Long COVID hurts oxygen utilization: https://fortune.com/well/2022/10/12/new-long-covid-symptom-workout-exhaustion/ . This newly discovered symptom certainly represents another reason to fear long COVID. People really need to keep their booster status current. Of course, most folks are currently failing to do that, even with free treatment.
US approves omicron-specific boosters for kids over 5: https://apnews.com/article/science-health-business-covid-daaf1a4e5223d3b1251c4606b422ee0d . WSJ: More: https://www.wsj.com/articles/covid-19-boosters-targeting-omicron-authorized-for-kids-as-young-as-5-11665582983 .
Telemedicine popular with women, seniors and city dwellers: https://www.usnews.com/news/health-news/articles/2022-10-13/women-older-adults-more-likely-to-use-telemedicine-in-2021 . Women and seniors are unsurprising entries on this less. Rural folks have a mentality of toughing illness out, an unwise mindset. Telemedicine could be incredibly useful to them if their insurance will pay for it.
Developing Adderall shortage: https://www.usnews.com/news/us/articles/2022-10-12/u-s-fda-announces-shortage-of-adhd-drug-adderall .
European COVID wave grows: https://www.usnews.com/news/world/articles/2022-10-12/europe-likely-entering-another-covid-wave-says-who-and-ecdc .
WSJ: Ebola in Uganda spreads to capital: https://www.wsj.com/articles/deadly-ebola-outbreak-spreads-to-ugandas-capital-11665598506 .
NASA reports charging technology breakthrough for electric vehicles: https://www.aol.com/nasa-says-space-tech-could-210533329.html . The ability to recharge within 5 minutes makes “pit stop” time comparable to gas vehicles, and will be a gamechanger in the convenience of EVs.
Record US electric power consumption: https://money.usnews.com/investing/news/articles/2022-10-12/u-s-power-use-to-reach-record-high-in-2022-as-economy-grows-weather-hotter-eia . One hopes the Biden infrastructure investment in improving the grid proceeds rapidly: https://www.whitehouse.gov/bipartisan-infrastructure-law/#powerinfrastructure .
An expert fails to understand the Fed: https://www.marketwatch.com/story/the-stock-market-is-in-trouble-thats-because-the-the-bond-market-is-very-close-to-a-crash-11665498623 . Mr. McDonald is correct that there have been serious losses in the bond market, and investors have not yet seen the full balance sheet impact within corporations. One place we may see that is in the big banks’ earnings reports, many coming on this Friday, October 14. However, his conclusion that the Fed will pivot to a 50 basis increase in November and then stop raising rates is, in my view, off the wall and off the table.
As repeatedly noted here, the Fed has said as definitively as possible that their focus is on inflation. The Fed would have no credibility if they flipped in order to halt bond market losses. Anyone with even the most limited understanding of bonds knows that raising rates directly raises yields, which devalues bonds. That is, the Fed already knows that rapid rate increases crash bond prices. Mr. McDonald has somehow lost sight of this very basic economic fundamental.
One more point before leaving this topic: The US Treasury market yield is seriously inverted right now. Long-term rates are supposed to be higher than short-term rates. When the short-term rates are higher, the market is predicting a recession. At today’s close, a 2 year Treasury had a yield of 4.29%. All longer term Treasuries had lower yields, the lowest being the 30 year Treasury at 3.87%. And we know the Fed will be raising rates further. Anyone continuing to own longer-term Treasuries now is basically nuts. That yield has to go up substantially, and therefore the longer term bonds must drop in value.
Even more bad news for Mr. McDonald and the Fed: https://finance.yahoo.com/news/economists-think-one-key-inflation-171819185.html . The Fed has been clear they will take a recession in order to reverse inflation. We’re pretty much going deeper into that hole.
WSJ: US stock movements highly correlated: https://www.wsj.com/articles/stocks-move-in-lockstep-as-feds-rate-increases-show-no-mercy-11665546433 . Yes, the market is focused on macro trends. But no, the market is unable to digest the meaning of the Fed moves as clearly stated by the Feds. For those of you who invest, when the market bottoms, picking individual stocks would be the best strategy. Or, you can try to identify which sectors have been most undervalued by this correlated movement.
Ukraine shoots down 4 Russian helicopters in 18 minutes in southern Ukraine: https://www.yahoo.com/video/ukraines-air-force-shoots-down-103015616.html . Putin has not had a good week in a long time. Russian soldiers need to desert to live, because they are going into a meat grinder that sharpens its blades on them.
WSJ: Our military experts don’t understand warfare, period: https://www.wsj.com/articles/how-ukraines-strategy-is-running-circles-around-russias-lumbering-military-11665584517 . What a stupid analysis. Maneuverability has been a key decider in warfare for a very long time. World War II: The German blitzkrieg, Patton’s rapid troop movements. The Revolutionary War: Washington crosses the Delaware, the redcoats march in full-dress formation. The Mongol invasion: Genghis Khan’s troops sweep forward on horseback. The Punic Wars: Hannibal and the elephants. Ancient Egypt: Chariots.
