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On today’s show we discuss:
- Strong household finances mean the Fed might have to do more
- $8 trillion in household wealth lost compared to the end of 2021
- Softbank cutting startup investments 50-75%
- The average age of US vehicles hit a record 12.2 years
- New car prices continue to rise
- UK inflation hits 40-year high
- Fed will keep pushing until inflation comes down
- The Feds plan from March 2021
- Jay Powell’s interview with Marketplace
- A recession isn’t in the cards according to Neil Dutta
- Mike Simonsen’s podcast on today’s housing market
- ABNB via The Science of Hitting
- Target earnings
- Walmart earnings
- Snapchat earnings
- 88% of startups are worried about fundraising
Future Proof Festival:
Bond mutual funds hit with their worst week of outflows since March 2020, about $23b, which is now the 13th straight week of outflows, YTD tally up to -$157b. pic.twitter.com/srD5GbTFUW
— Eric Balchunas (@EricBalchunas) May 20, 2022
Pretty impressive ETFs took in nearly $50b over past rolling 1mo period (below) which saw $SPY drop 8%. Big reason: bond ETFs, they accounted for $32b of that number having only taken in $17b YTD prior to that. On flip tho, bond MFs saw $65b in outflows during same stretch. pic.twitter.com/oehoxqJ07q
— Eric Balchunas (@EricBalchunas) May 23, 2022
Target date funds account for 40% of total assets in 401k plans Vanguard Group administers, up from 12% in 2010.
TDFs also take in 60% of new contributions to Vanguard’s 401k plans.
— Nate Geraci (@NateGeraci) May 24, 2022
Over the last 64 years, stocks that paid no dividend had returns that were no higher than the market but with risk that was definitely higher. pic.twitter.com/ds8xhsyAVK
— Jeff Weniger (@JeffWeniger) May 19, 2022
JPMORGAN: “The national average US retail gasoline price topped $4.50 a gallon for the first time last week .. With expectations of strong driving demand, US retail price could surge another 37% by August to a $6.20/gal national average.” [Kolanovic] #OOTT
— Carl Quintanilla (@carlquintanilla) May 23, 2022
'Unretirements' continue to rise. As of April 2022, 3.3% of workers who were retired a year earlier are now employed. pic.twitter.com/TnHpGFTUAC
— Nick Bunker (@nick_bunker) May 18, 2022
UK consumer confidence fell to its lowest level in at least 48 years. https://t.co/hr5Bqx4u90
— Lisa Abramowicz (@lisaabramowicz1) May 20, 2022
Hiring freezes and layoffs “are a massive trend in tech” right now, says B of A.
— Carl Quintanilla (@carlquintanilla) May 24, 2022
Yeah that's gunna leave a mark pic.twitter.com/4GhEovd5kO
— George Pearkes (@pearkes) May 19, 2022
Don't be fooled though, demand still plenty strong. The median price of single family homes in the US hit $435,000. New record. Likely 3 weeks of small price gains left in the season. June 5 hit $440k?
(see the video for details)
— Mike Simonsen 🐉 (@mikesimonsen) May 16, 2022
— Trading Economics (@tEconomics) May 24, 2022
Per Nielsen, streaming was >30% of total U.S. TV time in April 2022 pic.twitter.com/dc7ImjXbCV
— Alex Morris (TSOH Investment Research) (@TSOH_Investing) May 23, 2022
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