The DC Today - Tuesday, March 21, 2023
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 21 March 2023
⏱️ 7 minutes
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Summary
Today's Post - https://bahnsen.co/3JvZllP
I imagine it is quite likely that the bond market has seen its highs in bond yields for quite some time to come (across the whole yield curve). The 10-year sits at 3.5%, down from 4.21%, and I will be surprised if it gets back up to that level. Likewise, the short end sits at 4.5%, down from over 5%, and I don’t see it getting back there, either. If I am wrong, I am wrong, but I don’t think I am here.
China has bought $88 billion in oil, natural gas, and coal from Russia since the war began last year, up over $30 billion from the year prior and causing Russia to beat out Saudi Arabia as China’s leading supplier.
The government is evaluating how they can increase FDIC deposit insurance levels above $250,000 without getting Congressional approval.
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 Tuesday edition of DC today. It was another rally date in market. You had the Dow up 1%, the S&P up 1.3%, |
| 0:26.5 | the NASDAQ up 1.5%. That's over 316 points for the Dow. And of course, it was up big yesterday |
| 0:34.2 | as well. So some degree of calming in markets around the presumption that |
| 0:40.8 | some of the bank instabilities are calming and that where there may be ongoing vulnerabilities, |
| 0:47.5 | there will be more government backstopper support. That's the best read I'd have to offer on it. |
| 0:53.3 | Along with the markets's assumption that the |
| 0:58.0 | Fed is most certainly getting ready to lay down. Tomorrow will be the day we'll hear from the |
| 1:03.1 | Federal Open Market Committee. They've been meeting all day to day. And the question is whether |
| 1:09.1 | or not they will raise rates a quarter point and announce or signify some intent to pause from here, which is what I expect, or perhaps that they may not even raise rates at all. |
| 1:25.4 | That futures market action had gotten all the way down to 50, 50 |
| 1:28.8 | between no hike tomorrow and a quarter point hike tomorrow. But as of today, the last time I |
| 1:34.9 | looked at it a short while ago, it was back above 80% odds in the futures market of the Fed hiking |
| 1:41.2 | quarter point tomorrow and a less than 20% chance there'd be no hike. |
| 1:47.0 | So we shall see both how the market responds to what the Fed does tomorrow, but also what the Fed actually does, |
| 1:53.0 | what he says, how he says it, and you can be sure I'll be here tomorrow to give you that full report. |
| 1:59.0 | When we talk about the market's action today, it was |
| 2:02.4 | energy leading the way up over 2.5%. It was, excuse me, up over 3.5%. It was financials near the high |
| 2:13.0 | as well, up 2.5. The sector was down the the most was utilities, which was actually down about |
| 2:18.4 | 2%. So you had a wide dispersion of results in this rally, but a lot of the stuff that had been |
| 2:24.6 | hurting the most last week leading the way this week, financials and energy. The other thing I |
| 2:30.8 | just want to say before I let you go in a short edition today is that the |
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