Good morning:.
Markets are in slight, positive, territory as oil has dropped to a price level close to where it was before the conflict.
The national average for gas prices has not exactly met the same fate as oil … still around 30% above where things stood the end of February … but has been tip-toeing downward … and members of the administration are admonishing gas companies for not bringing prices more quickly in line.
A big question is how much all of this will tie into inflation … as we will hopefully soon see to what degree lower oil and gas prices affect prices of consumer goods. Fed Chair Kevin Warsh, according to the New York Times, gives the view that his organization will remain independent and while he claims inflation poses less risk than it did two weeks ago, Cleveland Bank President Beth Hammack feels the persistence in high costs might call for a raise in rates later this year.
And an interesting note today has to do with caring.
Many times, we see lottery winners or read about the high net worth of certain people and make statements that if we had that much money, we would keep enough to have a very comfortable lifestyle and do something good with the rest. Well, the poster child of this way of thinking has been Mackenzie Scott, former wife of Jeff Bezos, who has somewhat quietly given away billions (with a “b”) to causes her group feels will benefit greatly from her philanthropy.
In comes trillionaire (with a “t”) Elon Musk publicly criticizing the work of Mackenzie’s “Yield Giving” group by saying that her generosity “makes the world a worse place.”
Sorry, but to take a page out of “It’s a Wonderful Life” … while Elon has lots more money that she (or anyone) can possibly hope to have …
… in the eyes of many
… MacKenzie Scott is much richer than Elon Musk will ever be.
On a final note, the feel-good tale for today … and expressed in the last story below … relates to someone being called “The Mexican Batman” … gathering up criminals … duct-taping them to poles … and leaving them (with evidence) for the authorities.
It is not known if this caped crusader is doing this alone or has a partner …
… but it might not matter … for this group of tied-up criminals …
… will be robin’ no more.
Have a great day,
Joseph G. Witthohn, CFA
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