The S&P 500 fell 2.5% today, its 54th decline of 1% or more this year. That's already the most downside volatility we've seen since 2009 and there's still two months to go. $SPX

'You are listening to Powell the lawyer from a risk management point of view. He called them the economists…He added the lag into his construct because he was forced to do by the doves on committee, he is saying he is not taking them literally.'
hubs.ly/Q01rkj_g0

'Lag changes everything. As a former fed insider lag, one word. It's not so much that they are measuring lag, it is that they acknowledged it.'
#FederalReserve
#DiMartinoBooth

hubs.ly/Q01rklk70

'Shame on Congress. Unlike Great Britain, they use the lowest interest rates in years to extend the maturities dnd end up with lower interest service costs for the country…which means we will be rolling over the debt quickly…'
hubs.ly/Q01r9BF60

Danielle DiMartino Booth Charles V Payne I have been listening to you since early last year and I have to say no one comes close to your projections on where we are today! Wow!!!Joe was right all the highly skilled workers leave the Fed to grow elsewhere.

#ThePair

Bring it!!

“During fiscal 2022 alone, the federal government made $475 billion in net interest payments, up from $352 billion the prior year, according to the US Treasury Department…”

Source: amp.cnn.com/cnn/2022/11/01…

Thank you. Charles V Payne was on his A-game. It’s always heartening to have the host as enthusiastic as I am on Fed Day.

'I think recession is a foregone conclusion - the question is if it is going to be quick and shallow. And I think that is something Powell will consider.'
#CNNBusiness
Quill Intelligence

hubs.ly/Q01rhDTW0 by @CNNbusiness

'Job openings, the metric that Powell has been leaning on in public remarks, gives more ammunition to continue saying 'we will keep plowing away and raising interest rates and tightening through 2023.''
hubs.ly/Q01r9BF00

Watch more about what Danielle DiMartino Booth had to say to Alison Kosik on today's CNN Business Markets Now earlier today. cnn.com/videos/busines…

Context

👇👇👇

In this interview with Keith McCullough, Danielle DiMartino Booth says something I've been thinking a lot about lately:

youtu.be/I6jjlb8TZPc?t=…

Joseph Wang Andy Constan Seems to me that bank reserves are going to be a problem until the banks start paying competitive deposit rates. Which is never.

Equity seasonality into year-end is, on average, bullish. But if you look at past years that are similar to now, not so much. 1994 and 2018 are the best comps (Fed hiking as incumbent loses midterms).

Chart: 01NOV to 31DEC in years where midterms flipped House, Senate, or both.

Russian Oil Is Fueling American Cars Via Sanctions Loophole

#Lukoil ’s refinery in #Sicily uses up to 93% Russian crude to make gasoline it sends to the U.S.
wsj.com/video/series/i…