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If you think market volatility has been unusually high this month, you’re spot on. Through 4-22-25, the average (in absolute value terms) daily return of the S&P 500 has been 2.44%. This is a 3.3 standard deviation event. In the…

As of 2022, federal funding made up 40% of overall revenue in nearly half of US states. Federal funding accounted for the greatest share of state revenue, 50.5%, in Louisiana, 50.2% in Alaska, and 49.7% in Arizona. By contrast, it…

Recently, President Trump suggested firing Fed Chair Powell. A decision in a SCOTUS case may give Trump his wish. If granted, Fed independence will be gone, investors will expect the Fed to do the President’s bidding, short-term rates will fall…

The Friday File: President Rutherford Hayes hosted the first White House egg roll in 1878. Iowa produces more eggs than any state, the next biggest states: Ohio, Indiana, and Pennsylvania. Total US 2024 table egg production was 93.1 billion, down…

Hard data like March retail sales remain solid, rising 1.4% M-o-M. The car segment jumped 5.3% M-o-M, building materials surged 3.3%, the biggest jump since 2021, sporting goods gained 2.4%. But households were front-running tariffs. Conversely, soft data like the…

In 2019, the percentage of apparel trips to off-price stores was 28.1%. In 2024, 35.1%. Similarly, thrift store trips rose from 9.4% to 12.2%. However, trips to traditional department stores and general apparel stores declined from 28.5% to 21.1%, and…

Usually, last Wednesday’s stellar CPI numbers would have resulted in melting Treasury yields, but due to tariffs the report was utterly ignored. That said, M-o-M CPI fell 0.1%, the first decline since 6/24, and core CPI rose 0.1%, the smallest…

Consumer sentiment in early April continued its tailspin after a brief rise in December. Sentiment plunged 11% and like last month’s decline, was pervasive across age, income, education, location, and political affiliation. Expectations for business conditions, personal finances, income, inflation,…

The Friday File: During CY2023, the number of table egg laying hens averaged 315 million. In CY2024, due to Avian Flu the number averaged 307 million. In 2/2025 the number was just 291 million. Since 2023, the number of egg…

Yesterday’s 9.52% S&P 500 increase was the third largest since WWII. The largest boost was an 11.58% rise on 10/13/08 followed by a 10.79% updraft on 10/28/08. Both jumps occurred during the Housing Bust. The fourth biggest rise was on…