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Good Morning Everyone!
Remember, the S&P (on average) performs well 1, 3, and 5 years following a recession.
+1 yr: 20.7%
+3 yr: 11.9% CAGR
+5 yr: 12.3% CAGR
Lesson? It usually pays off to invest during the scary times!
Tape choppy ahead of CPI tomorrow & FOMC next week/Apple/Gas
ECB will end QE in July and raise interest rates by 25 bps in July
Japan’s currency close to a 24-year low
Asian financial crisis started with a run on currencies
Crude 122 flat
Trade data from China looked positive with both exports and imports exceeding consensus
There were new lockdowns in a couple of areas in Shanghai
Yesterday’s explosion at the Freeport LNG facility
2 BCF/d facility will be shut down for a minimum of 3 weeks
If it’s 2 BCF/d for 3 weeks, it’s not a big deal
For natural gas producers, this seems to be a temporary issue.
Apple Financing LLC
Pushing deeper into the financial services industry
Will handle the lending itself for “buy now, pay later”
A new Apple subsidiary will oversee credit checks
Apple has State lending licenses to offer the feature
Pauses hiring in client computing group as part of cost-cutting measures
The New York State Department of Financial Services (DFS) released regulatory guidance yesterday for US dollar-backed stablecoins
First US regulator to impose such requirements
DFS is notoriously strict
DFS is granting “BitLicenses” that allow entities to issue stablecoins
BitLicenses are not easy to get
PayPal first company to convert a conditional BitLicense into a full one
Ethereum’s Ropsten Testnet completed its merger yesterday
This served as the blockchain’s first dress rehearsal before “The Merge”
Ropsten successfully merged its PoW execution layer with the Beacon Chain PoS consensus chain → this is the same exact process will undergo in a few months
JPMorgan’s Bitcoin momentum model shows a lack of steam:
Nearly half of Bitcoin addresses bought above the current price:
Where do NFT holders live?
VC investment in the space is expected to pullback after a record-breaking 2021:
MEME OF THE DAY
Here are the top 10 stocks trending on Reddit:
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