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In a move both totally expected and utterly shocking, Nvidia’s shares gained 3.2% in mid-day trading, boosting its market capitalization to $3.33 trillion, edging ahead of Microsoft at $3.32 trillion, and Apple at $3.28 trillion. To put this into perspective,…

There is some talk of replacing 100% of income tax revenue with tariffs on foreign goods entering the US. This will be hard to do. In FY2023 corporate and individual income taxes totaled $2.6 trillion, excluding payroll taxes. Total imports…

The Friday File: While Coca-Cola is by far the single most popular carbonated U.S. drink with a market share of 19.18%, there is a spirited fight for second. After climbing steadily for 20 years, Dr. Pepper, invented in 1885, is…

At the most recent Fed meeting, eight members expect there to be two 25bps cuts by 12/24, seven expect one, and four expect none. The median is one cut, the mode is two, and fifteen of nineteen, only 12 of…

Inflationary pressures continued ebbing in May with the CPI unchanged (0.0%) M-o-M and up 3.3% Y-o-Y, down from 3.4% Y-o-Y in April. More importantly, core-CPI rose 0.2% M-o-M compared to 0.3% in April and 3.4% Y-o-Y, both the mildest gains…

Pre-Covid, consumer credit grew by $15 billion/month and remained that way through 12/21. During CY2022, consumer credit growth jumped to $30 billion/month, but since 1/23 growth has steadily weakened and is now about $5 billion/month. Moreover, credit card balances declined…

The establishment survey reported May net new jobs of 272,000, way more than expected, and wages up 0.4% M-o-M and 4.1% Y-o-Y, both slightly hot. However, the household survey showed the labor force participation rate falling to 62.5%, the unemployment…

The Friday File: In 1981, the New Zealand sheep-to-person ratio peaked at 22 when the sheep population was about 70 million and the human population 3.2 million. Since then, the ratio has steadily fallen and in 2022 was just 4.6,…

Hoping to change jobs? Think again. The number of available jobs in April sank to 8.059 million, down from 8.355 million in March, 9.904 million a year ago, and a peak of 12.182 in 3/22. They are at their lowest…

Estimates of 24Q2 GDP growth are quickly sinking as more data becomes available. The Atlanta Fed is now expecting quarterly seasonally adjusted annualized growth of 1.8%, down from 4.2% in mid-May. Similarly, the NY Fed now also sees growth at…