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August 28, 2023
Jim Bianco joins Bloomberg to recap Powell's Jackson Hole Speech, Bond Yields & the Stock Market with Scarlet Fu and Sonali Basak.
Today's topics include the United States keeps spending, Jackson Hole schedule, retail traders bowing out, Fedspeak before Jackson Hole, more focus on finding r*, not owning big tech is a big issue, mortgage rates at 2001 levels, companies have a new risk to manage for the long term: inflation, and China pain
T-bills are accounting for a rising percentage of outstanding debt in the U.S., pushing against the 20% limit typically advocated by the TBAC.
As the cost of carrying debt increases for governments, the idea of hiking rates becomes more politicized.
If current methodologies and weights were applied historically to CPI, the peak seen in June 2022 would have been much closer to the all-time highs set in 1980.
The S&P 500's market cap has increased nearly 12% year-to-date. However, most stocks are struggling. Eight stocks have provided the majority of returns for the index this year.
Homebuyers enjoyed a relatively affordable market in the decade following the housing crash. The recent rise in prices and mortgage rates put homeownership out of reach for many prospective first-time buyers.
Evergrande's bankruptcy filing once again led some to question the reserves backing Tether.
A long-term look at commodity prices
Some interesting charts from our recent posts