Good Morning Everyone!
Inflation:
+8.3% YoY in August. Higher than +8.1% expected.
Average interest rate of savings account in America: 0.06%.
Do with this what you want.
Prices as of 4 pm EST, 9/12/22; % YTD
MARKET UPDATE
Market has rallied on:
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Peak inflation
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Ukraine
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Resilient U.S. consumer according to MasterCard SpendingPulse
But interest rates continue to trend higher at the same time (usually moves in opposite direction)
CPI year-over-year
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June 9.1% highest since 1981 (40+ year high)
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July 8.5%
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August 8.3% inflation dropped less than expected (8.1% expected)
Core CPI
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Up 6.3% versus 5.9% in July
10yr 3.4% moved from 3.3% to 3.4% after today’s inflation data
Federal Reserve meeting
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Next week (Sept. 21)
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75-basis point increase in the bag
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Federal Funds Target Rate Range 2.25% to 2.5%
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New expected Range 3.0% to 3.25%
US$ 109
C$ 76
VIX 24
Crude 87 -0.5%
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Supply constraints vs. China/U.S. recession fears
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U.S. Strategic Reserves at lowest level since 1984
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Versus
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China 3-day Festival holiday trips fell by 16.7%
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Tomorrow: U.S. Department of Energy report
Emmy Awards
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HBO took home the most Emmy Awards last night
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38 wins including Succession and White Lotus, up from 19 wins last year
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Netflix NFLX at #2 with 26 wins, down from 44 last year
Meta META
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This is the opportunity ahead of Zuck (Value Stock)
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Close the 10-to-1 gap.
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According to WSJ:
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Users cumulatively spending
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TikTok 197.8 million hours a day
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Reels 17.6 million hours a day
Earnings
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Oracle ORCL - stock flat, building cloud but no EPS upside
CRYPTO UPDATE
Institutional adoption
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Fidelity considering Bitcoin BTC/USD trading on its brokerage platform
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Chicago Mercantile Exchange CME launching ether options
Coffee & NFTs
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Starbucks’ SBUX new NFT-based loyalty rewards program
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Built on Polygon MATIC/USD PoS network
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“Starbucks Odyssey” - waitlist open
Digital asset flows
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Total outflows = $62.7 million
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5th consecutive week of outflows
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5-week total = $99 million
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Relatively small
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Weak volume at 46% of year average
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Contrarian inflows out of Europe ($7 million)
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Altcoins minor inflows
Edge Rankings
Price Trend
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