The Morning Call---The Fed is in an impossible bind

 

The Morning Call

 

3/10/22

 

 

The Market

         

    Technical

 

            Wednesday in the harts.

            https://www.zerohedge.com/markets/bonds-bullion-black-gold-dumped-hope-hammered-hedges-squeeze-stocks-higher

 

            A review of correction periods in the recent past.

            https://www.advisorperspectives.com/dshort/updates/2022/03/08/s-p-500-snapshot-up-last-two-days-despite-war-in-ukraine

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                          Weekly jobless claims totaled 227,000 versus predictions of 217,000.      

                                

The January job openings report (JOLTS) showed a totaled of 11.6 million available jobs versus expectations of 10.9 million.

                          https://www.advisorperspectives.com/dshort/updates/2022/03/09/january-job-openings-labor-turnover-little-changed-annual-revisions-made

 

                                                  February CPI was +0.8%, in line; core CPI was +0.5%, also in line.

 

 

                        International

 

                          February Japanese PPI came in at 0.0% versus consensus of +0.6%.

 

                        Other

 

                          Ed Yardini on labor market conditions.

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

                      

                          Europe is on a mission to reduce reliance on Russian oil and gas.

                         https://www.bloomberg.com/news/features/2022-03-08/can-europe-weaken-putin-s-power-over-global-energy?srnd=premium&sref=loFkkPMQ

 

                         Analysts warn of recession if oil prices continue to rise.

                         https://www.cnbc.com/2022/03/09/analysts-on-inflation-recession-after-russian-oil-bans.html

           

                        Brace for higher oil prices, inflation and an economic slowdown.

                        https://www.zerohedge.com/energy/brace-high-oil-prices-inflation-and-economic-slowdown

 

The Fed

 

              The Fed is in an impossible bind.

              https://www.pragcap.com/the-fed-is-in-an-impossible-bind/

 

              The ECB surprises with more hawkish statement then expected.

              https://www.zerohedge.com/markets/euro-jumps-ecb-accelerates-wind-down-asset-purchases

 

Inflation

 

              Where Americans feel inflation.

              https://www.nytimes.com/interactive/2022/03/09/upshot/where-americans-have-noticed-inflation.html

 

              Jeffrey Gundlach warns US inflation could hit 10%.

              https://www.bloomberg.com/news/articles/2022-03-08/gundlach-warns-u-s-inflation-may-hit-10-forcing-fed-s-hand?sref=loFkkPMQ

           

    News on Stocks in Our Portfolios

 

Qualcomm (NASDAQ:QCOM) declares $0.75/share quarterly dividend, 10.3% increase from prior dividend of $0.68.

 

CVS Health (NYSE:CVS) declares $0.55/share quarterly dividend, in line with previous.

 

What I am reading today

 

           

            Happy birthday, Wealth of Nations.

            https://www.adamsmith.org/blog/happy-birthday-wealth-of-nations

 

            A preview of Biden’s Iran deal.

            https://www.tabletmag.com/sections/news/articles/this-isnt-obamas-iran-deal-its-much-much-worse

 

            Five lessons Taiwan is learning from the war in Ukraine.

            https://www.grid.news/story/global/2022/03/08/five-lessons-taiwan-is-learning-from-the-war-in-ukraine/

 

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