight plan….

  69. BananaJoe says:

    Just got a cold call from a realtor. Had one knock on the door last year. Must be pretty desperate. Three total houses listed in our zip code. Oof.

    Then you have that few listings I think interest readers are nearly insignificant. There will be enough cash buyers to carry the market.

  70. Phoenix says:

    Experience required: Minimum 5 years.

    A chance to get involved at the ground level in Tiffany’s Digital Transformation.

    Ground level? Sounds like someone is getting screwed out of 5 years experience.

    Guess they are getting some sort of digital stimulation or tranformation by Tiffany the dominatrix.

  71. BRT says:

    Taiwan Semi Conductor is opening operations in the US. Not sure if that’s an escape plan for them. Corporations these days have no allegiance to country. Consequently, it’s probably the main reason China wants Taiwan. It will also be the main reason we have no incentive to defend them if they we get their tech here domestically.

  72. leftwing says:

    God bless Mr Michele, glad I don’t have any bond fund investments there…

    BTW, this is from his JPMAM 1Q23 writeup from mid-December…

    “We expect the Federal Reserve to raise rates 50 basis points (bps) in December, followed by a string of 25bps hikes, depending on how many are needed to moderate inflation.”

    To my points here, nobody knows what the fuck is going on – Fed included – and everyone is on a knife edge as nearly every measure is median/indecipherable and prone to excess volatility.

    See you guys after 2:30p….

  73. Phoenix says:

    Bingo

    Corporations these days have no allegiance to country. Or it’s inhabitants.

    “If corporations are indeed “persons,” their mental condition can accurately be described as pathological. Corporations have no innate moral impulses, and in fact they exist solely for the purpose of making money. As such, these “persons” are systemically driven to do whatever is necessary to increase revenues and profits, with no regard for ethical issues that might nag real people.

    But, you say, corporations are owned and managed by real people, so surely immoral corporate actions might be inhibited by them? Well, not really. First of all, the officers and directors who run corporations are actually duty-bound to act in the corporation’s best financial interest, and that means they are obliged to do whatever they can within the law to make money. Thus, this fiduciary duty requires corporate management to set aside ethical niceties when they get in the way of corporate profits. This is why tobacco companies market their products to kids when they can – only laws prohibiting such conduct will keep them from doing so.”

  74. Juice Box says:

    Phoenix – I agree on your Brady assessment, but add to this to it divorce was already in play so he went back to the cheaper job of quarterbacking for another year, so he did not get raked over the coals. His football contract was 15 million for one year.

    Her caterwauling about him quitting the NFL? She was never a stay at home mom, that parenting job is for the countless nannies, cooks and housekeepers they hired. BTW when football season is over he gets 1/2 the year off anyway, it’s not like he was working overtime at a factory at then sitting at a bar all night. The guy is a Boy Scout too, doesn’t drink or party and goes to bed early etc then considering the behavior of other athletes out there.

    All news points to the fact their last kid was born over 10 years ago and they spent little time together, it was only a matter of time before she started screwing the help like the jiu-jitsu instructor.

    He was reportedly negotiating with Fox news deal was 10-year $375 million to call NFL games, but did not sign it he did not want to pay her even more in a divorce if he signed that deal while still married. He got his quick divorce now and has moved on and will be yucking it up on some FOX news football broadcast any day now making well above $30 million a year!

  75. Phoenix says:

    Juice/LW

    Agree. He will end up doing just fine, as LW says, even better than before.

    As someone who works primarily with females, I have learned a bit about their techniques on manipulation. How they talk doctors and sales reps into taking them out in groups for free food and drinks. Sometimes subtle and manipulative, sometimes brash and overbearing.

    Lying- they do that all day long. Tearing each other down, as soon as one leaves the breakroom the gossip starts. I’d imagine it’s like an 8th grade cafeteria, only these are women 25-40. Well, TBH not many that old involved in this, except for a few of what I call popular mommies (the mommy’s that you know would allow teenagers to come and drink at their house in order to be popular with the younger crowd.)

  76. Boomer Remover says:

    Sometimes I wonder what modern day athlete/entertainer contracts would look like without precedents created by $750 an hour lawyers.

  77. Ex says:

    11:33 people with lousy lives act like this. Malcontents With low IQs.

  78. Chicago says:

    Point of clarification.
    I know today is Fed day.
    Is this considered cutting?

