Good Morning all!

Big data week: CPI tomorrow, Fed rate decision on Wednesday, retail sales, jobless claims, regional and national manufacturing and industrial production on Thursday and PMIs on Friday. Buckle up!

Prices as of 4:00 PM EST 12/9/22; % YEAR-ROUND

MARKET UPDATE

In this week

• Tuesday consumer price index

• Wednesday FOMC meeting

• Thursday retail sale

• Friday PMI

What do we expect from Powell?

• Wednesday Fed Funds Rate from 4% to 4.5%

• 4.5% to 5% in 2023, then suspended

Raw 71.80 +0.5%

• Higher this morning as we received further China Covid rule changes over the weekend

• Putin said Russia has a production deal with other OPEC+ members, so a drastic move to cut production is only one option

• The short Brent and WTI position hit an 11-month high

Microsoft MSFT

• Purchase of a 4% stake in the London Stock Exchange Group

• In return, Microsoft will receive a 10-year partnership for cloud computing services

• Thomson Reuters (listed in Canada) gross revenues of $1 billion

Coupa software COUP

weaver WEBR

Brookfield Wealth Management BAM

• Officially completed separation of their asset manager

• BN Brookfield Corp, Wealth Management, Insurance Solutions, Operations, A3 Moody’s Bond Rating

• BAM 25% stake in their wealth management business

merits

CRYPTO UPDATE

Uniswap Fee Switch poll this week

• Aim of fee change = increase trading volume, liquidity and sustainability

• Would implement 10% fee

• Additional fees accrued by the Treasury that are not distributed

• Uniswap UNI/USD is the largest DEX after fees

Launch of the Neon Labs mainnet

Investors are taking crypto off exchanges at record levels

• November: 91,363 Bitcoin were withdrawn from exchanges

  
  

• Biggest bitcoin BTC/USD outflow on record

• October: 75,294 bitcoin withdrawn

memes of the day