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Posted on November 7, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Meta will reportedly begin to lay off thousands of employees this week in what could amount to the company’s most significant job cuts since it was founded in 2004.
Apple said that iPhone 14 production has been hamstrung by Covid restrictions at its huge assembly plant in China.
PreCheck deflation: TSA is lowering the price for its PreCheck program ahead of the holiday travel season.
Mastodon, a Twitter-esque social media site, has seen a spike in users since Musk’s takeover of the bird app.
Posted on November 6, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets: Stocks closed their otherwise terrible week on a high note following another solid jobs report for October. The US economy added 261,000 jobs last month, more than expected, though the unemployment rate ticked up to 3.7%. The Fed wants to see the labor market loosen up before it’s willing to slow down its rate hikes.
Stock spotlight: Carvana, the online used car retailer that surged during the pandemic, suffered its worst day ever and closed near its all-time low. Carvana’s plunge of more than 95% this year makes it a prime example of Covid darlings that were caught flat-footed when the macroeconomic environment deteriorated and pandemic trends (like huge demand for used cars) snapped back to normal.
DraftKings stock had its worst day on record, down nearly 28%, after revealing a longer-than-expected path to profitability.
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Is China going to loosen its Covid policies? Investors pounced on rumors this week that Beijing was thinking about relaxing its draconian Covid precautions, sending Hong Kong’s Hang Seng Index to its best week in a decade. Separately, Reuters obtained a recording of a former Chinese disease control official telling a conference that China would be making big changes to its “dynamic-zero” Covid policy.
Posted on November 5, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
The clocks change at 2 a.m. to create the least disruption for early workers.
By Staff Reporters
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People who don’t have a digital clock that changes automatically will often switch their watches on Saturday night before bed. This year, Daylight Saving Time began on March 13, 2022, and ends on November 6, 2022.
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When you wake up tomorrow morning, you’ll be well rested and smacked with a pocketful of sunshine: In 48 states and DC, daylight saving time is ending overnight Sunday, which means a 25-hour day tomorrow and, going forward, darker evenings and sun-splashed mornings. And, when our clocks change every six months, it inevitably sparks debate about why we participate in this curious tradition in the first place, and whether we should just pick one time system and stick with it.
The arguments for abolishing daylight saving time
Most experts on sleep and circadian rhythms argue that tomorrow should be the last time we ever switch our clocks. They claim that, by artificially pushing the sun to set later in the evening, daylight saving time disrupts our internal clock’s natural alignment with the sun (for example, by discouraging the production of sleep-inducing hormones like melatonin). That can lead to negative impacts on our physical and mental health. Other proponents of permanent standard time point to research that shows how adopting it would reduce crime, energy costs, and car crashes. A study published Wednesday found that brighter work commutes due to permanent standard time would save about $1.2 billion in collision costs from drivers hitting deer—and prevent 37,000 deer from being killed in the process.
Congress and Politics
This March, the Senate passed the Sunshine Protection Act, which intends to, uh, protect sunshine by making daylight saving time permanent. Senators say their constituents have been flooding their phones with requests for more daylight in the evenings—to enjoy the outdoors, yes, but also to squeeze in more time to farm.
But the US has tried that before, in 1974, and it flopped miserably. Just four months after Congress approved permanent daylight standard time, it was scrapped following public backlash.
Posted on November 5, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
AFFINITY MARKETING!
Physicians and All Investors Beware!
By Staff Reporters
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Celebrity Matt Damon’s infamous “fortune favors the brave” Crypto.com commercial premiered one year ago today, and its timing couldn’t have been worse. Had you been inspired to buy $1,000 worth of bitcoin on that day (the token was then worth $60,608, near its peak price) you would have just ~$340 now.
Fortune isn’t exactly what’s favored Crypto.com in the year since the ad debuted. The price of bitcoin has plunged ~70%, the company reportedly slashed about 40% of its workforce this summer, and the YouTube version of the Damon commercial has been set to private.
Today, the coin has been pretty stable since mid-June, 2022 and hovering at around $20,000.
Posted on November 4, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. bond yields just rose to new cycle highs as the fallout from the Federal Reserve’s latest interest rate hike and commentary reverberated across markets. The policy-sensitive 2-year rate broke intermittently above 4.7%, shrinking its spread to the 10-year rate to as little as minus 60.9 basis points in a worrisome sign of the economic outlook. The 2-year yield finished the New York session at its highest level in more than 15 years.