    Today’s Video Headlines: 2/1/23
    0 seconds of 57 seconds

    A shocked customer at an Alabama gas station found a human penis in the parking lot, according to cops.

    The dismembered member was found shortly after 6 a.m. Monday at a gas station on Interstate 10 in Mobile, according to local newspaper Lagniappe, which cited multiple sources.

    However, the Mobile Police Department told the outlet that the shocking discovery was not being investigated as an assault or a murder.

    The force separately told the Daily Caller that the working assumption is that the horrid find was likely tied to the deadly crash of a motorcyclist that same morning.

    Christopher Means, 29, was pronounced dead at the scene after losing control and being “struck by multiple vehicles,” police said, noting how only “one driver remained at the scene.”

  79. Ex says:

    11:20 Giselle – a classic Butter Face-

  80. 3b says:

    Ex: I had to look that term up.

  81. Hold me beer says:

    Austin area is a mess. Just got an alert more freezing rain is on the way for my area this hour. And I’m all out of kombucha.

  82. The Great Pumpkin says:

    Could be the black swan…

    “BOJ will own the entire JGB market soon. And Kuroda leaves April 1. Inflation ticks any higher in Japan and they become the central bank black swan. Japan is what I know best and I already think they are the black swan (that plus 0dte).”

  83. Ex says:

    12:51 fits! Right?!? She’s a nasty overrated ho.

  84. Patient Doe says:

    Phoenix,

    Your shop talk while informative can be unnerving. Are these people you work with competent at their craft so your customers are at least getting quality care?

  85. Bystander says:

    Ed,

    Great album. Have it in my car. Listened to it years ago but duster it off few weeks back. Been looking for limited edition with extra songs but no luck, within reason at least.

  86. Ex says:

    1:52 they call it “practicing medicine” .

  87. Libturd says:

    86 comments by 2:15?

    What happened? Someone make fun of the Republicans? I hate when work gets in the way of my posting/reading.

    So Fed I’m guessing FED will simply say they are staying the course?

  88. Juice Box says:

    .25 as expected……. “Inflation has eased somewhat but remains elevated” & ““ongoing increases in the target range will be appropriate”

    Aka we will some day somehow stop inflation eventually but not yet.

  89. 3b says:

    In other news according to Rolling Stone Magazine, Mr. Mucus from the Mucinex commercial is becoming a sex symbol.

    And in other need older women are more likely to have affairs then older men.

    Sometimes you have to focus on the serious things, not just the fun and games.

  90. Ex says:

    2:33 yeah, cause menopause is such a hot vibe … better bring the KY

  91. Trick says:

    .25 and the market changes direction

  92. Ex says:

    From the Libs:

    When they’re in power, they rack up giant deficits, mainly by cutting taxes on corporations and the wealthy (which amount to the same thing, since wealthy investors are the major beneficiaries of corporate tax cuts).

    Then when Democrats take the reins, Republicans blame them for being spendthrifts.

    Not only is the Republican story false, but it leaves out the bigger and more important story behind today’s federal debt: the switch by America’s wealthy over the last half century from paying taxes to the government to lending the government money.

    This backstory needs to be told if Americans are to understand what’s really happened and what needs to be done about it. Republicans won’t tell it, so Democrats (starting with Joe Biden) must.

    A half century ago, American’s wealthy helped finance the federal government mainly through their tax payments.

    Tax rates on the wealthy were high. Under Republican president Dwight Eisenhower, they were over 90%. Even after all tax deductions, the wealthy typically paid half of their incomes in taxes.

  93. Libturdian Thoughts says:

    Like I’ve been saying for over a year, in the short-term, we will rally. Sometime between middle of Spring and middle of Summer, the bottom will drop out again. Probably with the tech earnings that don’t include the Xmas quarter.

    On the rest, I always said the FED would overshoot and that it takes a while for interest rate increases to curtail spending. People will keep spending right through the start of Summer. Additionally, energy prices are definitely dropping. See the NG print today? Crazy. This is another great short-term impetus to delay the inevitable recession. Of course, cheap energy will help with the rebound (another reason I expect this to be a 2 quarter recession at most and possibly a 1 quarter job. Fortunately, the recession is going to limit wage increases and that will be the final nail in the spending coffin. The recession will begin in earnest with next quarter’s earnings.

