Good morning. Stock are on the rise this morning as one major tech firm … Google Alphabet … received news that many are cheering as a U.S. judge ruled there will not be a forced sale of its much-used Chrome browser. Bloomberg, possibly a bit buoyant in their review, called this “the biggest antitrust case in three decades.” While the company was called on the carpet for “running an illegal search monopoly” (with remedies to follow), investors are seeing this as a win … as the recourse could have been much more severe. A lot of eyebrows … even painted ones … were raised when the 30-year bond hit 5% as concerns over long-term price rises increased. Just a short while ago there was quite a bit of angst over the “inverted” yield curve … which typically (but not always) indicates future problems for the economy. But the opposite can happen … a “bear steepening” … if long-term rates rise much faster than short- and medium-term rates … especially if inflation is a fear. The bottom line, I guess, is that there is always something to worry and write about … which is good news for journalists as it keeps them relevant. Oh, yes … and people like me. Oh my … here we go again … While news on the next Fed meeting will soon take center stage, there is another development that will soon overpopulate the headlines as soon as that is over … the potential for a government shutdown. And what does this all mean? Fighting and wrestling in the halls of Congress amid claims that the national debt (now at $37.3 trillion) is out of control … and something just must be done … followed by acceptance of a plan … leading to calm … and a debt that continues to climb. In other words … more of the same … Meanwhile … Powerball prize tonight is $1.3 billion and, if you are really, really, lucky you can join what the Wall Street Journal points out today are one of our nation’s 1,135 billionaires (as of the end of 2024). But be careful if you use a credit card to buy your ticket. As pointed out in an article below, some card companies treat this as a “cash advance” … and interest rates … high interest rates … are usually attached. That will about wrap it up for me today as an aunt invited me to come to her “club” and watch her play “Pickleball.” I’m too polite to say “no” and will make believe I am interested and that I am enjoying it. Watching seniors play pickleball. Whoopie. There’s never a dill moment. Have a great day, Joseph G. Witthohn, CFA Have any questions? Please contact info@teamemerald.com
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