One of the things I did was I put together, I wouldn't call it the 12 days of Christmas,

what I did is I put together a list from 1 to 12, and each of these is a number that has some significance at least as of a couple of weeks ago for the year

2023.

One is the number of trillions of dollars in consumer credit card debt.

It's actually 1.08 trillion.

Is it going to matter next year?

Depends who you ask.

And that's kind of a theme of the rest of this conversation today.

Two, art-breaking war zones, obviously Ukraine and the other one,

Israel Hamas, hasn't really affected markets other than suddenly, but let's see what happens beyond that,

hopefully nothing. Three, three straight poor years for bond prices.

Now bonds have rallied very sharply in just the last few weeks, but generally speaking it's

been a rough three-year period for bonds and frankly for a lot of stocks as well.

Four. There were four more fed rate hikes following the seven we had in 2022.

Five percent Treasury bill interest rates.

And by the way, one article concept I have coming up. Do people even realize that key bills out to one year

is still well over 5% as we record this.

So with all the other drop, I mean, that's telling me something.

I don't know what it is yet.

I just know it's not normal. And if And if you know anything about a yield curve inversion

where longer rates are supposed to be higher than shorter rates, that part is

not following along just yet.

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