The Morning Call--early

 

The Morning Call

 

3/24/22

 

I will be up early and travelling tomorrow.  So this is a little early.

 

The Market

         

    Technical

 

            Wednesday in the charts.

            https://www.zerohedge.com/markets/bonds-bullion-black-gold-babki-jump-stocks-dump

 

            Real yields and the price of gold.

            https://politicalcalculations.blogspot.com/2022/03/real-yields-and-price-of-gold.html#.YjtR8erMKUk

 

            Bond yields and the copper/gold ratio.

            https://www.linkedin.com/in/edward-yardeni/recent-activity/

 

            US government debt suffers largest decline since 2016.

            https://www.ft.com/content/4ae7d6fc-49d3-43dc-9fce-8aaa6c94999b

 

            This is now the worst drawdown ever for global fixed income.

            https://www.bloomberg.com/news/articles/2022-03-23/global-bond-losses-deepen-to-11-from-2021-high-most-on-record?srnd=premium&sref=loFkkPMQ

 

            Mortgage rates are surging.

            https://alephblog.com/2022/03/22/welcome-back-to-1994/

 

            The liquidity problems continue for the large commodity trading firms.

            https://www.zerohedge.com/markets/trading-houses-will-collapse-margin-call-doom-loop-goes-global-trafigura-cfo-warns

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                          February new home sales fell 2% versus consensus of up 1.1%.

                          https://www.advisorperspectives.com/dshort/updates/2022/03/23/new-home-sales-down-2-in-february

 

                        International

 

Flash March EU consumer confidence came in at -18.7 versus predictions of -12.9.

 

                        Other

 

            The Fed

 

              M2 growth slows but it is still too fast.

              https://scottgrannis.blogspot.com/2022/03/m2-growth-slows-but-its-still-too-fast.html

 

The author of this article makes a good point that high interest rates retard investment an environment of supply constrained inflation.  However, the proposed solution is lots of government intervention in the marketplace where government intervention was responsible for the supply constraints in the first place.

              https://www.nakedcapitalism.com/2022/03/stagflation-threat-be-pragmatic-not-dogmatic.html

 

            Fiscal Policy

 

              Government debt and inflation.

              https://www.aier.org/article/government-debt-and-inflation-reality-intrudes/

 

              More from the geniuses in congress.

              https://www.zerohedge.com/markets/house-dems-want-stop-oil-inflation-creating-money-out-thin-air-offering-americans-direct

 

            Geopolitics

 

              Red lines.

              https://www.adamsmith.org/blog/red-lines

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

            Another great piece from Morgan Housel.

            https://www.collaborativefund.com/blog/think/

 

 

 

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