The Morning Call
4/1/21
The
Market
Technical
Wednesday in the
charts.
The fear gap.
https://www.zerohedge.com/the-market-ear/c1bnlpsiod
Will the Treasury
rout continue?
https://www.morningstar.com/articles/1031522/will-the-treasury-rout-continue
Fundamental
Headlines
The
Economy
US
Weekly jobless claims were 719,000 versus forecasts
of 680,000.
February pending home sales fell 10.6% versus
projections of -2.6%.
The March Chicago PMI came in at 66.3 versus
estimates of 60.7.
International
February German retail
sales rose 1.2% versus expectations of +2.0%; the March manufacturing PMI was reported
at 66.6, in line.
The March Japanese
manufacturing PMI was 52.7 versus consensus of 52.0.
Other
There is no such thing as unwanted money.
Fiscal
Policy
Of course,
yesterday’s main headline was the new Biden infrastructure spending plan. Here is Goldman’s analysis. As you can see,
there is still much we do not know. But
so far, what we do know seems (operative word) to satisfy my criteria of (1)
productivity enhancing spending, (2) paid for by taxes on those who have
benefitted mightily from monetary/fiscal policies over the last two decades. More to analysis to come.
https://www.zerohedge.com/markets/largely-expected-goldman-recaps-bidens-infrastructure-plan
This from
Bloomberg.
A not so hopeful look at new fiscal spending.
https://www.aier.org/article/political-economy-vs-federal-fairy-tales/
The EU continues to press the debt envelope.
https://www.zerohedge.com/political/closer-look-eus-new-murky-joint-borrowing-schemes
Bottom
line. Barry Ritholtz on the current market.
https://ritholtz.com/2021/03/bull-market-bull/
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