David Haggith, head of The Daily Doom, brings us "The News, Before the News" with a review of the macroeconomic data, fundamental outlook, and technical vantage point.
- David was one of the few analysts to correctly predict the Fed's hawkish rate stance.
I've been leading up to this whole Fed meeting that was coming. So let's go back to that – saying that the Fed was not going to Pivot back. I mean, way back when, everybody was saying, they were so we got here to the March meeting and it was by that time. No, I'm surprised to anybody that the Fed didn't pivot, everybody come to realize, no, that just isn't going to happen.
- The Fed Funds Futures contract remains steady, not budging, for several consecutive meetings.
- The current FFF's probabilities suggest only 1-2 rate cuts maximum in 2024.
- The inflation canary in the mine, gold, continues to call for higher prices.
I think a lot of people, you know who weren't around in the 70s to really experience a real inflation fight...didn't realize how hard that is. I think well, you know the Fed will change interest rates, it'll go back down and it did and they didn't realize just how much the easy stuff goes down, the low-hanging fruit and then you get into the real fight and you get into the quagmire and you're fighting in the trenches and the mud – and that's where we are inflation now. And it fights back.
...and now they're, you know, they're starting to see that and I think all of those things you've just listed and that's kind of what I was hoping is that you would list quite the number of things that are pushing up the price of gold and one of them has to be the inflation fear factor. Go back to that last chart you had of inflation there, and I'll point out something...the change happened right there. June to July [2023]. You can just see it just snap right there.
- Now that inflation has been unleashed, containing the specter is proving a daunting task.
- We review the BLS Inflation Chart, the FRED's Unemployment Chart and related indexes.
- Is the rising price of crude oil emblematic of higher inflation to come?
- We review the chart of Cisco circa 2020 Peak of 40x and nVidia's 20x peak of 2024 - is this near the ultimate zenith?
- In the financial sector, Major Lenders continue to outperform many sectors - how are regional banks?
About the author
Chris Waltzek is host, executive producer, writer/editor, best-selling author, webmaster, sound engineer and computer guru at Goldseek.com Radio. He earned his bachelors degree in Business Economics and holds a dual MBA in Business Economics & Information Systems. Upon graduation he worked as the firm-wide Industry Analyst at one of the nations largest law firms, Jones, Day, Reavis, Pogue. Chris is currently a Ph.D. student in Management / Finance at NCU.