    As to valuations and why I think the Nasdaq will still drop below 8,000, was outlined perfectly by Juice. The impact of our government not subsidizing mortgages (or backstopping them) should help lower valuations. Our houses have been our piggy banks, providing HELOCs and loans which gave home owners cheap leverage. The leverage is gone and those credit cards interest rates are way, way higher. Housing is in more trouble than people are willing to admit. Again, it will take time.

    So my story is short-term gain, long-term pain. Be ready to exit by the start of the Summer.

  94. No One says:

    Ex,
    Nikki Haley is planning to run. What do you think about that?
    My wife likes her.
    She could be the lower-drama, higher mental-functioning candidate.
    Trump will probably attack her as ugly, ungrateful, incompetent, and a worshipper of an elephant-headed foreign demonic god.

  95. 3b says:

    Bloomberg reports US job openings “ unexpectedly “ increased to eleven million at the end of December.

  96. Libturd says:

    Surprise surprise 3b.

  97. Ex says:

    3:28

    1. Trump is done. He tried and really delivered nothing but drama & division.

    2. Nikki H….who knows. Is America ready for an “Indian” POTUS.

  98. 3b says:

    Lib: Indeed. Fed is not done yet.

  99. No One says:

    Ex,
    One thing I know for sure, the left media will cancel their ongoing general celebration of women and “BIPOCs” in politics when they run as Republican presidential nominees.
    Nikki’s big mistake is that she didn’t name her kids Bubba and Peggy Sue. Trump’s opposition team will be all over Nimrata “Nikki” Haley naming her kids Rena and Nalim instead of “Biblical” names. But only if he thinks she’s a threat to him. Early on, Trump wants to have lots of candidates to dilute the vote, because his high negatives will make it tough for him to win majorities. More candidates in the race make it easier for him to win primaries with pluralities.

  100. Libturd says:

    Price action on these FED days are so predictable.

  101. SmallGovConservative says:

    Ex says:
    February 1, 2023 at 3:41 pm
    “Trump…really delivered nothing…”

    Other than peace in the middle east, peace in Europe, a secure southern border, low inflation, fair and rational tax reform, etc, etc…You really need to stop blindly parroting your wife’s talking points.

  102. Ex says:

    4:01 laughing. Peace in the Middle East….how stupid are you???!

  103. Boomer Remover says:

    There’s just no way it’s straight up from here. OTOH, the amount of people waiting for the shoe to drop almost makes this a certainty.

    h**ps://stockcharts.com/c-sc/sc?s=%24SPX&p=W&yr=14&mn=10&dy=0&id=p48232827106&a=727350576&r=551

    Lib that VIX trade went round trip on you.

  104. leftwing says:

    Hahaha…well that was fun.

    Oh my META, lol.

  105. Libturd says:

    Peace in the Middle East and war in the Capitol Building.

    WTF happened with META?

  106. Libturd says:

    Meta:
    Q4 Revenue – $32.17 billion actual versus $31.65 billion expected

    Advertising Revenue – $31.25 billion actual versus $30.86 billion expected

    Adjusted Earnings Per Share (EPS) – $1.76 actual versus $2.26 expected

    Facebook Daily Active Users (DAUs) – 2 billion actual versus 1.98 billion expected

    Family of Apps Daily Active Users (DAUs) – 2.96 billion actual versus 2.92 billion expected

    Reality Labs Operating Loss – -$4.28 billion actual versus -$3.99 billion expected

    Hardly looks 20% upworthy to me. I would have thought it would go down with that EPS tag.

  107. Phoenix says:

    Your shop talk while informative can be unnerving. Are these people you work with competent at their craft so your customers are at least getting quality care?

    Same amount of quality you are getting from your supermarket, your mechanic, your accountant, your stockbroker, your police department, your lawyer, your priest, your wife, and the NY Jets.

  108. SmallGovConservative says:

    The Great Pumpkin says:
    February 1, 2023 at 7:57 am
    “Brah!! They salted the roads?!!! Criminal”

    Business as usual in the decaying blue states — paying road crews time-and-a half to spend the overnight salting roads for a dusting of snow. Meanwhile, in Florida today, the guv was focused on education, striving for academic excellence and ensuring taxpayers that their kids will be taught, not indoctrinated; he zapped a proposed AP African Studies high school curriculum that featured courses like Black Queer Studies, and wiped out the woke leadership of a small state-supported college in Sarasota, prompting one dingbat student to whine that it was “an attack on academic offerings centered on queerness and race”. Anyone still wonder why the productive class is high-tailing it to the red states?