What’s happening
The yield on the 2-year Treasury rose 13.1 basis points to 4.699% from 4.568% on Wednesday. Thursday’s level is the highest since July 25, 2007, based on 3 p.m. figures from Dow Jones Market Data.
The yield on the 10-year Treasury advanced 6.4 basis points to 4.123% from 4.059% as of late Wednesday. Thursday’s level is the highest since Oct. 24.
The yield on the 30-year Treasury climbed 2.9 basis points to 4.151% from 4.122% Wednesday afternoon.
Posted on November 3, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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CVS, Walgreens, and Walmart agree to pay $13 billion over opioids
The pharmacy chains have reached a tentative deal to settle thousands of lawsuits brought by state and local governments that accuse them of contributing to the opioid epidemic.
If the deal goes through, CVS and Walgreens will each cough up around $5 billion, and Walmart will reportedly be on the hook for $3 billion.
Posted on November 2, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Federal Reserve jut raised its short-term borrowing rate another 0.75% to slow key areas of the economy and tame inflation, which is at a 40-year high. The central bank said its new target range is 3.75%-4%, the highest level since January 2008.
The aggressive move is the latest in a string of borrowing cost increases imposed by the Fed in recent months as it tries to slash price increases by cooling the economy and choking off demand. The approach, however, risks tipping the U.S. into a recession and putting millions out of work.
The fourth rate hike of 2022 also arrives less than a week before the midterm elections.
Posted on November 2, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
CMS Cracks Down on Medicare Advantage TV Marketing
Dr. David Edward Marcinko MBA
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CMS is cracking down on deceptive marketing practices and will no longer allow Medicare Advantage or Part D prescription drug plans to advertise on television without agency approval first. The new policy is effective Jan. 1st and was discussed in an Oct. 19th memo from CMS to MA and Part D providers. The agency said it issued the new policy after reviewing thousands of beneficiary complaints regarding confusing, misleading or inaccurate information from plans — plan sponsors are also responsible for all marketing activities from brokers and third-party agencies.
“CMS has conducted so-called ‘secret shopping’ by calling numbers associated with television advertisements, mailings, newspaper advertisements and internet searches to monitor the experience beneficiaries have engaging these entities,” the agency wrote.
“Our secret shopping activities have discovered that some agents were not complying with current regulation and unduly pressuring beneficiaries, as well as failing to provide accurate or enough information to assist a beneficiary in making an informed enrollment decision.”
Source: Jakob Emerson, Becker’s Payer Issues [10/27/22]
Posted on November 1, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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GameStop Corp. is an American video game, consumer electronics, and gaming merchandise retailer. The company is headquartered in Grapevine, Texas, and is the largest video game retailer worldwide.
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Stocks dipped a bit yesterday as investors wait for the FOMC’s likely move to raise interest rates by 75 basis points again on Wednesday. But it wasn’t a total fright fest on the last day of October:
The Dow closed out its best month since 1976. Meme stocks also had another moment as GameStop shares were briefly halted after spiking early in the day. The price dropped back down later—and, as usual, no one can quite explain the unease.
Posted on November 1, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
THIS IS NOT A POST-HALLOWEEN TRICK!
By Staff Reporters
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Most hospitals seem to have enough blood in their inventory to meet the immediate needs of patients. That’s no small feat given that just this past January, the American Red Cross declared the “first-ever blood crisis,” indicating the country was experiencing “its worst blood shortage in over a decade” amid the omicron surge.
While blood centers and hospitals aim to have at least a five-day supply of blood—enough to treat trauma patients, surgical cases, blood disorders, and other issues—facilities nearly reached blood insolvency during the crisis. The Red Cross said it saw donor turnout dip after the delta variant became dominant in summer 2021, which continued as omicron took over, until blood supplies reached crisis levels in January.
“We went down to many blood centers having only a one-day supply on their shelf,” said Claudia Cohn, chief medical officer at the Association for the Advancement of Blood and Biotherapies (AABB), a nonprofit that develops standards for the industry and accredits blood centers. “Which means one significant event—like a big car crash or a natural disaster or a human-made disaster—could have wiped out the blood supply for that particular metropolitan area.”
