Tether 2023 net income put into perspective
Unlike the banking giants who employ thousands of people, the number of employees at Tether is (officially) 125.
BREAKING: US NFP at 353k way above the estimated 185k, Wages came in hotter than expected +4.5% YoY vs +4.1% expected.
The December jobs report has been revised UP, showing 333,000 jobs added rather than the 216,000 originally reported. This breaks a 10-month trend of downward revisions in the reported jobs number. Meanwhile, average hourly earnings in January rose 0.6%, DOUBLING expectations. Unemployment rate held flat MoM at 3.7% (the Street was anticipating 3.8%). Note that according to the Household survey, the number of employed people dipped by 31k MoM, so US Non-farm-payroll report is not as hot as at 1st sight. Source: Bloomberg, HolgerZ
The Fed's balance sheet is now at its lowest level since March 2021, down $1.3 trillion from its peak in April 2022.
How much more QT is needed to unwind the massive QE from March 2020- April 2022? $3.5 trillion. Source: Charlie Bilello
If you cannot afford your rent, you are in good company.
According to Harvard University, half of all renters in the United States are paying more in rent than they should. That is defined as using up more than 30% of your income. The good news is rent is coming down in most of the country. The median asking rent is just above $1,700, which is down $63 from its peak in July 2022. That number is going to vary from city to city, but even in Manhattan, rents dropped for the first time in more than two years in November. https://lnkd.in/e_dmjidG
The US Treasury will hold some of its largest-ever debt auctions in the coming three months in an effort to fill the yawning federal budget deficit.
The Treasury said on Wednesday it would increase the size of auctions at most maturities for the next three months, with two-year and five-year auctions hitting record sizes. The five-year auction in April, for $70bn, would be the biggest ever for debt with a maturity of two years or more. The US has been increasing its borrowing over the past few quarters, as the gap between government spending and tax revenue has grown. The federal deficit stood at $1.7tn last year. Source: FT https://lnkd.in/eSyQHXu9
Tesla $TSLA forms its first Death Cross since May 2022
Source: barchart
The Fed said that a March rate cut is "unlikely," yet futures are still pricing in a 39% chance it happens
Even as the Fed said they cannot cut rates until inflation is comfortably moving to 2%, markets still see 6 cuts in 2024. There's even a growing 23% chance of 7 interest rate cuts this year. Markets are pricing in a rate cut at EVERY remaining Fed meeting this year. As highlighted by the Kobeissi Letter, if the Fed is on track for a "soft landing," why do we need to many rate cuts? Source: The Kobeissi Lette
In 1997, Apple lost $1 billion. Today? $1 billion in profit every 3 days.
Source: Jon Erlichman