  109. SmallGovConservative says:

    Ex says:
    February 1, 2023 at 4:04 pm
    “laughing. Peace in the Middle East….”

    I guess your wife didn’t tell you about the Abraham Accords when she ordered you to vote for Joe and Carmella. Read this, you’ll learn something…

    https://en.wikipedia.org/wiki/Abraham_Accords

  110. Bystander says:

    “AP African Studies high school curriculum that featured courses like Black Queer Studies”

    So nothing by that hack writer and failed orator James Baldwin..got it..PROGRESS

  111. Bystander says:

    Bystander,

    What leverage, dingus? The lowest hourly workers and the highest software engineers had leverage. The regular white collar did not gain much leverage, except ability to work from home. That helped with extra cash, less commute and gas costs but inflation wiped that away. Workers got 3-4% raise while inflation was much higher. Do you even understand driver of hiring spree?.Free money. They hired the dev people & throw money at potential growth, not core business. These SWEs simply worked on POCs and demos, never to be adopted. If adopted you would need serious ops support hiring. D&I was placation of young talent and branding but easily cut when times changed. It pleased investment community, nothing else. We are now entering the winter of hiring. Most people will be hard pressed to land role that pays same. Only you and Wall Street believe soft landing bs. People are starting to hurt. Inlfation is still crippling. Anyone get their 10% inflation raise? The next two weeks are big salary and bonus time..wait until message is “lucky to have a job”. I guess you think it is bullish.

  112. Bystander says:

    Note to self…but dingus knows who he is.

  113. 3b says:

    Bystander: Those that know, know.

  114. Libturd says:

    I always thought critical thought was important in education. Nah, a minute of prayer is much more valuable.

    DeSantis is a Trump wannabe. All populist headlines. No substance. He’ll end up in the same place. At the bottom of the laughing stock.

  115. Libturd says:

    Boomer. I didn’t play the VIX. Maybe Leftwing?

  116. No One says:

    Lib,
    I think DeSantis’ downfall will be too much “culture wars” stuff.
    AP AA studies is a case where the state is literally paying a company to provide kids with racist propaganda for college credit. It’s not reading, writing, and arithmetic. That said, doesn’t DeSantis have an education cabinet or something who is supposed to be making such decisions? Having the governor himself cherry-pick classes that are in or out of the HS curricula looks like overreach of his power.

    New College is an academic and financial basket case. It’s been in decline for decades. Even 30 years ago it was basically a place where kids made up their own majors, gradually turning into a place where only the most wacko kids went to invent their own wacko classes in conjunction with wacko teachers. But again, no need to make its needed restructuring all about DeSantis.

  117. Ex says:

    5:49 the site of the Renaissance Fair too!! Equally strange…

  118. Ex says:

    5:31 dirty little secret….so much of what we learn comes from “home”.
    Not school.

  119. OC1 says:

    Re the Abraham Accords-

    the parties involved (UAE and Bahrain) have never been at war with Israel, so it’s not correct to say that it brought peace to the middle east.

  120. leftwing says:

    Main factor on META Lib was Zuck indicated he was listening…only took him losing nearly 2/3 of his wealth and activist shareholders biting his heels but he cut $10B of spend and barely mentioned metaverse….perception or reality, who cares, Wall Street didn’t like being flipped off and he yielded.

    Me…LOL, may very well hit max profit on my META trade tomorrow rather than later this year…she went so deep in the money today that my writes may get assigned tonight…doesn’t matter I have the full delta on my long but in any case near certainty that I’ll be closing it out in the morning as any remaining profit to be harvested is certainly not worth the remaining capital time commitment.

    This position is among top of the charts for me in percentage return, absolute dollar return, and trade management yet I’m a bit salty…I’m a very good contra-trend investor, and fairly poor trend/momentum investor. As such I nearly always leg in to a position because it is impossible to time the bottom (top)…this is going to sound weird to many ears here but I’m really pissed I nailed the bottom tick on this entry…this slug went on 11/4 which if you look at a daily is the low….never got a fucking chance to add….usually I’ll go in 1/4, 1/4, 1/2….I’m not looking a gift horse in the mouth but coming in at only a quarter of my final hold when the shares were $90 and having them at $183…lol.