Closing up shop: Covid lockdowns shuttered traditional venues for blood drives, including businesses and schools. Even after workers returned to the office and students to classrooms, many organizations were hesitant to allow in-person events to occur in their facilities, including blood drives.
Paying the price: Another dagger undermining the stability of the nation’s blood supply has been a drop in the price paid for blood. Changes in medical practice, like the introduction of minimally invasive procedures, have decreased demand for blood, and hospitals have been able to pay less for it.
Posted on October 27, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Plunging tech stocks are dragging the markets down and snapping a brief winning streak. Up next for the economy: The third-quarter GDP report.
America’s internet giants are slumping hard in this era of higher interest rates, lower advertising budgets, and widespread economic uncertainty
For example, Meta recently became the latest Big Tech company to post rough financial results for the prior quarter. It recorded its second straight quarter of declining revenue and provided a gloomy outlook for Q4. Perhaps Meta shouldn’t even be considered “Big Tech” anymore. Since its share price peaked in September 2021, the company lost nearly two-thirds of its value…before diving another ~20% in after-hours trading yesterday.
What went wrong? Younger people are fleeing Facebook, and investors aren’t confident CEO Mark Zuckerberg can reinvent the company as a metaverse platform. “Meta has drifted into the land of excess—too many people, too many ideas, too little urgency,” a prominent shareholder wrote this week in a scathing letter. Meta’s metaverse unit, Reality Labs, has lost $9.4 billion so far this year.
While Meta may be the poster child for Big Tech’s struggles, it’s not the only company that needs a checkup
Google parent Alphabet posted its slowest revenue growth since 2013 (outside of one early pandemic quarter), and YouTube ad sales actually fell in Q3. It’s “a tough time in the ad market,” CEO Sundar Pichai acknowledged. Alphabet shares had their worst day since March 2020.
And Microsoft also had its worst day since March 2020 after giving a disappointing forecast. Its push to dominate the metaverse is also faltering, per the WSJ.
Big view
Tech giants scored record profits during COVID, when interest rates were near zero, stimulus checks were flowing, and everyone was stuck inside with only the internet to entertain themselves. No anymore!
October is National Financial Planning Month—an ideal time to plan your financial future. The end of the year is approaching and a new one will soon begin, so this is the right time to think about what you have done in 2022 and what you could do in 2023. You might want to do something new; you may want to do some things differently.
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GREAT NEWS: But what about financial planning specificity for physicians, nurses and all medical professionals?
Posted on October 26, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Stocks are hot and posted their third straight day of gains on hope that the FOMC might end its rate hikes at some point in the future. But that streak could end today.
Alphabet shares took a tumble in late trading after the company revealed its fifth consecutive quarter of slower revenue growth. Cracks are emerging in some of its core properties: Google search and YouTube. YouTube revenue declined for the first time since Google started reporting the division’s earnings separately.
Alphabet’s total quarterly revenue growth drastically declined from 41% to 6%.
The growth rate of Microsoft’s search and news advertising business has been shrinking each quarter of the past year, coinciding with the general downward trajectory of the entire online advertising market.
Posted on October 25, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Quote: “Meta needs to get its mojo back.”
With Meta’s share price down more than 60% this year, investors are losing patience with Mark Zuckerberg’s big bet on the metaverse.
Altimeter Capital CEO Brad Gerstner, whose firm has more than 2 million shares in the company, wrote an open letter yesterday urging Meta to cut headcount expenses by 20% and keep metaverse spending under $5 billion per year to become a “more productive, and more focused company.”
We’ll see how Meta feels about its own mojo when it reports earnings tomorrow.
Posted on October 23, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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For months, traders, academics, and other analysts have fretted that the $23.7 trillion Treasury market might be the source of the next financial crisis. Then last week, U.S. Treasury Secretary Janet Yellen acknowledged concerns about a potential breakdown in the trading of government debt and expressed worry about “a loss of adequate liquidity in the market.” Now, strategists at BofA Securities have identified a list of reasons why U.S. government bonds are exposed to the risk of “large scale forced selling or an external surprise” at a time when the bond market is in need of a reliable group of big buyers.
“We believe the UST market is fragile and potentially one shock away from functioning challenges” arising from either “large scale forced selling or an external surprise,” said BofA strategists Mark Cabana, Ralph Axel and Adarsh Sinha. “A UST breakdown is not our base case, but it is a building tail risk.”
