cryptocurrency

6th Consecutive Month Of Lower Inflation But Still High



6th Consecutive Month Of Lower Inflation But Still High

Benzinga – Good Morning Everyone!

We finally have a taste of deflation. Thanks to a -0.1% month-over-month CPI reading.

Prices as of 4 pm, EST, 1/11/23; % YTD

MARKET UPDATE
U.S. CPI year-over-year in 2022

  • January 7.5%
  • February 7.9%
  • March 8.5%
  • April 8.3%
  • May 8.6%
  • June 9.1%
  • July 8.5%
  • August 8.3%
  • September 8.2%
  • October 7.7%
  • November 7.1%
  • December 6.5% street at 6.5%

6th consecutive month of lower inflation but 6.5% still well above Fed’s 2% goal

  • 3 year average before the pandemic was 2.1%

Q4 earnings begin tomorrow

  • JP Morgan (NYSE: JPM) Bank of America (NYSE: NYSE:) Wells Fargo (NYSE: NYSE:) Citi (NYSE: C)
  • United Healthcare (NYSE: UNH)

10yr flat on the day

10 a.m. Biden speech on inflation and the economy

Fed speakers today Bullard and Barkin

China

  • Ahead of the Chinese New Year holiday (the highest period for travel)
  • China will stop reporting daily Covid cases and deaths

Crude 78.67 +1.2%

Disney (NYSE: DIS)

  • Mark Parker (former Nike (NYSE:) CEO) elected to Board

Google (NASDAQ: NASDAQ:)

  • Alphabet’s life sciences unit (which is small) cutting 15% of jobs
  • 200 jobs impacted

Earnings

  • Taiwan Semiconductor

    • Guides Q1 revenues $16.7-$17.5 billion vs street at $17.64
    • Gross margins to be negatively impacted due to lower utilization rate
    • 2023 Capex = $32 billion to $36 billion
  • KB Home (NYSE: KBH) -3%

    • Orders down 50-60% year-over-year vs. street at down 35%
    • Cancellations up 68%

CRYPTO UPDATE

Gensler: crypto industry is the “Wild West”

  • Spoke during Twitter Spaces held by US Army yesterday
  • “Most of these 10 or 15,000 tokens will fail … history tells us that there’s not much room for micro currencies”
  • Says most not complying with securities laws (which remain unclear…)
Read More   Gordon's Insight on Continuous Attention in Cryptocurrency Trading - Blockchain.News

Coinbase (NASDAQ: NASDAQ:) debt downgraded

  • S&P Global (credit agency) downgraded Coinbase corporate debt to “BB-” from “BBB”
  • From investment grade to speculative grade
  • Downgrade follows large wave of layoffs

US taxpayers foot bill for $4.3 billion loan to help Silvergate (NYSE: SI) stay afloat

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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