These experts do need to study the Ukrainian war. They’ve missed the lessons of the last 3,500 years. By the way, all of the examples above also created significant psychological advantages for the victors, by striking the fear of speedy surprise into their enemies’ psyches.
WSJ: Air defense system for Ukraine: https://www.wsj.com/articles/u-s-allies-to-help-ukraine-build-air-defense-against-russian-attacks-11665601888 . More: https://www.wsj.com/articles/ukraine-appeals-for-more-support-from-west-as-russia-resumes-strikes-11665573469 .
President Biden hits the Alito nail on the head: https://www.nbcnews.com/politics/supreme-court/biden-says-supreme-court-advocacy-group-evenhanded-rcna51864 . This is brilliant criticism. I wish I’d have thought of this description of the problems at the Court. The five conservatives simply do not understand the basis of the law in the way that Chief Justice Roberts does (well, or Joe Biden, or most talented attorneys). Clearly the five have destroyed public trust, which is THE basis of the Court’s power. Those of us who believe in American democracy have to wait for one of these 5 weak minds to leave the Court. The most probable departure would be Clarence Thomas’ death.
That’s really a horrible thing to need to save the Court and the rule of law. Of course, everyone passes at some point. But McConnell’s theft of two seats on the Court has created a serious imbalance that is tearing down this institution at the center of American (and global) jurisprudence.
Jury hammers disgusting pig Alex Jones: https://news.yahoo.com/alex-jones-ct-jury-sandy-hook-defamation-trial-200018013.html . The jury awarded total compensatory damages of $965 million to 15 plaintiffs. Punitive damages will be considered next, and those could be a multiple of the compensatory award. The disgusting pig was hosting his show live while the verdict was read, asking listeners for donations to appeal the case. Jones, by the way, is estimated to be worth between $135 and $270 million, all made from his promotion of baseless conspiracy theories. It is beyond rationality for anyone to listen to this crap. More: https://www.cnn.com/business/live-news/alex-jones-sandy-hook-trial-decision/index.html . WSJ: More: https://www.wsj.com/articles/jury-orders-alex-jones-to-pay-more-than-950-million-to-sandy-hook-families-for-defamation-11665604838 .
Small number of Oath Keepers attended January 6 insurrection: https://news.yahoo.com/fewer-than-two-dozen-oath-keepers-attended-jan-6-riot-fbi-agent-testifies-215556941.html . Based on this testimony, we see Stewart Rhodes as spewing untethered conspiracy theories which provided his only source of income in the months before the insurrection. In other words, he is the poor man’s Alex Jones.
Speaking of disgusting pigs: January 6 hearing Thursday to focus on Orange Julius’ “state of mind”: https://news.yahoo.com/jan-6-hearing-to-focus-on-trumps-state-of-mind-role-in-plot-to-overturn-2020-election-211926925.html . WSJ: More: https://www.wsj.com/articles/trumps-state-of-mind-to-be-focus-of-jan-6-committee-hearing-11665613542 . The phrase is descriptive, since OJ obviously has a damaged mind that has had an incredibly damaging effect on the state of the country. While this is almost certainly the last hearing before the election, the ongoing investigation could justify another hearing before year-end.
Meanwhile, things just get worse for Orange Julius at DOJ: https://www.nbcnews.com/politics/donald-trump/trump-employee-told-fbi-former-president-ordered-staff-move-boxes-docu-rcna52019 . This sort of intentional concealment pretty much caps the case for obstruction of justice. Remember Eric “threatening” to show the search videotapes from Mar-a-Lago? Now we learn there are videotapes of employees moving documents out of the storage area. To quote Bugs Bunny, What a maroon! More: https://www.rawstory.com/trump-mar-a-lago-boxes/ .
Ron DeMentis in the gunsights of the US Treasury Department: https://apnews.com/article/health-florida-immigration-covid-ron-desantis-d7a42ee2c4823d74b2d1139394579f42 . Besides anger over the Martha’s Vineyard stunt, the Massachusetts lawmakers are undoubtedly chagrined that DeMentis graduated from Harvard Law School: https://floridapolitics.com/archives/465049-ron-desantis-says-three-years-of-law-school-is-a-waste/ . It was obviously wasted on him …
King Charles III formal coronation will occur May 6, 2023: https://apnews.com/article/queen-elizabeth-ii-king-charles-iii-london-justin-welby-02706773db6242d41140c8ab6e95cc5d .
WSJ: This article is a little too excited about the Astros: https://www.wsj.com/articles/houston-astros-yordan-alvarez-alds-11665577350 . Yes, the No. 1 Astros benefitted from 6 days of rest. But so did the No. 2 New York Yankees, who also lead 1-0 in their series. I’m already looking forward to their likely match-up in the American League championship series. Which team’s pitching staff will crack first? Advantage goes to the team which can finish off their current series first.