Good Morning Everyone!
We finally have a taste of deflation. Thanks to a -0.1% month-over-month CPI reading.
Prices as of 4 pm, EST, 1/11/23; % YTD
MARKET UPDATE
U.S. CPI year-over-year in 2022
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January 7.5%
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February 7.9%
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March 8.5%
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April 8.3%
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May 8.6%
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June 9.1%
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July 8.5%
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August 8.3%
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September 8.2%
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October 7.7%
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November 7.1%
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December 6.5% street at 6.5%
6th consecutive month of lower inflation but 6.5% still well above Fed’s 2% goal
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3 year average before the pandemic was 2.1%
Q4 earnings begin tomorrow
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JP Morgan JPM Bank of America BAC Wells Fargo WFC Citi C
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United Healthcare UNH
10yr flat on the day
10 a.m. Biden speech on inflation and the economy
Fed speakers today Bullard and Barkin
China
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Ahead of the Chinese New Year holiday (the highest period for travel)
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China will stop reporting daily Covid cases and deaths
Crude 78.67 +1.2%
Disney DIS
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Mark Parker (former Nike CEO) elected to Board
Google GOOGL
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Alphabet’s life sciences unit (which is small) cutting 15% of jobs
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200 jobs impacted
Earnings
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Taiwan Semiconductor
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Guides Q1 revenues $16.7-$17.5 billion vs street at $17.64
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Gross margins to be negatively impacted due to lower utilization rate
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2023 Capex = $32 billion to $36 billion
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KB Home KBH -3%
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Orders down 50-60% year-over-year vs. street at down 35%
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Cancellations up 68%
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CRYPTO UPDATE
Gensler: crypto industry is the “Wild West”
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Spoke during Twitter Spaces held by US Army yesterday
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“Most of these 10 or 15,000 tokens will fail … history tells us that there’s not much room for micro currencies”
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Says most not complying with securities laws (which remain unclear…)
Coinbase COIN debt downgraded
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S&P Global (credit agency) downgraded Coinbase corporate debt to “BB-” from “BBB”
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From investment grade to speculative grade
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Downgrade follows large wave of layoffs
US taxpayers foot bill for $4.3 billion loan to help Silvergate SI stay afloat
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