The DC Today - Thursday, August 31, 2023
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 31 August 2023
⏱️ 9 minutes
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Summary
Today's Post - https://bahnsen.co/47WCxH3
I arrived back in California late last evening with Hurricane Franklin having cancelled our previously mentioned trip out of the country. Joleen and I replaced it with a couple days away at our place in the Hamptons, not exactly unplugged, but not exactly fully working. Maybe the notion of a true work-free unplugged trip will happen some day, but I have to say, so far, a pretty comical list of sincere attempts to see it happen have been tried and failed. I am very grateful to Brian Szytel for the last three days of DC Todays and I am back in the California office today and happy to be back with you.
We are up to an 89% chance in the futures market of a rate hike at the next Fed meeting in late September, and a 54% chance of no hike at the meeting after that in November. The five-year inflation breakeven priced in the TIPS market is 2.16%. Atlanta Fed President, Raphael Bostic, cautioned against the Fed over-tightening and said current Fed policy was “appropriately restrictive.”
Links mentioned in this episode: TheDCToday.com DividendCafe.com TheBahnsenGroup.com
Transcript
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| 0:00.0 | Welcome to the DC Today, your daily market synopsis of the Dividing Cafe, brought to you every Monday through Thursday to bring you up-to-date information and perspective on financial markets. |
| 0:12.7 | Well, hello and welcome to not only the Thursday edition of the DC today, but it is the close of August. |
| 0:19.7 | So we have one more day left in the week tomorrow, |
| 0:23.7 | but that is the first day of September as we get ready to go into the Labor Day weekend. |
| 0:29.6 | So I am back here in the Newport office for about a week. I'll be back in New York City, |
| 0:35.3 | middle or late part of next week. |
| 0:39.0 | To make a very long story short, this trip and aspiration for unplugged time away was taken out by Hurricane Franklin, which is kind of ravaged Bermuda. |
| 0:52.1 | It's a different hurricane than the one that is now hitting Florida. So |
| 0:56.2 | rough times down there in that part of the world with hurricane season. So people have much |
| 1:02.7 | bigger problems than us having a trip canceled. But it all kind of worked out. I'm grateful to |
| 1:07.7 | Brian Sightel filled in great doing the DCD last D.C. today last couple |
| 1:12.1 | days. And I think that really the story of the market for August is an interesting one because |
| 1:18.6 | you've had markets rally over this last week. Today is a little bit of an exception. I'll explain |
| 1:25.1 | in a moment. But you really had a downward |
| 1:29.4 | pressure on markets throughout the month, and it doesn't actually end up looking that bad as the |
| 1:35.4 | calendar month goes just because of this late month rally. The things I guess I want to share |
| 1:43.5 | before I go into the numbers are Fed governor. |
| 1:47.3 | He's the Atlanta president, Alanta Fed president, Raphael Bostic. |
| 1:53.1 | I believe he's out of the country when he made this speech. |
| 1:56.9 | But I read the transcript this morning. |
| 1:59.6 | And it was by far the most doveish, |
| 2:02.0 | and it seems to me the first kind of real explicit permission structure from a Fed governor, |
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