CVS cost-plus drug pricing: https://www.cnn.com/2023/12/10/business/cvs-drug-prices-consumers/index.html . As we all know, drug pricing is so complex that the transparency created by CVS’ new pricing structure may not deliver significant benefits to consumers. Another potential outcome is that it will help some and hurt others, depending on which drugs they take.
WSJ: Abortion ban on Arizona Supreme Court docket: https://www.wsj.com/politics/elections/arizona-is-the-next-abortion-battleground-afae13a3 .
WSJ: Cigna backs away from Humana: https://www.wsj.com/business/deals/cigna-calls-off-humana-pursuit-plans-big-stock-buyback-ae1c6b3c .
Current details of US inflation: WSJ: https://www.wsj.com/business/retail/heres-where-prices-are-actually-coming-down-980041bc . With durable goods prices falling but food items increasing, this sets up the scenarios for the government to say that inflation is falling while consumers still feel the pinch. This is an undesirable dynamic for incumbents facing re-election next year.
WSJ: Inflation thinking at the Fed: https://www.wsj.com/economy/central-banking/federal-reserve-cutting-interest-rates-when-4a910883 . As readers know, I believe the last mile will indeed be more difficult than inflation reduction so far, and that rates will stay “higher for longer”.
Potential problems in the US Treasury market: WSJ: https://www.wsj.com/finance/why-treasury-auctions-have-wall-street-on-edge-8385f15e .
WSJ: Option trading has become legalized gambling: https://www.wsj.com/finance/stocks/the-adrenaline-fueled-trades-sweeping-the-market-b66204fa . It’s hard to see how this helps market stability. Destabilizing the market is not a good thing.
Netanyahu calls on Hamas militants to surrender: https://www.usatoday.com/story/news/world/israel-hamas/2023/12/10/israel-hamas-gaza-war-live-updates/71871222007/ . Available information suggests the war is not near conclusion. The number of Hamas militants is believed to be 30,000 to 40,000. “Dozens” of surrenders is not meaningful relative to the size of this force.
The history of Hamas’ leader: https://www.wsj.com/world/middle-east/hamas-yahya-sinwar-israel-palestinian-hostages-6407dc41 . It goes without saying that Hamas severely miscalculated the ferocity of Israel’s response and the willingness of other Muslim countries to engage in war with Israel. Also, Israel wants to kill Sinwar, and they’ve pretty much said so publicly.
WSJ: Senate urgency for Ukraine deal: https://www.wsj.com/politics/policy/senate-heads-into-crucial-week-to-strike-deal-on-ukraine-border-e23e91b8 .
Hillary raising funds for Biden: https://www.nbcnews.com/politics/2024-election/hillary-clinton-joe-biden-campaign-rcna128190 . Of course, the MAGA folks will say this just proves the entire Democratic Party is corrupt …
Special counsel opposes delay of Orange Julius January 6 trial: https://abcnews.go.com/Politics/special-counsel-opposes-trumps-bid-halt-proceedings-election/story?id=105540223 . As discussed yesterday, the filing by OJ’s lawyers is truly bizarre, essentially stating that OJ’s lawyers have the right to decide the case. The special counsel, meeting the filing deadline set by Judge Chutkan, counters that there is no basis for this filing and that delay is unwarranted.
OJ backs down from testifying Monday at New York fraud trial: https://abcnews.go.com/US/wireStory/trump-testify-monday-new-york-fraud-trial-sees-105536101 . He’s already testified, the prosecutor says the defense “experts” have helped her case, and there is already a significant partial summary judgment against OJ in this case. OJ’s attorney Alina Haba is as usual providing poor spin and not useful legal analysis. The gag order has nothing to do with his testimony, unless he wants to complain and intimidate the court staff. The idea that OJ follows Haba’s advice is absurd. The case should move to closing arguments soon. WSJ: More: https://www.wsj.com/us-news/law/trump-changes-mind-wont-testify-again-as-new-york-fraud-trial-nears-end-6cb525e7 . UPDATE: Others agree that Haba is off track here: https://www.newsweek.com/donald-trump-getting-wrong-advice-lawyer-alina-habba-new-york-fraud-trial-ex-prosecutor-1851079 .
ESPN’s 2023 final college football power rankings: East Coast Bias on steroids: https://thespun.com/college-football/espns-computer-has-released-its-final-top-25-rankings . Thanks to ESPN for clearly making my point about the ridiculous unfairness of the 2023 college football rankings. The “Big 10” has 14 teams; 3 make the top 25. How can those 3 possibly be ranked 1-2-3? They play poor quality competition; by definition, they cannot all lead a power ranking system. Meanwhile, the Pac-12 has 6 ranked teams –#4 Oregon followed by #13 Washington and 4 others.
Of course, Oregon is not in the Top 4 playoffs because Washington beat them twice. But Washington is undefeated in what everyone agrees was the true power conference this year – how can they possibly be ranked #13 based on relative power rating? Washington may well lose their bowl game against Texas (#7 on this list), but they are obscenely underrated under any reasonable analysis. Go Huskies!!!