Data-light Session Ahead Of CPI Tomorrow

Good Morning Everyone!

Buckle up, one of our key indicators is flashing red.

Prices as of 4 pm EST, 9/9/22; % YTD

MARKET UPDATE

Markets are up ahead of the CPI number tomorrow and positive Ukraine momentum

• Expectations are for headline inflation to fall from 8.5% Y/Y to at least 8%

• First week of Conference Season and no major pre-announcements. More conferences this week.

• China is closed for a holiday

Crude 88 +1%

• Crude up on weaker U.S. dollar and doubts about a potential Iran nuclear deal

• Manchin legislation to speed up permitting of traditional fossil-fuel projects faces objections

Railroads

• Two Unions representing 57,000 engineers and conductors negotiating this week

Earnings: None

CRYPTO UPDATE

Friday = Bitcoin’s BTC/USD largest daily gain in 6 months

• Volume ~2x the 20-day average

• Outperforming Ethereum ETH/USD and broader crypto markets over last 5 days

• Recent selloff overdone?

SEC plans new “Office of Crypto Assets”

• under the Division of Corporation Finance’s Disclosure Review Program (DRP)

• streamline SEC reviews of documents submitted by crypto firms

Bitcoin Fear & Greed Index

MEME OF THE DAY