The DC Today - Thursday, May 11, 2023
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 11 May 2023
⏱️ 11 minutes
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Summary
Today's Post - https://bahnsen.co/3MjilGN
The Ask David is so long below I will put most of the writing attention on that today (see below). Interest rates all dropping and fed rate expectations in the futures markets strike me as the major market story of the day (and week). And seeing bond yields collapse on the front end of the curve in perfect concert with the media wailing over imminent debt default is, well, a perfect encapsulation of everything. People are paying higher prices and accepting lower yields for something about to default, eh? Okay.
Off we go …
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. |
| 0:14.8 | Well, hello and welcome to the DC Today Thursday edition. Another kind of odd day in the markets. |
| 0:22.8 | I'm going to give you a quick rundown. |
| 0:24.4 | And then I want to talk about producer prices. |
| 0:27.7 | And then I want to tell you what my answer was in today's Ask David, |
| 0:31.8 | where I ended up kind of writing almost a little mini essay around a pretty, |
| 0:36.3 | a very thoughtful and question that is sort of fun to |
| 0:39.3 | play with. Okay, the Dow was down 222 points, but it had been down 400 at one point. So it came |
| 0:46.3 | back quite a bit. The NASDAQ was up 18 basis points. The S&P was only down 17 basis points. So it was definitely one of those days where |
| 0:55.5 | clearly there was something sort of idiosyncratic that was bringing the Dow down and that didn't even hold. |
| 1:00.5 | That thing today was a little stock, the happiest place on Earth, just happened to have a big announcement yesterday. |
| 1:08.5 | It was not good results. It brought the whole index down. And so |
| 1:12.3 | those things will happen every now and then we have one thing kind of stick out and give a |
| 1:16.5 | disproportionate response. Oil closed at 7150. The 10 year was down another three or four basis points. |
| 1:25.7 | So I still think the big story of the week, in fact, |
| 1:28.0 | I know the big financial story of the week is the way the Fed Fund's futures market has |
| 1:34.4 | responded to this inflation data. I'm going to give you another update on wholesale inflation |
| 1:39.1 | in a moment. But yesterday on consumer prices with the 4.9 handle year over year. |
| 1:45.8 | Today, the producer prices with a 2.3 result year over year. |
| 1:51.9 | It was up 0.2% last month. |
| 1:54.6 | It had been expecting 0.3. |
| 1:56.9 | Goods inflation year over year. |
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