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Based Dorsey
Jack Dorsey left his CEO role at Twitter to roast web3 VCs 24/7. Markets forgot about omicron, and indices all turned green yesterday. Cruise lines and reopening stocks led the recovery. Biden is putting free Covid tests in all of our stockings this year. Home sales data coming in hot.
The Rate Hike Hat Trick
J Pow is planning a rate hike hat trick next year, with projections released on Wednesday indicating three hikes in 2022, two in 2023, and two more in 2024. The Fed will also begin reducing the pace of its asset purchases in January. Time to slowly wean the markets off free money.
Raise the Roof
Congress passed $2.5 trillion debt ceiling increase because, as Joe Biden said last week, "the US always pays its debts". The not-so-fine print being that it does so by printing more money and increasing the amount of debt to pay off the existing debt (although this is nothing new under this administration).
The Most Interesting Man In The World
Omicron headlines spooked the markets yet again, with airlines and cruise line operators leading the way. We've got fresh inflation data via the producer price index which drops today. The Fed will also be kicking off its monthly two-day meeting.
Back to the top
The S&P closed at an ATH on Friday, just a few days after inflation / omicron / debt ceiling fears were sending investors into a selling frenzy. On the flipside, the LitCap Yolo Fund is getting clapped and underperforming inflation. If Karl doesn't get his act together in the next two weeks, we might have to decentralize his employment status.
New environment, who this?
Markets took a brief hiatus from mooning yesterday, with all three indexes ending slightly in the red despite jobless claims falling to their lowest level since ‘69 (nice). The reboot of Sex and the City dropped on HBO Max yesterday in time for Starbucks baristas to unionize and DeBlasio to allow for some non-citizens to vote in NYC.