Good morning.

Well, today is Fed Day and a lot of the afternoon action will … no doubt … follow the press conference scheduled to take place shortly after the Fed announcement just after 2 PM.

One item being looked at is the labor market and on this front a report on more job openings is certainly positive but … as often happens in reviewed data … every silver lining seems to have a cloud … and one does appear to present itself here.

Yes, the labor market is stronger because there are more people working … but, on the other hand, there are some working (who normally wouldn’t be) as they found a lifetime of saving is now buying 10-30% less

… and grandpa is driving an Uber to pay for his blood pressure medications.

There seems to be a growing rift between the U.S. and allies in Europe as the President gave an interview basically trashing leadership there … and while there may be a method to his madness, even the Pope is now chiming in asking the U.S. to tone down its comments a bit.  I only bring it up here because there have been recent forecasts (from Goldman and others) that the next decade might see international markets sharply outperforming the U.S. … and a geopolitical wrestling match is certain not highly desirable by investors on either side of the pond.  In addition (because this isn’t enough) visitors … even from European nations we feel close to … will have to hand over social media information, all email addresses over the last 10 years and additional information on their family members … a recently expanded demand.

I included another interesting article below on the chatbot “Gemini” … and ever since I downloaded it (this morning) my computer has been acting whacky … so I need to find out if that was the reason.  I mean … somehow word documents started completing my sentences as I typed … and I kind of liked that … but now my computer is opening web pages on its own … and that is pretty annoying.

On a final note, I just read that the EPS (Environment Protection Agency) had long been listing fossil fuel as a potential cause of climate change … but any mention of that correlation has now been removed.

I don’t know who made the decision on that, but it immediately brought an old saying to mind:

“There’s no fuel, like an old fuel.”

Have a great day,

Joseph G. Witthohn, CFA

Have any questions? Please contact info@teamemerald.com

A Look At The News | December 10, 2025 As of 11:46 AM today: At long last … it’s Fed Day … and while a quarter-point cut is expected by … well … everyone … it is comments during the follow-up news conference that should really move markets (CNBC) https://www.cnbc.com/2025/12/09/the-fed-decision-is-expected-to-feature-a-rate-cut-and-a-lot-more-heres-what-to-expect.html   … and if investors give a chilly reaction to the Fed’s comments today, you can’t blame them as temperatures are starting to really come down (Newsweek) https://www.newsweek.com/polar-vortex-florida-plunging-temperatures-11181201   If you have never even looked at one of the “chatbots” I suggest you do so … and it appears Gemini has really won over some fans (Tomsguide) https://www.tomsguide.com/ai/i-tested-chatgpt-vs-claude-vs-gemini-with-7-real-high-stakes-situations-heres-the-winner   Are you coming into the U.S. from overseas? Even from countries considered friendly, customs is now demanding to see social media history … from the past 5 years! (NBCNews) https://www.nbcnews.com/politics/trump-administration/foreign-tourists-five-years-social-media-history-customs-border-protec-rcna248337   The EPA … charged with protecting the environment … has removed the claim on its site that fossil fuels is a cause of climate change (Euronews) https://www.euronews.com/green/2025/12/10/we-look-ridiculous-us-government-website-removes-fossil-fuels-as-cause-of-global-warming   Claiming the font the government uses in publications was due to rules surrounding DEI, it is now official that Times New Roman be used.  Good to see important things addressed (TheGuardian) https://www.theguardian.com/us-news/2025/dec/10/trump-times-new-roman-font-return-state-department   The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us. Emerald Asset Management PA, LLC | 717-556-8900 | 3175 Oregon Pike, Leola, PA 17540 Want to change how you receive these emails? You can unsubscribe from this list. ———————————————————————————- The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us.