    Anyway, I’ve been behaving lately, hitting the gym hard, lots of cardio otherwise. Celebrating now, at my favorite local craft, very nice Double Citra in front of me, the bartender with an ass your Higher Being crafted by hand, and unusually live music. I’ll have one (ok, maybe two, I’m happy and on my bike) and head on out to an incredibly unhealthy dinner out to follow. Ha.

  121. OC1 says:

    SmallGov-

    Why didn’t you mention Operation Warp Speed as one of Trump’s successes?

    The vaccines probably saved more than a million lives in the US alone!

    That’s far and away Trump’s biggest accomplishment as president. Yet his supporters never even mention it.

    ?????

  122. 3b says:

    Left; Live music on a Wednesday night. Thats impressive!

  123. Libturd says:

    The only think Trump was successful at is what he has always been successful at, fooling people. Whether is was his gauche casinos or As Seen on TV Trump Steaks. Trump was the absolute master of separating fools from their money. You all know the story of his Trump Air plane that was perpetually parked at La Guardia, but never flew for decades. He was all show, all the time. He fooled the evangelists (never belonged to a church in his life). He fooled the average Republican (though, many saw through him). He really fooled the trailer park crowd (they actually thought he cared about them). And of course, he duped the insurrectionists (who all thought they would be pardoned by him). He duped TV viewers on The Apprentice (like that show had anything to do with reality). The list is absolutely endless. The foreign banks, who loaned money to him when he was virtually broke. Even Pence took Trump’s bait and wrecked his career. Yet a solid third of the country right now still doesn’t really they are being played the fool. Stupid is as stupid does. There’s really not much more that can be said.

    And to be fair. There are lots of Democrats who too, don the blinders as long as their criminal politician agrees with their social policy positions.

  124. Libturd says:

    Some beautiful corruption came out on Murphy recently. Check out his excuse for the half a million he spent on SUVs paid for with Covid funding.

    https://www.nj.com/politics/2023/01/murphy-says-it-was-not-illegitimate-to-use-covid-funds-to-buy-suvs-to-carry-state-officials.html

  125. The Great Pumpkin says:

    The California DMV is experimenting with blockchain-based car titles
    The Department of Motor Vehicles: an eternal wellspring of bureaucratic misery, a fluorescent dungeon for car chores, and a government agency that’s … experimenting with high-efficiency blockchain applications? Definitely didn’t see that coming.
    Last week, the California DMV announced that it was piloting a new program to digitize car titles and bring them to the blockchain. Here’s what you need to know.
    The California DMV is partnering with the Tezos blockchain and crypto-software firm Oxhead Alpha to build a private blockchain intended to digitize car titles and facilitate title transfers between owners.
    The DMV’s so-called “shadow ledger” will replicate the state’s title database on the blockchain within the next three months.
    Longer-term goals include building consumer-facing use cases, including digital wallets that hold NFT versions of car titles, and the ability to transfer titles between states.
    Why it matters… We probably don’t need to explain why a tech upgrade that could reduce the amount you have to stand around the DMV is such a big deal. What is worth mentioning, however, is that this story represents a near-term, tangible benefit of blockchain tech that isn’t deeply shrouded in web3 mystique. Or, as Oxhead Alpha’s president Andrew Smith describes digital car titles: “this is a very obvious use case.”

  126. SmallGovConservative says:

    Juice Box says:
    February 1, 2023 at 8:17 am
    “Chicken is a metric I use…Whole Foods this week; Member Price $5.39/lb…Shoprite this week is $4.49/lb…”

    Try Wegmans; $2.99/lb boneless skinless in the family pack w/ their shopper club card.

    On a related note, I often order chicken when eating out and have always liked a specific, simple grilled chicken dish at Carrabba’s. Went recently and was served the smallest, scrawniest chicken breast that I’ve ever had at any restaurant — along with a dollop of mashed and zero veggie. May just be anecdotal, maybe a bad night, but I suspect inflation is really pinching restaurants.

  127. Libturd says:

    I buy the slimy chicken when it comes to leg quarters. I brine them using a ginger beer brine and they are as good as anything you’ll get a fine restaurant. Yeah, that’s 67 cents a pound.

    https://www.walmart.com/ip/Perdue-Fresh-Chicken-Leg-Quarters-10-lb/107463493?athbdg=L1100

    ▢1/2 cup olive oil
    ▢1 teaspoon sea salt
    ▢1/2 teaspoon ground black pepper
    ▢1/2 teaspoon paprika
    ▢1/2 teaspoon cumin
    ▢1/4 teaspoon cayenne pepper
    ▢2 cloves garlic chopped
    ▢3 tablespoons chopped onion
    ▢1/2 cup chopped fresh parsley
    ▢1 1/2 cups ginger beer

    This is enough for 5 pounds. Marinate in a plastic bag from 4 hours to 2 days.