Posted on October 23, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The IRS just said that the maximum contribution that an individual can make in 2023 to a 401(k), 403(b) and most 457 plans will be $22,500. That’s up from $20,500 this year.
People aged 50 and over, which have the option to make additional “catch-up” contributions to 401(k) and similar plans, will be able to contribute up to $7,500 next year, up from $6,500 this year. That’s means a 401(k) saver who is 50 or older can contribute a maximum of $30,000 to their retirement plan in 2023.
The IRS also raised the 2023 annual contribution limits on individual retirement arrangements, or IRAs, to $6,500, up from $6,000 this year. The IRA “catch-up” contribution limit remains at $1,000, as it’s not subject to an annual cost of living adjustment, the IRS said.
Posted on October 20, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Elon Musk gets good news and bad news
Tesla just reported its highest ever quarterly revenue of $21.5 billion. But that still fell short of analyst expectations, so shares fell about 5% after the announcement.
And, although Tesla stock has declined around 37% since the beginning of the year, Musk remained optimistic, saying he can see a future where the company ends up “worth more than Apple and Saudi Aramco combined.”
Posted on October 19, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets: Strong earnings reports for the stock market’s tortured participants. Stocks climbed for the second straight day after companies including Goldman Sachs, Netflix, and Lockheed Martin topped Q3 estimates. Tesla’s up later today.
Metawill sell Giphy after UK regulators blocked its $400 million acquisition from going through.
Posted on October 18, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Dr. David Edward Marcinko MBA
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DEFINITION: A Colonoscopy and/or sigmoidoscopy are procedures that let your doctor look inside your large intestine. They use instruments called scopes. Scopes have a tiny camera attached to a long, thin tube. The procedures let your doctor see things such as inflamed tissue, abnormal growths, and ulcers.
EDITOR’S NOTE: The ME-P does not normally discuss medical or clinical matters. But, this report is noteworthy to all.
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About 15 million colonoscopies are performed in the US yearly as part of standard preventive care for adults over 45, but a new study has called into question whether all the footage from those tiny cameras is really necessary.
Over a 10-year period, people who had the screenings were 18% less likely to develop colon cancer than people who didn’t, according to the study in the New England Journal of Medicine. However, the risk of death from the cancer for both the screened and un-screened was about the same, hovering around 0.3%.
Posted on October 18, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Goldman Sachs is planning a major overhaul that would combine its investment banking and trading businesses into one unit and its asset and wealth management branches into another.
Posted on October 17, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
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Emerging Digital Health Trends
BY Bertalan Meskó, MDPhD
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Digital technologies have completely transformed our lives in the last couple of years and started to entirely reshape the landscape of healthcare. Yet, this is only the beginning. Huge waves of changes are on their way. The future of healthcare is shaping up in front of our eyes with advances in digital healthcare technologies.
And so, here is the latest research, from the Medical Futurist’sHype Cycle Of The Top 50 Emerging Digital Health Trends.
The Medical Futurist’s Hype Cycle Of The Top 50 Emerging Digital Health Trends
Quantum Computing 3D Bioprinting Facial recognition in hospitals Vocal biomarkers 3D printing prosthetics Robots in hospitals Augmented reality in patient education A.I. in drug design Augmented reality in medical education Medical transportation platforms Private 5G in healthcare At-home lab tests 3D printing drugs Medical drones A.I. in diagnostics Voice-to-text apps A.I. in medical decision-making Nutrigenomics 3D printing equipment Virtual reality in patient education Chatbots Portable diagnostic devices Augmented reality in surgery Portable ultrasound devices Virtual reality in staff training Robots in rehabilitation A.I.-based prosthetics Longevity research Nutrition devices Employee wellness programs Exoskelotons Clinical trial recruiting Clinical trial management Remote care apps Cloud computing Nutrition apps Robot companions Medication management solutions Personal genomics services Microbiome testing Remote care platforms Digital health insurance Smartwatches Wearable health devices Personal Health Records Electronic Medical Records Smartphone health apps Mental health apps Fitness trackers Virtual reality in pain management
Posted on October 16, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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“Increases in the shelter, food, and medical care indexes were the largest of many contributors to the monthly seasonally adjusted all items increase.”—Bureau of Labor Statistics’s Consumer Price Index Summary
According to Betterment, one of the world’s largest robo-advisors, whose consumer-facing investment offerings make virtually no use of machine learning. [Emerging Tech]
Posted on October 15, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Major banks report third quarter results, which should give an indication of the health of the US economy and financial system. So, investors, experts and regulators, who wonder about the health of the American economy and the banking system, will finally have a first and clear diagnosis.
