Stocks seem to have bounced off a morning decline and now relatively flat. Of course, the major focus is inflation … and how the Fed will react … but things seemed to have changed in recent days.
I mean … just over a week ago, discussions included chatter that the Fed-induced rate would climb to 6% … while Fed officials (Daly; Harker) are now publicly saying that a final adjustment taking it to just above 5% should be followed by a Fed pause … while Daily Shot reports “the market” doesn’t even feel the 5% level will be reached. The guessing game will … as it always does … continue.
Right now the situation for renters is not promising … even if the rate of increases has slowed. Typically, people tire of paying rent … save up a bit … and then buy a home (“starter” or otherwise). But the recent jump in rent over the past year hurt savings (typically accumulated for down payment) … yet on top of that home prices jumped (due to limited inventory) in combination with mortgage rates skyrocketing.
Renters seem to be between a rock and a hard place more than any time in my recent memory.
There was also an interesting story out this morning on Tesla dropping prices (disclosure: I own the stock). I remain convinced that the growth of electric vehicles will be quite high in the U.S. over the next few years and, of course, lower purchase prices will help. What will really be required are more chargers and the fourth article included below concludes the nation will need 8 times the chargers that are available today. That being said, I was on the NJ Turnpike last week and pulled into the Molly Pitcher Service Area … and the Tesla chargers were almost filled to capacity. I did start to get a little concerned wondering how long my trip would have been extended if I needed to wait for a slot to become available.
Another problem states have with electric vehicles is taxation … at least in Pennsylvania, where I live. Gas taxes are high … with the revenue used for road maintenance and improvement. While you might think electric cars are lighter than other vehicles, this does not seem to be the case … so with these cars tearing up the roads … and road maintenance costs falling on the backs of those driving gas-powered vehicles … it might only be a matter of time before we see mileage tax introduced for cars.
Before I forget, remember to buy your Mega Millions ticket for tonight. The prize is a big one!
On a final note I included a report that hospital visits in California due to the elderly (over the age of 65) just ingesting too much pot is up a staggering 18oo%! The potency (THC content) is much higher than it was when these boomers were sitting around their college dorm rooms amid their lava lamps and incense while listening to the Grateful Dead with a bag of Doritos always nearby.
This is a reminder to keep your parents out of your stash
… just like the old days.
Have a great day,
Joseph G. Witthohn, CFA
Emerald Asset Management PA, LLC
610 Freedom Business Center Drive
King of Prussia, PA 19406
Direct: (610) 285-9905
cell: (856) 625-7915
As of 11:38 AM today
Although longevity appears to be on the decline in the U.S., one bit of good news is deaths due to cancer are coming down (CNN)
… yet there might be a discovery that will enable people to live longer, healthier, lives if studies done on mice are valid. And no, it doesn’t include cheese (CNN)
Tent cities became more popular as many who are homeless sought shelter … but these mini-cities create their own problems and are now being banned by some communities (USAToday)
With the drop in prices of electric vehicles, you can expect to see more on the road … but “range anxiety” still remains and many more chargers are needed (RobbReport)
Potency of cannabis has really jumped since many older citizens were in college … and when boomers try to resurrect their old partying ways … hospitalizations can happen (NYPost)
Tonight could be a big night for some (very) lucky individual as changing the odds for lotteries resulted in some astronomical
Uh, oh. We just found out that CNet had many articles (fact-checked before release) created by Artificial Intelligence. Will my Wit & Wisdom columns one day be written by machine? (TheSun)
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.