PPI Takes A Bite Out Of The Tariff-Inflation Narrative
The BLS Producer Price Index (PPI), measuring wholesale prices, surprised to the downside, showing a zero percent increase in prices for June. PPI came in lower than what all 50 forecasters in Bloombergโs survey predicted. To wit, both the core […]
CPI Data Has Something For Everyone
Yesterday’s CPI data was viewed by many as the first monthly BLS report to capture the full impact of tariffs. The headline CPI rose 0.3% and the core CPI data showed a 0.2% increase. The CPI data was slightly lower […]
Tariffs Cause The First June Surplus In Nine Years
For the first time since 2016, the Federal government ran a budget surplus in June. Before the Financial Crisis, a surplus was the norm. However, since then, deficits have been the rule, not the exception. The cause of the $27 […]
MP Materials Is Bought By Uncle Sam
In a unique event, the US government, specifically the Department of Defense (DoD), bought a 15% stake in the nation’s largest rare earth miner, MP Materials (MP). The DoD is buying $400 million of MPโs convertible preferred stock. The transaction will […]
Is Immigration Not Tariffs Becoming Powell’s New Excuse
Jerome Powell has made it clear that tariffs could induce higher inflation. Accordingly, the Fed has resisted cutting interest rates. Despite his concerns, fears of tariff-based inflation, as judged by individual and business surveys, are fading. Moreover, even some Fed […]
Treasury Auctions In Plain English
With the amount of Treasury debt now in sharp focus, it’s worth cutting through the technical jargon used by the media to quantify demand at Treasury auctions. This summary of key Treasury auction terms will help you judge the auctions […]
Crisis At Apple: Can They Catch Up In The AI Race?
Apple (AAPL) shares are languishing this year. As we share below, the stock is down over 16% year-to-date and significantly lags all of the Magnificent Seven stocks except Tesla. While weak revenue growth and relatively few new products are culprits, […]
Can Bessent Juggle The Treasury And The Fed?
Hidden within a Bloomberg article published over the July 4th weekend was the following quote alluding to the possibility that Treasury Secretary Scott Bessent could simultaneously replace Jerome Powell as the Fed Chair, while continuing to serve as the Treasury […]
Intel Pushes For Change: Will It Save Them?
In no uncertain words, Intel’s stock has been a dog. As we share below, Intel stock has increased by a mere 2% over the last 20 years, while the tech-heavy NASDAQ 100 (QQQ) has risen by over 1,200%. Over the […]