    Thank me later.

  128. Libturd says:

    And for eggs. Not sure why, but Whole Foods is the cheapest all around. One dozen extra large brown eggs (outdoor access), $3.49.

  129. SmallGovConservative says:

    Libturd says:
    February 1, 2023 at 7:42 pm
    “The only think Trump was successful at is… fooling people…”

    The simple response is to recommend that you have your TDS checked. But more seriously, you need to stop letting Trump’s personal tackiness and vulgarity blind you to his real accomplishments as prez. The true fools are the people that voted for Joe, and those that chose not to vote at all, thus enabling Joe. No need to rehash the thousand different ways in which we’re worse off because Trump (who is indeed tacky and vulgar) is no longer prez, and Joe is — it’s obvious to everyone.

  130. leftwing says:

    “Aka we will some day somehow stop inflation eventually but not yet.”

    “Lib: Indeed. Fed is not done yet.”

    Alright guys….we can continue to hurtle down the highway looking out the driver side window or you can look an intersection ahead or maybe even use Maps….

    Inflation, insofar as it affects the stock market levels, is and has been irrelevant for at least a month or two, likely longer. The much maligned base effect finally showed itself for those too dense, obtuse, or argumentative to get the message and was delivered by JPow today. It was not a difficult analysis…basic. fucking. math. Like 6th grade level…

    That inflation observation is now rear view mirror…hold your undies because here is the new drivers side window observation that will throw everyone into a fucking tizzy…the Fed is now irrelevant.

    OMG, LOL, JFC, ROFLMAO!!!!….save it….the (again) very fucking simple analysis….25bps one way or another given where we are on this journey just doesn’t matter….Plot this data series any way you want but is not the trend painfully obvious…25/50/75/75/75/75/50/25…I’ll wait while you ask your 6th grader to fill in the two data points following that sequence…do you really believe with that sequence – which is also +450bps up from effectively zero – whether the Fed ‘misses’ by 25bps it’s relevant to the market?

    Let’s stipulate 25bps in March…so what happens in May? Another 25? Zero? Certainly not 50 or all bets are off….So the difference between 25 and zero after that sequence is something that is supposed to occupy my mindspace and actually make a difference? Really? C’mon….Yet everyone will spend the next two months at least mentally masturbating over and micro-dissecting “what the Fed is going to do”. 25bps at that point just doesn’t matter….

    Here’s where we are…the last few weeks culminating with today was covering and the FOMO’ers who didn’t read the base effect on inflation and had to be slapped in the face to pay attention piling back in. They’ve been hitting the buy button chasing the market.

    The same thing will happen when all those people who choose to micro-analyze a ’25bps or zero next meeting’ after March when that increment just doesn’t matter

    Like the FOMO’ers today they will scramble to get onside when the painfully obvious is finally served on a platter to them…

    So if we’re looking out the windshield, rather than the rearview mirror or drivers side window, what should we see?

    When it becomes obvious to all the driver side window lookers that inflation does not matter, the remaining Fed moves don’t matter, they finally will look to…valuation.

    How does that unfold….look at dates…next Fed meetings after March are 5/4 and 6/15. 1Q earnings season starts in earnest at the beginning of May. By the time earnings hit we will be through two more Fed meetings where the dense, obtuse, and argumentative realize that, similar to right now with respect to inflation, what they are obsessing over just doesn’t matter nearly as much as they think it does and they should stop paying attention to the Fed and look at what’s coming down the pipeline….bookmark the second week in May for the Fed and earnings again happening concurrently.

    Worst case, it rolls with the next Fed meeting on 7/27 and the next earnings cycle hitting in early August…

    So…sometime between second week of May and early August the focus moves from the irrelevant to valuations…with 4119 on the SPX we are – today – at 18.3x 2023 earnings…not sustainable.

    The only relevant question to me – taking the go to hell scenario off the table – is when everyone will stop focusing on inflation (behind us), the Fed (behind us even if people refuse to realize it), and wake up that these things in fact don’t matter any longer and, hey, where are we on valuations?

