Econ70

Walmart just reported a blowout quarter. Revenue jumped 6% to $179.5 billion, online sales jumped 27%, advertising jumped 30%, and membership 9%! Conversely, Target just reported its third straight quarter of negative sale-store sales and next will be negative too…

The share of the US population that describes themselves as middle class has slid from a very solid 85% a decade ago to just 54% today. Relatedly, the percentage that now consider themselves lower or working class is over 40%.…

Jay Powell’s term as a Fed governor began in 5/12 and ends in 1/28. Until becoming Chairman in 2/18, he was one of seven Fed governors. His current second term as Chairman ends in 5/26, but 20 months will remain…

Since peaking at almost $124,000 on 10/6/25, Bitcoin now finds itself slightly below $92,000, exactly where it was a year ago, exactly double where it was in early 2/21 and clearly in the grip of yet another bear market. I…

The Friday File: According to average menu prices among restaurants on DoorDash, California is home to the most expensive places to order a cheeseburger, fries, and soda combo at $25.20 in Chula Vista, and $22.94 in Anaheim. For value, go…

Dating back to the early 1960s and the last ten bull markets, bulls are propelled 40% by rising P/E multiples and 60% from earnings growth. Bear markets, 80% due to declining multiples and 20% from declining earnings, animal spirits are…

There’s now talk of 50-year mortgages. Bad idea. First, with the median age of first-time buyers 40, borrowers would likely never pay off their mortgage. Second, the difference between a 10-year mortgage and a 30-year mortgage is 65bps, the gap…

First celebrated as Armistice Day on 11/11/1919 to commemorate the end of WWI, it wasn’t until 1938 that it became a national holiday, and in 1954 was renamed Veterans Day to honor all US veterans living or deceased. Today there…

Private sector October employment rose 42,000, the first rise since July, but the data remains troubling. Healthcare/education added 26,000, and trade/transportation/utilities added 47,000, both non-cyclical sectors with little discretionary spending. But professional/business lost 15,000, and leisure/hospitality shed 6,000, both highly…

The Friday File: This season, Inter Miami’s Lionel Messi, last year’s league MVP, earned guaranteed compensation of $20.4 million. That puts Inter Miami’s total compensation at #1 in the MLS at $49 million. LAFC is second at just $30.1 million.…