Most of us are aware that the current economic engine isn’t entirely efficient or fair, but it isn’t often that we actually have a chance to do something about it.
People who already have wealth have a clear advantage in increasing their wealth, while the worlds poorest often struggle to meet their basic needs and have very little chance to improve their situation.
This graph from inequality.org maps out this trend since 1979…
Today’s Highlights
Today’s Highlights
The post-election relief rally has carried over into the Asian session this morning and the European open is also slightly green. The US Dollar as well has bounced off its short-term lows.
Meanwhile, bond yields continue to creep up quietly. Check the US 10 year yields again nearing their multi-year high.
Remember, the sell-off in February was sparked by rising bond yields, so keep your eyes peeled.
Fed Day
Well… kind of. The US Federal Reserve has eight meetings throughout the year. Former Chairman Ben Bernanke back in the days when mass easing was necessary, instated the policy that some of those meetings would not be accompanied by a press conference.
The new Chairman Jerome Powell has ended that policy, and today will be the last Fed meeting that won’t have a press conference. This is probably a good thing, as interest rates aren’t expected to rise again until next month.
Remember, the sell-off in October was largely attributed to Fed Tightening. So it pays to pay attention. The FOMC statement is due at 14:00 EST in Washington DC. Around lunchtime on Wall Street.
Green Light for Cryptos
Past performance is not an indication of future results but at least according to technical analysis, everything seems in place for an end of year rally in the crypto markets.
