Focus This Week Is On Macro

Good Morning Everyone!

Over half of US mortgages were originated in 2020 or later, including refinances.

Think anyone with a 3% mortgage locked in is going to sell anytime soon?

Prices as of 4 pm EST, 3/3/23; % YTD

MARKET UPDATE

This week

• Tuesday: Jerome Powell speaks at 10 a.m. - Senate panel

• Wednesday: Jerome Powell speaks at 10 a.m. - House Committee

• Friday: Nonfarm payrolls, unemployment at 8:30 a.m.

Market has priced in another 90 basis points in hikes

• That would take the Upper Bound from 4.75% to 5.65%

Crude 78.50 -1.2%

• China’s National People’s Congress forecast only 5% GDP growth

• CERA starts today (Cambridge Energy Research Associates), expect a lot of headlines

Earnings None

CRYPTO UPDATE

DeFi crypto funding

• DeFi attracted 41x more capital in 2022 than in 2020

• DeFi firms raised more than 3x raised in 2021

• Notable recent raises: Few and Far, Conflux, Avalon Corp, Term Finance, Insrt Finance, Impossible Cloud

SEC & Binance

• Official says Binance.US is operating unregistered securities exchange

• Think sale of VGX tokens by Voyager Digital also breaks laws

• Binance.US plans to buy Voyager (part of latter’s restructuring plan)

Crypto Fear & Greed