The monetary policy of the Federal Reserve has alarmed many economists who fear that such an aggressive rise in interest rates will cause the so-called hard landing of the economy in a recession.
Posted on October 14, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Kanishka Singh
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WASHINGTON (Reuters) – The United States on Thursday extended the COVID-19 pandemic’s status as a public health emergency for another 90 days, thereby preserving measures like high payments to hospitals and expanded Medicaid.
The extension was announced by U.S. Health Secretary Xavier Becerra on Thursday. Last month, President Joe Biden said in an interview that “the pandemic is over,” which prompted criticism from health experts.
Posted on October 14, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Inflows to domestic stocks neared a record last week as bets on a bottom forming spurred major dip-buying across U.S. equities. The optimism, however, is likely premature, according to Bank of America.
Analysts at the bank just noted that allocations to equities reached the third-highest sum since 2008 during the five-day period, according to client data — a sign investors believe indicates that the market sell-off is nearing an end.
But BoA contested the notion that the worst is behind for the stock market
“Last week, during which the S&P 500 rallied 1.5% off recent lows, clients were big net buyers of U.S. equities,” the analysts stated, noting that the $6.1 billion total of inflows was the third largest inflow in the banks data history since ’08 and the fifth consecutive week of inflows.
Posted on October 13, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Social Security just announced an 8.7 percent cost of living adjustment, the largest inflation adjustment to benefits in four decades — a welcome development for millions of older Americans struggling to keep up with fast-rising living costs.
The Dow Jones Industrial Average dropped 500 points at the starting bell, down 1.7% and undercutting its Sept. 30th low. The S&P 500 index sank 2.3% and the NASDAQ composite swooned 3%.
Then Stocks Soared Despite the Hotter-Than-Expected Inflation Report
U.S. equities closed out the day noticeably higher, ending six-straight days of declines, despite the release of today’s key inflation data. The markets seemed to shrug off another hotter-than-expected consumer price inflation (CPI) report, which boosted expectations that the Fed will have to remain aggressive with its monetary policy tightening plans.
Posted on October 13, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Economy: Yesterday brought more sinister inflation news when the September producer price index, which measures wholesale prices, came in higher than expected.
But the headliner is today when the consumer price index appears. Economists predict core inflation will hit a 40-year high, according to Bloomberg, so none of this is likely to get the Fed to chill on rate hikes.
Posted on October 12, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Cathie Wood, whose tech-heavy ARK Innovation ETF fell more than 60% this year after soaring during the pandemic, fired off an open letter to the Fed saying rapid rate rises are a mistake.
Posted on October 12, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
R.I.P.
By Staff Reporters
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CNN was just accused of a “rug pull” after it suddenly shut down its Web3 project Vault by CNN, leaving collectors blindsided. The news network sparked outrage among collectors who paid thousands for non-fungible tokens sold by Vault, CNN’s own NFT marketplace, which was set up in 2021 to “offer collectors the opportunity to own a piece of history.” Investors could pay for digital ownership of CNN news reports or artistic interpretations.
Members were told that the company had decided to end what it said was originally a “6-week experiment” and that they would be compensated “pro rata based on the total purchase price of each wallet’s NFTs according to a snapshot taken on October 6, 2022.” A separate message from CNN staffer “Jason” confirmed that this would amount to “roughly 20% of the original mint price for each Vault NFT owned.”
Developers also added that the NFTs would remain under the ownership of those who bought them, and that the website would remain open to be used as a marketplace so that collections could still be viewed. Additionally, unsold NFTs are to be burned, making the remainder “rarer.”
Posted on October 11, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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STOCKHOLM (AP) — Former U.S. Federal Reserve Chair Ben Bernanke, who put his academic expertise on the Great Depression to work reviving the American economy after the 2007-2008 financial crisis, won the Nobel Prize in economic sciences along with two other U.S.-based economists for their research into bank failures.
Posted on October 10, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Mohamed El-Erian, Allianz’s chief economic advisor just opined that the U.S. is heading toward a recession that was “totally avoidable” amid ongoing concerns about inflation and economic stability.
