The Pittsburgh Housing Justice Table submitted an amicus brief today stating that the “shortage of affordable housing is not caused by lack of development.” I guess hunger isn’t caused by a lack of food either

Exercise your 1A rights. Happy 90th Birthday Social Security! #ProtectOurChecks

First career strikeout for Nolan McLean! LFGM

*PALIHAPITIYA-BACKED SPAC AMERICAN EXCEPTIONALISM FILES FOR IPO it was a pleasure and an honor to trade the bull market with you all, stay safe until the next one 🫡

This is a VERY bifurcated housing market Year-over-year shift in home values, by ZIP Code Chart via ResiClub 🏡📊

These are good PMI numbers: *US S&P AUG. COMPOSITE PMI AT 55.4; PREV. 55.1 *US S&P AUG. SERVICES PMI AT 55.4; EST. 54.2 *US S&P AUG. MANUFACTURING PMI AT 53.3; EST. 49.5

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Since the last Jackson Hole meeting, annualized CPI has risen to 2.7% from 2.4%. Core PCE has crept higher to 2.79% from 2.73%. In that time, the S&P is up 13%, 10-year Treasury yields are up about 50bps while 2-year yields are lower by 10bp. The jobless rate has stayed at 4.2%.

New report out to 3FR clients. Taking a fresh look at the inflation v growth debate. Within macro, the perception gap is as wide as we can remember. A few points: -Hiring rate now < Firing rate. -47% of CPI services now >4% YOY. -August data crucial JP will emphasize tomorrow.

LOL. Powell goes max-dove and full-Burns. They’re gonna run this hot like you can’t even believe.

10y yield telling you that fed cutting here is not a policy mistake. Historic rule of thumb is that every 25 bp FFR cut lowers: -2y by 17 bps -10y by 10 bps -7 bp bull steepener Curve is normal now and this move is almost exactly what you would expect imo.

Friday was a rare 90/90 day, meaning 90% of the volume and stocks on the NYSE were higher. These events tend to be quite bullish, with the S&P 500 higher more than 90% of the time a year later and up more than 23% on average.

JUST IN: A Bitcoin whale sold 24,000 BTC worth over $2.7 billion, causing today’s -$4,000 crash in minutes. They still hold 152,874 BTC worth more than $17 BILLION. 😳 h/t Sani | TimechainIndex.com

Stablecoins are set to reshape the multitrillion-dollar US Treasury market finance.yahoo.com/news/stablecoi…

“Most bull markets are built through the addition of a constellation of positives, on top of a well-functioning economy.” - Howard Marks podcasts.apple.com/us/podcast/the…

Folks out there acting like the Fed was ever independent. Silly finance bros. But let's say that it's about to lose it. Why would you short duration when the very act of losing independence ensures YCC is nigh? Short USD, not Ts in isolation! Yields ain't gonna move!

My good friend Guy Adami will be joining me in 5 minutes live on tastylive - this will be our first ever one on one discussion after 25 years of sharing the screen. Jeff Macke is next if I have my way….

Tune in now! tastylive.com