MAD Macro - NYT vs National Enquirer
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The NYT thinks that the National Enquirer was, quote, “more than a friendly media outlet for Donald J. Trump’s (the Orange Mad King I) presidential campaign in 2016. It was a powerful, national political weapon that was thrust into the service of a single candidate, in violation of campaign finance law.” Wow, really? The NYT article titled, “National Enquirer’s Help for Trump Broke Norms Even in the Tabloid World”, is linked here. Hard to believe the NYT thinks the National Enquirer is more powerful than the paper of record that prints “All the News That’s Fit to Print”. Funny stuff. I read the NYT Opinion pages every day. To start with, more than half of the opinion and editorial articles every day for the last 8 years are about the Orange Mad King I. Oh, and they are not complimentary. I wonder, was the NYT, more than a friendly media outlet for Hillary? I want to give the NYT some credit because yesterday they printed a guest essay titled, “I Thought the Bragg Case Against Trump Was a Legal Embarrassment. Now I Think It’s a Historic Mistake.” I linked it here. I don’t know the writer, Jed Handelsman Shugerman, but I hope he doesn’t live in NYC or if he does he should go into hiding. The NYT editor will probably be fired for printing it. The last one was fired for daring to print a guest essay by Tom Cotton. While the Orange Mad King I was conspiring with the National Enquirer for political gain, Hillary was conspiring with Christopher Steel to write the Russian dossier. I did not realize that Alvin Bragg’s criminal case was actually about the Orange Mad King I stealing the 2016 election. Now I get it.
The Orange Mad King I is stuck in court but the Tin Man is stuck between the pro-Israel and anti-Israel factions of the Democratic Party. One is trapped in legal purgatory and the other in political purgatory. I feel sorry for both of them. Columbia University has been in tense negotiations with the pro-Palestinian protestors who have taken over the University’s campus. Sounds like they are negotiating with terrorists. The world is a mess. Washington passed the Ukraine, Israel and Taiwan aid packages and the Tin Man is going to sign them today. The clock is going tick tock for TikTok. Also in today’s news Lina Kahn banned noncompete contracts. That might be the most important news. Lina Khan is everywhere. Stopping all mergers and now she is banning noncompete contracts. You need to give the Tin Man some credit. He is taking over the economy. The problem is that the government is not very good at running the economy.
Markets are mixed this morning after a very strong rally yesterday. Interest rates and the dollar are a little higher. Maybe markets will range trade until we get the important PCE inflation news on Friday morning. The yield curve is a little steeper today. I think that the curve may continue to steepen because of the U.S. fiscal problems. Neither the Tin Man or the Orange Mad King I have any interest in addressing our fiscal problems. We just committed to more funding for the Mideast War, the Ukraine-Russian War and the next war with China. Everyone seems confused by the rally in gold prices. Maybe it’s rallying because we have sticky inflation and a fiscal crisis.
I updated the U.S. Dollar Index, U.S. 10yr yield, U.S. 10yr-2yr yield spread, WTI crude oil, copper, spot gold, bitcoin, S&P futures and NASDAQ 100 futures charts below.
The dollar and interest rates are higher and the curve is steeper. The Japanese yen is trading 155 which is supposed to be important.
Crude oil and gold are a little lower. Copper is a little higher. All three are still in strong uptrends. Bitcoin is unchanged and has been testing the 50 day resistance level of 67,400.
The S&P and NASDAQ 100 futures are both a little higher this morning.
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Unless otherwise stated, Bloomberg is the source of all data and charts.
S&P 500 futures are a type of derivative contract that provides a buyer with an investment priced based on the expectation of the S&P 500 Index’s future value. Nasdaq 100 futures are commodities futures products traded within the equity futures sector. West Texas Intermediate (WTI) oil is a benchmark used by oil markets, representing oil produced in the U.S. Brent Crude Oil is a blend of crude oil recovered from the North Sea in the early 1960s, whose price is used as a benchmark for the commodity's prices. The U.S. dollar index (USDX) is a measure of the value of the U.S. dollar relative to the value of a basket of currencies of the majority of the U.S.'s most significant trading partners. UBS Bloomberg Constant Maturity Commodity Index is a total return rules-based composite benchmark index diversified across commodity components from within specific sectors.
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