Flashback: Three huge legislative bills passed last year
- Infrastructure, make America great again (IRA)
- Tech ("Chips" bill)
- Spending
Flashforward: the threat of a transatlantic trade war is dominating Davos.
- that's how CNBC is framing it;
- it's much bigger than that; much, much bigger than simply a trade war;
- oh, by the way: those three legislative bills had MAGA written all over them
Random thought:
- 2024 --> if Biden / Kamala win, Kamala will be president by 2027
US economy: why did the market fall 800 points yesterday and another 300 points today?
- retail sales yesterday; Empire State Manufacturing Survey
- jobs report today;
- EIA's weekly petroleum report today;
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US Economy -- The Story The First
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US Economy -- The Story The Second
Link here:
- Weekly jobless claims fall 15,000 to 190,000
- Continuing claims increase 17,000 to 1.647 million
- Single-family housing starts rise 11.3%; permits fall 6.5%
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US Economy -- The Story The Third
Weekly EIA Petroleum report:
- No SPR releases this past week;
- US crude oil in storage is 3% above the five-year average;
- US crude oil in storage increased by a whopping 8.4 million bbls: certainly no urgency in re-filling the SPR;
- imports down 1.1% compared to a year ago
- refiners operating at a pathetic 85.3% of their capacity:
- distillates decreased by almost 2 million bbls last week and are now 20% below the five-year average just as winter is about to hit, and than after, farmers preparing for planting season;
- total motor gasoline inventories increased by 3.5 million bbls;
- type of oil matters: and the US has a glut of the wrong kind of oil;
- most discouraging: for the second week in a row, a surprise in this category -- jet fuel; this week, jet fuel supplied was down over 5%
- gasoline demand will be posted later today.
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