Good morning. I don’t expect a lot of readers today … especially here in the Northeast … as the weather is the best it has been in a while, and many are probably sneaking away to get an early start to the holiday weekend. I went over some numbers last night and am really grateful for those who do read my notes … as the stats show the percent of people opening my daily scribble is on the high range of expectations for similar “blogs” (if that is what this is considered). What brought this to mind was an article I included below that has to do with showing gratitude … as people tend to receive a compliment and typically shrug it off … acting as if it is immaterial … and don’t take the time to express appreciation. I am not in that camp. I do appreciate each one of you. Okay, enough of that. Investors today applauded a jobs report that came in stronger than expected but it did have an effect some might not like … for it seems (according to RSM Chief Economist, Joe Brusuelas), that this result takes a Fed cut in July “off the table” … even as the President states Chairman Jay Powell “… should resign immediately” … because he has not cut rates. Of course, one of the President’s arguments surrounding the importance of a rate cut has to do with the interest being paid on the national debt … which now takes up more funds than defense at over $1 Trillion on the interest we pay alone! According to US Debt Clock, the annual debt is now at 123% of GDP … which many claim is simply not sustainable … but so far, the piper has not shown up to be paid. Wanting to go outside and enjoy the day I’ll end today’s short note here … but will share one bit of exciting news. I have a guest from the UK at the house, and she is quite excited about the evening. No, we are not seeing fireworks displays or anything of the kind but, instead, are going to a what is billed as the largest buffet in the U.S. … at Shady Maple Smorgasbord (in the middle of Amish country) … and crazy as the Brits are, this will be her 4th visit there since her arrival. It is the small things … and friends … that make this weekend so enjoyable. You among them. Have a great holiday, Joseph G. Witthohn, CFA Have any questions? Please contact info@teamemerald.com
|