Good Morning Everyone!

Is inflation canceled? Container shipping costs are back to pre-pandemic levels.

Prices as of 4 pm ET, 11/21/22; % YTD

MARKET UPDATE

Fed talk

• 11 am - Mester

• 2:15 pm - George

• 2:45 pm - Bullard

Tomorrow = big data day

• Building permits, Durable Goods, Initial Jobless, S&P Global Flash PMIs, New Home Sales, Consumer Sentiment, EIA stocks change, and FOMC minutes

Q3 earnings update

• 94% of S&P 500 reported

• Overall EPS growth 2.2% - lowest growth in 2 years

Earnings outlook

• Analysts continue cutting EPS estimates

• But sales estimates remain resilient

• Long way to go to get through earnings recession

China lockdowns surge

Crude $81.5 +1.6%

CRYPTO UPDATE

Grayscale refuses to share proof of reserves

• Cites “security concerns”

• Shares of Grayscale Bitcoin Trust (OTC:GBTC) trading at deep discount

  • As low as 50% yesterday

Genesis liquidity problems

• Seeking to raise at least $1 billion fresh capital

• Sought funding from Binance, Apollo Global

• If unsuccessful bankruptcy likely

Important: Grayscale and Genesis are both Digital Currency Group companies…

Digital asset flows