The Fed’s Mary Daly made the case for keeping rates put given “remarkable” US growth, a resilient labor market and inflation, noting that the “worst thing” the Fed can do is to cut too fast. Now, analysts predict that global inflation may ease only slightly in 4Q24 — to 6% from 6.1% y/y.
GOOG’s AI biz chief said over time they’ll spend > the $100 bn that MSFT/OpenAI are investing in for a supercomputer.
Blackstone CEO Steve Schwarzman is warning us about AI’s potential to overwhelm power grids due to the surge in data center construction. He said almost everyone he knows is concerned about what might go wrong with the technology but provided no solutions. Cue a new fund idea.
That’s what everyone’s trying to be, coming up with ideas to stop Israel from punching Iran back too hard, although where the line of “too hard” sits is certainly debated within a wide range. The US and allies are devising sanctions for Tehran, per the FT, but we doubt that’ll be too convincing.
We were scratching our heads yesterday in the early trading hours. Were the retail sales that good to distract us from a potential widened conflict overseas? So, the drop down made a lot more sense to us. Now, Citi strategists say that further US stock market weakness could be exacerbated by folks selling large long futures positions, per Bloomberg. We’re not in that camp right now but understand the point. With BofA’s latest survey showing that US investors are the most bullish in over 2 years, per Reuters, if they find some convincing reasons not to be so bullish, it’ll be a swift shift in market direction. BTIG noted that there was roughly $10bn of systematic selling yesterday.
Citi thinks gold will hit $3,000 an ounce over the next 6 -18 mo. We’ve been hodlers yet will get off that bus before we potentially reach that station.
Sometimes I come across some good charts I want to share. Thanks, BTIG for these. Earnings are becoming more important, and moves during earnings season are bigger than usual.
The DOJ is prepping an antitrust complaint against Live Nation, the owner of Ticketmaster. Supposedly the co tied concert promotion with the use of Ticketmaster.
Not winning right now.
