What I Am Reading

Monday, February 26, 2024

Latest Morning Briefing

The Roaring 1990s: Déjà Vu All Over Again?

Many of this decade’s economic and financial market trends bear a striking resemblance to those of the 1990s. That was a decade in which a stock market meltup preceded a meltdown (in the early 2000s), so monitoring meltup indicators today is well worthwhile. Now, as then, stock market strength is translating to significant wealth effects that should keep the economy resilient and monetary policy restrictive for longer. Today, we highlight the two periods’ similar economic conditions (comparing the trajectories of real GDP growth, productivity growth, inflation, unemployment, and the federal funds rate) and financial market paths (bond yields, the stock market). … Also: Dr. Ed reviews “The Zone of Interest” (+ + +).

Markets

Amazon joins the Dow, giving the 127-year old index a needed upgradeCNBC
Treasury Markets Are Losing Their Shock AbsorberWall Street Journal
Funds' short yen bets to test Japan's intervention resolveReuters

US

Europe

Farmers protest across Europe, press ministers to actReuters

Geopolitics & trade

Industries & companies

Aerospace:Boeing Efforts to Improve Safety Fall Short, FAA Panel SaysWall Street Journal
Autos:How EVs became such a massive disappointmentCNN Business
Biotech:Investors Flock Back to Biotech After a Long, Cold SpellWall Street Journal
Tech:Booming Stock and Sky-High Pay: Nvidia Is Silicon Valley’s Hot EmployerWall Street Journal
Tech:How a Shifting AI Chip Market Will Shape Nvidia’s FutureWall Street Journal

Corporate finance

Climate

Biden cuts off clean energy exports while Kenyans cook with dungFOX