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Good Morning Everyone!
Remember, tough markets don’t last but tough investors do.
Yield curve remains inverted
10yr 3.4% – highest since 2011
2yr 3.8% – highest since 2007
Fed typically ends tightening after inversions…
…different this time…
Retail Sales +0.3% MoM (vs. 0.0% expected)
Retail sales ex autos dropped (-0.3% vs +0.1% expected) for first time this year
Regional manufacturing – contraction
NY Empire State Manufacturing -1.5 (vs. -13 expected)
Philly Fed Manufacturing Index -9.9 (vs. 2.8 expected)
Import prices -1% (vs. -1.2% expected)
Export prices -1.6% (vs. -1.2% expected)
US 30-year mortgage interest rate tops 6% for first time since 2008
Railroad strike – crisis averted
White House reaches tentative agreement
Would have been massive disruption to economy
27% of US freight moved by rail
Ports already bottlenecked:
And food shipments threatened:
China eases Covid restrictions in Chengdu (megacity, 21 million people)
BUT, growth projections have been declining
EIA small crude inventory build (2.4 million barrels)
Merge SUCCESSFUL: Ethereum switches to proof-of-stake
Initiated at 2:45 am EST, completed 13 min later
Nothing seems to have broken
Estimated to reduce blockchain’s power consumption by 99.95%
Move will drop new supply issuance of ETH by 90%
ETH mined per day down to 1,600 from 13,000
Miners replaced by validators
End-user experience unchanged
Focus will now be to grow scalability via rollups
MEME OF THE DAY
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