The Biden administration announced it would automatically cancel education debt for 804,000 borrowers
The Biden administration announced it would automatically cancel education debt for 804,000 borrowers, for a total of $39 billion in relief. The debt cancellation is a result of the administration’s fixes to repayment plans, which included updated counts of borrowers’ payments. Source: CNBC
$JPM JP Morgan Chase Q2 FY23 numbers
$JPM JP Morgan Chase Q2 FY23 numbers • Net revenue +34% Y/Y to $41.3B ($2.5B beat). • Net Income $14.5B. • EPS: $4.37 ($0.61 beat). • CET1 ratio of 13.8%. $2.7B First Republic bargain purchase gain in Corporate. Source: App Economy Insights
Disinflationary trends in the US
Disinflationary trends in the US 1) CPI Inflation: 3.0%, Lowest since March 2021. 2) PPI Inflation: 0.1%, Lowest since August 2020. 3) Import Prices: -6.1%, Lowest since May 2020. 4) Export Prices: -12%, Lowest on record. Source: Charlie Bilello
The NASDAQ (in yellow) has been massively decoupling from the FED balance sheet (in purple)
Source: The Market Ear, Refinitiv
S&P 500 peak in January 2022 vs. peaks in October 2007 and March 2000...
Source: Charlie Bilello
The spread between US CPI and PPI is a good omen for corporate profit margins
The spread between US CPI and PPI is a good omen for corporate profit margins. This is key to widening profit margins. Companies are able to boost the prices they charge consumers more and more relative to their input cost. The spread between y/y CPI and PPI remains at the widest levels since the current incarnation of PPI started in 2011. Source: Bespoke, Lisa Abramowicz
The sp500 has been anticipating the improvement in earnings (ex-Energy) expectations so far. Can these expectations be met?
Source: Bloomberg (Gina Martin Adams for the #chart)
The sp500 is now 3% above the level it was at when The Fed first hiked #rates in March 2022...
The #sp500 is now 3% above the level it was at when The #Fed first hiked #rates in March 2022...
