Macro Week

Good Morning Everyone!

Remember, if you sold all your stocks recently this investing thing just isn’t for you. You gotta stay in the game!

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Prices as of 4 pm EST, % YTD

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MARKET UPDATE

Quiet Day ahead of U.S. Fed meeting on Wednesday

• Japan is closed

• U.K. holiday for Queen Elizabeth funeral

June 2022 lows 3666

Today 3873

• Today we are 5% above the June lows

CNBC this morning

• Thomas Petterfy, CIO Interactive Brokers

• “cash balances are at all-time highs”

Central Bank meetings this week:

• U.S., Japan, Sweden, Switzerland, Norway, U.K.

• Jay Powell very likely to go 75 basis points

Fed Rate upper bound rate

• 2.5% + 0.75 this week + 0.50 in November + 0.50 in December = 4.25% by year-end

10yr 3.5%

US$ 109

C$ 75

VIX 28

Crude 82 -3%

• OPEC heavyweight UAE (United Arab Emirates) is speeding up plans to boost oil production

• Goal is to produce 5 million barrels a day by 2025 vs. 2030 previous plans

• UAE produced 3.4 million barrels a day in August

Germany’s Chancellor Scholz

• to travel to UAE and Saudi Arabia this week

• expected to sign contracts to secure natural gas supplies from the Middle East

Earnings None

CRYPTO UPDATE

Digital asset flows (last week)

• Low activity, $7 million total inflows

• Ethereum ETH/USD: continued caution post-Merge

  • $15 million outflows (4th consecutive week)

• Bitcoin BTC/USD: snaps 5-week outflow streak

  • $17 million inflows

• Inflows to multi-asset products have remained steady

  • Only a few weeks of outflows YTD

  • Nearly same YTD inflows as Bitcoin

  • Safety in numbers

Source: CoinShares

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MEME OF THE DAY