Good morning. A jobs number came in this morning better than many expected … putting investors (looking at today’s market action) in a bit of a celebratory mood. What is most interesting is that the result comes even as some government layoffs have begun. There is also hope that talks between the U.S. and China will reduce some of the concern over availability of certain goods … as shipments from China are reported to be slowing in the face of the trade war of recent weeks. Keep in mind, though, issues are not limited to the U.S. and China … as some retail stores in Scandinavia and the EU have refused to carry any U.S. items … as tariff issues are far from resolved and words spoken up to this point resulted in quite a bit of anger. This might soon be witnessed this summer as there are still reports of a sharp drop in tourism … which is quite surprising in light of the drop in the value of the U.S. dollar … which would usually indicate overseas visitors are getting more bang for their dollar … or pound … or Euro … or whatever currency they are using. I guess you might call it “Gilt by Association” (a currency joke for which I am probably the only one giggling). As has become habitual, the president is calling on the Fed to make an immediate move to lower interest rates, but to me it seems logical and prudent for Jay Powell to certainly pause at their meeting next week … and to take another month to get a better idea of how the tariffs are affecting things. Meanwhile … just a few days ago it was reported that Amazon would include the effect of tariffs on receipts/confirms … and after a call from the president, this was stopped. I don’t think I am allowed to share my view that Jeff Bezos is a coward, so I won’t … but I really would like to know the true costs associated on things for which I am about to spend money. I’ll call it a day at this point … as I want to enjoy the great weather before a rainy weekend, and figure out what I need to pick up at the grocery store. I really am trying to lose some weight … but it seems like a never-ending battle because I have clothes that have become a bit too tight … and realize this is a combination of what I am wearing, bad eating and family history. Yep. I did that “23-and-Me” testing and came to the realization … … it’s my genes that make me look fat. Have a great day, Joseph G. Witthohn, CFA Have any questions? Please contact info@teamemerald.com
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