Italians make in real terms less today than they used to in 1990, one really needs to admire how calm they stay about it.
Chart: Michel A.Arouet, @heimbergecon
BREAKING: US consumers' average 5-10 year inflation expectations have spiked to 5.6%, the highest in 31 years.
This measure increased by ~2 percentage points in just a few months. By comparison, median inflation expectations are around 3%, in-line with the readings seen over the last 3 years. Meanwhile, CPI inflation has been above 3% for 38 consecutive months, the longest streak since the 1990s. Will inflation stay a major issue in H2 2024? Source: The Kobeissi letter, Bloomberg
Tesla is making the comeback of the year...
Tesla, $TSLA, is now the 12th largest public company in the world. Since the April 2024 low, Tesla stock is now up over 80% and has added $350 BILLION in market cap. The stock is also now just 1.5% away from being UP year-to-date after falling nearly 40% in the first 4 months. If $TSLA hits ~$257 per share, it will be one of the top 10 largest public companies in the world. Just 2 months ago, Tesla briefly fell off the top 20 list as worries over the EV market arose. Source: Kobeissi Letter
Latin phrases you should know...
Source: Massimo @RainMaker73
Kamala Harris and Joe Biden's odds of securing the Democratic presidential nomination have converged...
Source: Bloomberg, Michael McDonough
Odds of Biden winning democratic 2024 presidential nominee are collapsing as NYT said Biden told ally he is weighing whether to continue in race
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As of this morning, betting markets are giving VP Harris higher odds of being President after the 2024 Election than current President Biden.
The cross has happened. Source: Bespoke
Good to know Mrs Lagarde...
ECB President Christine Lagarde said Tuesday that Taylor Swift’s Eras Tour is not alone in keeping inflation high across the euro zone. “It’s not just Taylor Swift, you know,” Lagarde told CNBC’s Sara Eisen in Sintra, Portugal. “Others have come as well.” Terms such as “Swiftflation” and “Swiftonomics” emerged last year following a surge in spending on services such as hotels, flights and restaurants around her performances.