“I fear that we risk a very high probability of a damaging recession that was totally avoidable,” El-Erian told CBS’ “Face the Nation,” arguing that the Federal Reserve has made mistakes that will “go down in the history books.”
“One is mis-characterizing inflation as transitory. By that, they meant it is temporary, it’s reversible, don’t worry about it. That was mistake number one. And then mistake number two, when they finally recognized that inflation was persistent and high. They didn’t act. They didn’t act in a meaningful way,” El-Erian said.
Posted on October 10, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Inflation data incoming. Thursday’s consumer price index release will show how much we got clobbered by inflation in September. Last month, inflation came in hotter than expected, leading to a market rout. Economists hope to see some cooling in “core CPI,” which strips out food and gas prices, this time around.
Earnings season is back. A stock market that’s already on edge could get another jolt of volatility this week as corporations begin to report their Q3 earnings, starting with PepsiCo on Wednesday. These reports will reveal how companies are coping with the Fed’s interest rate hikes.
The World Bank and the International Monetary Fund will hold their annual meetings in Washington, DC, this week amid great macroeconomic uncertainty.
Posted on October 10, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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It’s a regular day of business for the U.S. stock market in 2022, as equity exchanges stay open for Columbus Day, a federal holiday that also has been recognized as Indigenous Peoples’ Day.
Bond markets, however, take the day off, which means a long weekend for the Treasury market, corporate bonds and other forms of tradable debt.
Stocks have endured a brutal selloff in the first nine months of the year as the Federal Reserve has worked to fight inflation that’s been stuck near it highest levels since the early 1980s. The central bank’s main tool to battle inflation has been to dramatically increase interest rates, while also shrinking its balance sheet, in an effort to tighten financial conditions and squelch demand for goods and services, while also bringing down stubbornly high costs of living, including food, shelter and energy prices.
The jobs report for September pegged the unemployment rate as matching a prepandemic low of 3.5%, dashing hopes for now of a significant trend toward a pullback in the labor market.
Posted on October 9, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Fed is poised to raise interest rates just one more time in November before stopping, according to Ed Yardeni. That’s because there is a growing risk that financial markets are on the verge of instability due to a soaring US dollar.
“The soaring dollar has been associated in the past with creating financial crisis on a global basis,” Yardeni just told told Bloomberg.
Posted on October 5, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Dow surged 825 points, or 2.8%. The Dow has soared more than 1,500 points in the past two days. It is now back above the key 30,000 milestone and is about 18% off its most recent record high, meaning that is no longer in a bear market.
The S&P 500 and Nasdaq gained 3.1% and 3.3%, respectively. But both of those indexes remain in bear territory, at more than 20% off their all-time highs.
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The UK is scrapping its plan to remove the 45% top rate of income tax, calling it a huge distraction from other priorities. The plan, which the government defended just recently, caused a mini-financial meltdown before the Bank of England stepped in with emergency measures.
Posted on October 4, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
Fed Official Says Inflation Fight Will Take Time, Despite Signs of Progress
Bringing inflation down from 40-year highs is likely to take time and will require a slowdown in economic growth and reduced demand for workers by employers, a Federal Reserve official said yesterday.
Those efforts are showing tentative signs of progress, said Fed governor Philip Jefferson, in his first public remarks since taking office in May. But Mr. Jefferson also said he remains concerned that higher prices could change consumer expectations around inflation in a way that makes further price increases self-fulfilling.
Posted on October 3, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Quote: “Maybe Oprah would be interested in joining the Twitter board if my bid succeeds.”
Floating Oprah as a Twitter board member to CBS anchor Gayle King is just one of many juicy Elon Musk texts that were released yesterday ahead of the Musk v. Twitter trial.
Also included in the treasure trove: Oracle co-founder Larry Ellison pledging $1 billion to Musk’s take-private bid because “it would be lots of fun” and former Twitter CEO Jack Dorsey endorsing Musk’s attempted takeover because, “It’s too critical for humanity.”
Posted on October 3, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Leaders at the Swiss bank tried to calm down investors and clients after concerns mounted about its weak financial position, the FT reported.
Credit Suisse’s stock price has fallen to a record low and spreads on its credit default swaps have spiked, suggesting that investors are worried about it potentially defaulting.
