Good Morning Everyone!

Remember, as bad as things may seem, history is on our side. The average midterm year – like this one – is typically down as of October 5. It finishes, however, up 6% on average.

Prices as of 4 pm EST, 8/30/22; % YTD

MARKET UPDATE

Month-to-date

• S&P 500  -3.5%

• NASDQ  -4.1%  down 6% since Jackson Hole

• TSX   -0.9%

Post Jackson Hole, we are starting to get fresh 52-week lows - As of yesterday’s close:

What’s priced in for the September 21 FOMC meeting?

Bigger picture of what is priced in for the Fed Funds Rate

• By year end        3.5%-3.75%

• By early 2023      3.75%-4%

• 2nd half 2023       2 rate cuts to 3.25%-3.5%

All of these expectations will change as we get fresh new data

2-year Treasury

Crude    89.50     -2%

• Oil is headed for a 3rd monthly drop

• The longest losing run in more than 2 years

3-day halt of the Nord Stream pipeline started Wednesday

• Germany & France said they are prepared for further supply disruptions thanks to gas-storage refills

Toyota (NYSE:TM) / World’s biggest automaker

• Will invest $5.6 billion to boost electric car battery production

• Battery production expected to begin in 2024

SNAP (NYSE:SNAP) -8%

• Netflix (NASDAQ:NFLX) is hiring 2 top execs from SNAP to work on ad-supported service

• SNAP plans to lay off 20% of its employees

Earnings

CRYPTO UPDATE

Seven Seven Six to launch $177 million crypto fund

• VC firm led by Reddit co-founder Alexis Ohanian

• Kryptós will debut October

• “It’s on sale. Everything is on sale.” - founding partner Katelin Holloway

Animoca raises another $100 million

• Asian blockchain gaming giant

• Now valued at $6 billion

• Over 340 portfolio companies (incl The Sandbox and Decentraland)

Crypto Fear & Greed