    Summer at the latest. Buckle up, be smart.

  131. leftwing says:

    “Left; Live music on a Wednesday night. Thats impressive!”

    I thought so too lol.

    Solo dude with guitar. Passable and interesting version of Rocky Raccoon. Nice joint here, attached to taco shop that is truck quality (that’s a compliment) and they don’t care if you float between the two with beers and tacos.

    Not the police state of NJ w/r/t food and booze. Just good times under that – what did someone call him – “Trump-light” of a Governor.

    You can keep your jagged tooth, Wall Street, control freak, empty suit horror show. I’ll hang here.

  132. leftwing says:

    Oh, and that ass is just an absolute work of art. Like the Louvre and Guggenheim should be fighting over it….

  133. 3b says:

    Left: Sounds like a great spot! Are you there permanently now, or just hanging your hat for a while?

  134. Ex says:

    Most Medical types are recommending chicken as the go-to meat for heart health.

    Love that recipe Liberace //

  135. Phoenix says:

    The California DMV is partnering with the Tezos blockchain and crypto-software firm Oxhead Alpha.

    Is that Tezos or Bezos?

  136. Phoenix says:

    Oh, and that ass is just an absolute work of art. Like the Louvre and Guggenheim should be fighting over it….

    Mama’s baby, Leftwing’s maybe. 😂

  137. Libturd says:

    SGC,

    I really didn’t see much achievement for Trump, regardless of his personality. Again, he put on a brilliant show. His chief accomplishment was his tax act. It was supposed to pay for itself in spades. Instead it widened the deficit significantly. The one time repatriation of offshore profits was a gimmick. His income tax simplification helped the lower and middle class slightly, paid for mainly by the lower upper class. It did nothing to all of the loop holes the rich employ to pay nowhere near where they are supposed to pay. His second supposed amazing achievement was warp speed for the covid vaccine. Though, it really wasn’t much of a private/public achievement. He essentially overpaid tremendously to make sure our drug companies would put all their resources into the vaccine. I’m not sure any other president would behaved any differently. I’ll give him credit for doing the obvious. His anti-mandate stance was stupid and dangerous for what might happen the next time around. His third biggie was his anti-tariff crap with China. This one backfired completely. Fourth, his claimed peace in the Middle East? Nah, they were arm sales agreements. These countries already traded with Israel, and although Muslim, were not anti-Israel. The abrupt move of the US embassy to Jerusalem was more of an act of war than a show of an olive branch. So what were his great accomplishments again? Turning the Supreme Court into a Conservative Kangaroo Court which now make rules that favor the minority of Americans?

  138. Libturd says:

    Here’s another example. Biden expanded the IRS in an attempt to go after the rich cheaters. You know, the ones that the latest research says pays less than 2/3rds of what they actually owe. Trump has his trailer park minions against it claiming it’s for tax police that will go after the lower income tax payers (where there already is little to gain) even though Biden promised it was for taxpayers making over 300K. Again, an amazing showman to the stupid.

  139. Chicago says:

    Left: You are one angry drunk. But your analysis is bang on.

  140. Ex says:

    10:58 spot on! I just read that based on Trump’s tax returns he’s worth $30m.
    Grifter extraordinaire !!

  141. Juice Box says:

    Grim – Microsoft is wasting no time trying to monetize the AI chatbot from OpenAI. A $10 Billion dollar investment folks!!!

    Imagine getting chastised in the middle of a meeting by a chat bot…This is going to be fun to watch.

    From Satya

    We’re bringing the power of large language models, including OpenAI’s GPT, to Teams Premium, as we make meetings more intelligent, personalized, and protected.

    List price for Team Premium is $10 per profile monthly, but they will figure out how to bundle it with every Enterprise agreement and ram it down the corporate world’s throat.

    https://www.microsoft.com/en-us/microsoft-365/blog/2023/02/01/microsoft-teams-premium-cut-costs-and-add-ai-powered-productivity/

  142. Phoenix says:

    Someone wasn’t happy with her.

    New Jersey councilwoman, 30, is gunned down in her SUV outside outside her home: Republican was shot multiple times in ‘targeted’ attack while driving

  143. Phoenix says:

    America ramps up military presence in the Philippines amid rising tensions with China over Taiwan.

    Headline should read America ramps up military presence in the Philippines to solve the nursing shortage in America.

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