CEO Ulrich Körner fired off a memo assuring employees that the bank has a “strong capital base and liquidity position,” but it remains in a “critical moment” ahead of a massive overhaul.
Posted on October 1, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The FOMC just reiterated calls for aggressive policy to combat stubbornly high inflation—fueling expectations for bigger rate hikes amid a stock-market sell-off that’s seen major indexes hit new lows for the year—and some analysts project the losses could only deepen.
Expectations for rate hikes climbed amid the comments, with markets pricing in an end-of-year rate of 4.5%—above the 4.4% rate Fed officials projected earlier this month, which itself was one percentage point higher than the forecast in June.
Posted on September 30, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Major US indexes plunged after staging a relief rally in the prior session.
UK prime minister Liz Truss stood by proposed tax cuts, despite a chorus of vocal critics.
US Treasury yields hit multi-year highs this week as markets react to growing recession fears.
Stocks recovered from their steepest losses of the day, with the Dow Jones Industrial Average down over 600 points and the NASDAQ lower by nearly 4% at one point in the afternoon. Major indexes still ended deep in the red, though, with the S&P 500 hitting a new closing low for the year.
UK prime minister Liz Truss said that she stood by the government’s plan to cut taxes, which earlier in the week rocked markets and sent the pound falling last week to 37-year lows. Top economists including Paul Krugman, Mohamed El-Erian, and Nouriel Roubini have ripped into the new fiscal policy, warning that it could set UK inflation surging even higher and require more aggressive moves by the central bank, upping the risk of recession.
Posted on September 29, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Alzheimer’s new drug shows promise
Lecanemab, an Alzheimer’s drug from Eisai and Biogen, slowed cognitive decline in patients with early Alzheimer’s by 27% over 18 months in a final-phase trial, the companies said recently.
That rate of decline met the study’s targets and offers hope to the 6 million people in the US with Alzheimer’s that their dementia can be slowed down or delayed. The companies hope lecanemab will fare better commercially than their previous Alzheimer’s drug Aduhelm—which was a flop.
Posted on September 29, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Bank of England steps in to soothe markets. The Bank of England moved to quell the market panic caused by the British government’s recent announcement of major tax cuts, saying it would buy 65 billion pounds ($69 billion) worth of bonds and push off its plans to sell bonds to prevent “a material risk to UK financial stability.”
So, it looks like the central bank did manage to get investors to keep calm and carry on: The pound, which had been crashing, stabilized and bond markets across the globe rallied after the news came out.
Posted on September 29, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Wall Street HIT with $2 billion in fines!
The three-martini lunch may dwindle to two after a dozen of the largest finance firms agreed to pay more than two billion dollars to settle probes from the SEC and CFTC.
Those regulators claimed that the banks failed to adequately manage employee communication.
And, for the second time in a decade, Regions Bank was found to have charged illegal overdraft fees, the government in a settlement that will require the bank to repay $141 million to customers and pay an additional $50 million in fees.
On September 13, 2022, Representatives Ami Berra (D-CA-7) and Larry Bucshon (R-IN-8) introduced the Supporting Medicare Providers Act of 2022 (H.R. 8800), which aims to infuse the Medicare Physician Fee Schedule (MPFS) with a 4.42% funding increase for 2023. With a bipartisan coalition of 12 co-sponsors, the bill would have the practical effect of negating the impending 4.42% cut to the MPFS conversion factor. This Health Capital Topics article will review the bill, discuss its support, and examine its potential implications. (Read more…)
The Federal Reserve now owns $2.6 trillion in mortgages. That means about 24 percent of all outstanding residential mortgages in this whole big country reside in the central bank.
Posted on September 28, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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An index tracking US home prices posted a monthly drop in July for the first time since 2012, signaling the end of a decade long bull market that went sky-high during Covid-19.
Expensive West Coast metros—San Francisco, Seattle, and San Diego—saw the biggest declines.
Posted on September 28, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Porsche Mega-IPO
Out of the ashes of this year’s brutal IPO market rises Porsche. The Volkswagen-owned luxury automaker will list shares publicly on the Frankfurt Stock Exchange this week, and if it hits its valuation target of $75 billion, it would be Europe’s third-largest IPO ever.
The Porsche IPO is penciled in for September 29th. It’s likely to be one of the largest in European stock market history, and could well be the financial event of the year.
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