{"id":4821,"date":"2022-11-20T19:44:17","date_gmt":"2022-11-21T00:44:17","guid":{"rendered":"https:\/\/envisionco.net\/?p=4821"},"modified":"2022-11-20T19:44:17","modified_gmt":"2022-11-21T00:44:17","slug":"week-ending-11-18-2022","status":"publish","type":"post","link":"https:\/\/envisionco.net\/?p=4821","title":{"rendered":"Week Ending 11\/18\/2022"},"content":{"rendered":"

MARKET RECAP<\/p>\n

Stocks were down this week, by 0.87% in the US and 0.73% outside the US. The bond index rallied by 0.51%, interest rates fell by 35 basis points on the 10-year.<\/p>\n

Producer prices were up by 8% compared to last year, which was lower than 8.4% in September and 11.7% at the March peak.<\/p>\n

The spread between the 10-year and the 2-year treasury has reached its highest point since the early 80s at 69 basis points. Such a differential was a precursor to recessions in the past. Meanwhile, Q4 looks on track for solid growth. The Atlanta Fed’s GDPNow model has Q4 growth at 4.2%. There was also a strong retail sales report, up 1.3% in October, the best gain since February and higher than the 1% consensus.<\/p>\n

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The incredible FTX saga continues. It turns out the financials are a complete mess. John Ray, who took over as CEO and is a restructuring expert, said “never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information.”<\/p>\n

There appears to be $900 million in marketable assets against $9 billion of liabilities just before the bankruptcy filing. There were minor cryptocurrencies held on the balance sheet for big amounts that had negligible value. Supposedly Serum was recorded at $2.2 billion but is worth less than $100 million if even that. Furthermore, Serum was a token that FTX created (read Matt Levine’s article at Bloomberg<\/a> for much more).<\/p>\n

SCOREBOARD<\/p>\n

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MARKET RECAP Stocks were down this week, by 0.87% in the US and 0.73% outside the US. The bond index rallied by 0.51%, interest rates fell by 35 basis points on the 10-year. Producer prices were up by 8% compared … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1893,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4821","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/envisionco.net\/index.php?rest_route=\/wp\/v2\/posts\/4821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/envisionco.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/envisionco.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/envisionco.net\/index.php?rest_route=\/wp\/v2\/users\/1893"}],"replies":[{"embeddable":true,"href":"https:\/\/envisionco.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4821"}],"version-history":[{"count":5,"href":"https:\/\/envisionco.net\/index.php?rest_route=\/wp\/v2\/posts\/4821\/revisions"}],"predecessor-version":[{"id":4830,"href":"https:\/\/envisionco.net\/index.php?rest_route=\/wp\/v2\/posts\/4821\/revisions\/4830"}],"wp:attachment":[{"href":"https:\/\/envisionco.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/envisionco.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/envisionco.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}