The Morning Call
8/27/21
The
Market
Technical
Thursday in the
charts.
https://www.zerohedge.com/markets/stocks-slide-kabul-blast-kaplan-bullard-bad-data
More on the deteriorating
breadth in the Market.
Fundamental
Headlines
The
Economy
US
Weekly jobless claims came in at 353,000
versus expectations of 350,000.
Q2 2nd
estimate of GDP growth was 6.6% versus consensus of 6.7%; the price indicator
was +6.2% versus 6.0%.
July personal income
rose 1.1% versus forecasts of +0.2%; personal spending was up 0.3%, in line.
The July goods
trade balance was -$86.3 billion versus -$92.0 billion in June.
The July PCE price
index increased 0.4% versus 0.5% in June; the core PCE price index was up 0.3%,
in line.
The August Kansas
City Fed manufacturing index was 22 versus 41 reported in July.
International
Other
The
Fed
What a great
idea. Let’s add climate change to the growing
number of mandates (inflation, unemployment, the Market) the Fed needs to
factor into monetary policy. After all,
it has done such a bang up job of managing its current mandates.
https://www.nytimes.com/2021/08/26/upshot/fed-climate-change-analysis.html
I noted yesterday
that the Fed had painted itself into a corner; that is, whatever decision it
makes (taper or no taper), the consequences are bad. Here is another voice on that point.
https://www.zerohedge.com/markets/mistake-things-are-coming-head-markets
Inflation
This is a comparative
analysis of how current inflation is impacting different income groups (i.e.,
rich versus poor).
http://jwmason.org/slackwire/inflation-for-whom/
What is going to
happen to all the money pumped into the economy by the politicians ($5 trillion
and counting) and the Fed ($4 trillion and counting)? So far, I haven’t heard a good answer.
The global supply chain problems are getting
worse. That can’t be good for prices.
Speaking
of which, BoA’s ‘nontransitory’ inflation meter just hit a new high.
https://www.zerohedge.com/markets/one-banks-non-transitory-inflation-meter-just-hit-new-record-high
The
coronavirus
There are two
counterfactuals to all the covid death infections/deaths stats which our
political and chattering classes have chosen to ignore. This article addresses one of them: how many people died because they were unable
to be diagnosed/treated for other diseases because our medical system was (unnecessarily?)
in gridlock.
https://www.adamsmith.org/blog/the-core-lesson-of-economics
Here is another
blow to the current narrative: natural immunity is thirteen times more effective
than vaccination induced immunity.
Afghanistan
Here is a tally of the equipment the US is
leaving behind in Afghanistan. Does this
make us the world’s largest weapons supplier to terrorists?
News on Stocks in Our Portfolios
Altria (NYSE:MO) declares $0.90/share
quarterly dividend, 4.7%
increase from prior dividend of $0.86.
What
I am reading today
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