The Morning Call--Congress gives itself a double digit raise

 

The Morning Call

 

3/16/22

 

 

The Market

         

    Technical

 

            Tuesday in the charts.

            https://www.zerohedge.com/markets/crude-craters-chinese-tech-dead-cat-bounces-vxx-decouples-reality

 

            Sentiment turns apocalyptic.

            https://www.zerohedge.com/markets/wall-street-mood-turns-apocalyptic-majority-sees-stagflation-bear-market-optimism-lowest

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

Weekly mortgage applications declined 1.2% while purchase applications were up 0.7%.

 

February retail sales were up 0.3% versus estimates of +0.4%; ex autos, they were up 0.2% versus +0.9%.

https://www.zerohedge.com/markets/retail-sales-miss-q1-gdp-may-contract-after-unexpected-slide-control-group

 

                        International

 

January Japanese industrial production  fell 0.8% versus predictions of -1.3%; its February trade balance was -Y688.3 billion versus -Y112.6 billion.

 

                        Other

 

                          The old economic model is running on empty.

https://www.theguardian.com/business/2022/mar/13/incessant-crises-show-old-economic-model-is-running-on-empty-financial-crisis-covid-   inflation-war

 

                                                  Updates on inflation, Net Worth and the federal debt burden.

                          http://scottgrannis.blogspot.com/2022/03/inflation-net-worth-and-federal-debt.html

                               

                                  US/China trade growth.

                          https://politicalcalculations.blogspot.com/2022/03/us-china-trade-growth-recovery.html#.YjDRAHrMKUk

 

                                                  EU bank exposure to Russian debt.

                          https://www.nakedcapitalism.com/2022/03/is-it-time-to-start-worrying-about-european-banks-and-non-banks-exposure-to-russia.html

 

                                               

                                                  Recession in Europe?

                          https://www.advisorperspectives.com/commentaries/2022/03/15/war-in-ukraine-recession-in-europe

 

  Q4 household net worth.

                          https://www.advisorperspectives.com/dshort/updates/2022/03/15/q4-2021-household-net-worth-the-real-story

 

                                                  Russia is headed for a $150 billion default.

https://www.bloomberg.com/news/features/2022-03-15/what-if-russia-defaults-on-its-debt-ukraine-war-sanctions-risk-150-billion?srnd=premium&sref=loFkkPMQ

 

                                                  Mortgage rates explode higher.

                          https://www.mortgagenewsdaily.com/markets/mortgage-rates-03142022

                       

                                                  Saudi Arabia considering accepting yuan for Chinese oil sales.

                          https://www.zerohedge.com/markets/petrodollar-cracks-saudi-arabia-considers-accepting-yuan-chinese-oil-sales

                       

 

                        The Fed

 

              Who is going to buy all those European bonds?

              https://www.zerohedge.com/markets/who-going-buy-all-european-bonds

 

              On the other hand, the Bank of China eases.

              https://www.zerohedge.com/markets/beijing-capitulates-chinese-stocks-soar-hong-kong-markets-jump-most-ever-after-china-vows

 

            Fiscal Policy

 

              Congress gives itself a double digit raise (must read).

              https://townhall.com/tipsheet/spencerbrown/2022/03/15/congress-gives-itself-a-raise-n2604526

 

            The coronavirus

 

              China’s covid lockdowns are further disrupting global supply chains.

              https://www.nytimes.com/2022/03/15/business/covid-china-economy.html

 

     Bottom line.

 

            Is this a bear market?

            https://alhambrapartners.com/2022/03/13/weekly-market-pulse-is-this-a-bear-market/

 

    News on Stocks in Our Portfolios

 

 

What I am reading today

 

           

                        Thieves in the night.

            https://www.vanityfair.com/news/2022/02/a-vast-burglary-ring-from-chile-has-been-targeting-wealthy-us-households

 

            The growing absurdity of woke.

            https://nalert.blogspot.com/2022/03/shame-on-lmu-students-react-to-tampons.html

 

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