The DC Today - Wednesday, January 25, 2023
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 25 January 2023
⏱️ 6 minutes
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Summary
Dow: +10 points (+0.03%) S&P: -0.02% Nasdaq: -0.18% 10-Year Treasury Yield: 3.45% (-1.8 basis points) Top-performing sector: Financials (+0.74%) Bottom-performing sector: Utilities (-1.36%) WTI Crude Oil: $80.49/barrel (+0.45%)
ASK DAVID “This statement in Brian’s response to yesterday’s question caught my eye:
“…because inflation is ultimately driven by demand.”
I find this interesting because I believe I have heard you say, quite emphatically, that inflation is first and foremost a supply side phenomenon. So is this simply a theoretical disagreement among peers or am I misinterpreting something? ”
~ Mike
Inflation, by definition, is one or the other or both. “Too much money chasing too few goods (or services)” – it is an algebraic expression that can have one or both inputs contributing (MV=PT) I believe this recent moment’s inflation (2021-22) was clearly supply-side-driven. The context of Brian’s full paragraph with that one line in it makes clear his view’s alignment with mine.
Links mentioned in this episode: [TheDCToday.com] https://bahnsen.co/3Haj3Cb 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. |
| 0:14.2 | Hello, welcome to the DC today. It is Wednesday afternoon. I hope you were well served by my partner, Brian Sightel's wonderful |
| 0:24.5 | discussion and contribution yesterday. And I think you will be by my other partner, Trevor |
| 0:31.7 | Cummings, his work tomorrow. I'm able to squeeze this in here today, but I literally am just kind of running all over lots of meetings and whatnot here in New York. |
| 0:42.1 | And so my time has been a bit limited. |
| 0:45.6 | And so I'll just tell you today that it was a very bizarre day in the markets. |
| 0:52.5 | And basically the Dow ended up up 10 points on the day. And it had been |
| 0:57.7 | down not quite 500, but within a whisker of down 500 points. So I think a lot of people want to know why. |
| 1:06.3 | And I would love to give you a reason. The thing I want to tell you is not to listen to anyone giving you the reason. |
| 1:12.8 | There wasn't an announcement at the, you know, hour and a half point or let's see, |
| 1:17.8 | it looks like the bottom of the day happened. |
| 1:22.4 | Let's call it two hours into trading. |
| 1:26.4 | There wasn't some announcement from the Fed that reversed things. |
| 1:30.1 | There wasn't a particular profit announcement. |
| 1:33.4 | You know, there just sometimes is not an easy, coherent way to make heads and |
| 1:39.9 | tales of why the market does in a given day what it does. |
| 1:42.9 | I think the broader narrative is very explainable, which is that we're in a given day what it does. I think the broader narrative is very |
| 1:44.9 | explainable, which is that we're in a period of elevated volatility around pretty |
| 1:49.8 | justifiable uncertainty as to whether or not the market is going a certain direction or another |
| 1:57.7 | one. You do have a vulnerability around this earning season. We're getting |
| 2:05.9 | deeper into earning season. It hasn't quite broken, I hate using this term for a lot of reasons, |
| 2:11.7 | but it hasn't quite broken in the Darwinian direction that I think it usually does, which is to say it's not that everything |
... |
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