Month: November 2022

Once the third-largest cryptocurrency exchange, FTX recently declared bankruptcy. It’s hard for an honest exchange to fail, FTX wasn’t. It lent billions of its customers’ crypto to a sister firm who used the borrowed crypto to make failed bets. Once…

The Friday File: Veterans Day was first celebrated as Armistice Day on 11/11/19, the first anniversary of the end of WWI, and in 1938 it became an official holiday. In 1954, President Eisenhower changed the name to Veterans Day to…

Slightly lower October inflation lets the Fed reduce the upcoming December rate hike from 75bps to 50bps. That said, October inflation was 7.7% Y-o-Y, and while down from 8.2% in September, there’s way more ground to cover. Core also declined,…

A year ago, 52% of existing homes for sale received multiple offers. That percentage slowly declined to 47% by 11/21 but then quickly peaked at 72% in 3/22, shortly after the Omicron surge. The percentage of homes receiving multiple offers…

When the President and Senate are Republican, and the House Democratic, the S&P 500 averages a 13.7% return. When everything is reversed, which may happen at this midterm, returns average 13.6%. When the President is a Democrat and the Capitol…

The Friday File: 100 years ago today, Egyptologist Howard Carter and his team discovered the tomb of Golden Pharaoh Tutankhamun in the Valley of the Kings. It took Carter and his crew almost a decade to catalog the more than…

The latest reading of October U.S. manufacturing activity came in at 50.2, its lowest level since May 2020. Moreover, the index has been steadily declining since peaking at 64.70 in March 2021. A reading above 50 indicated activity is expanding,…

While the press release from today’s Fed meeting clearly indicated that the Fed will reduce the rate at which it raises rates, which was mistakenly interpreted by markets as a bullish sign, Powell went to great lengths in his press…

After rising monthly since 2/12 and peaking in 3/22 with an appreciate rate of 2.1%/month, home prices have now declined for two consecutive months. Moreover, the most recent August decline of 0.86% M-o-M is the largest decrease since 2/10. On…