How could he not. I’m 55 and I show signs of slipping. Behind Closed Doors, Biden Shows Signs of Slipping-WSJ

When President Biden met with congressional leaders in the West Wing in January to negotiate a Ukraine funding deal, he spoke so softly at times that some participants struggled to hear him, according to five people familiar with the meeting. He read from notes to make obvious points, paused for extended periods and sometimes closed his eyes for so long that some in the room wondered whether he had tuned out.

Market

My panel at the ETP Forum a couple of weeks ago about actively managed ETFs

Another day where they could have really sold this thing off but didn’t. Is that a sign of overall strength or do we eventually see a day where the market gets crushed? Still seeing a lot of weakness below the surface. Yesterday we saw it particularly in commodities, precious metals, emerging markets, and regional banks. Not a lot going on outside of NVDA, which is responsible for 38% of the S&P’s 11% ytd gain. Oh and this happened yesterday…

Weak JOLTS data helped rates continue to move lower, with the 10 year breaking the 200 day and now sitting at key support in the 4.25-35% range.

Interesting note out of Jeffries about the Fed, I do not disagree….

JOLTS data adds to a multitude of indicators that suggest that some slowdown maybe coming in the US labour market. Our thesis remains that we will see a slowdown in the labour market over the coming months. We are also in the camp that if the labour market slows down, Fed will prioritize employment over sticky inflation, particularly in an election year and deliver a rate cut, even if symbolic, before the elections.

I think this explains what we are seeing and why the bulls keep coming in. Bad news is still good news at the moment, but a rising tide is not lifting all boats.

ESG

More work to do I suppose. Boards are there to protect shareholders. Shareholders buy stock to make money to fund retirement, put kids through college, etc. Nearly 96% of Board Directors Expect a Continued or Stronger Focus on ESG Despite Ongoing Backlash-Business Wire

“Corporate boards today recognize both the risk of ignoring ESG initiatives and the reward that comes from standing strong in upholding them,” said Dottie Schindlinger, Executive Director of the Diligent Institute. “The data shows us that while ESG oversight has become an established board function, directors still need more clarity and insights to respond to regulatory demands and become better stewards of their organizations’ ESG efforts.”

I thought banks were supposed to lend money. Banks Told to Brace for ECB Fines After Mismanaging Climate Risk-Bloomberg

“We have notified a few banks that, based on our current assessment, they have not met the interim milestones, which means they face the prospect of having to pay a so-called pecuniary penalty,” Kerstin af Jochnick, a member of the ECB’s Supervisory Board, told Cinco Dias.

DEI

School district DEI trainer says American flag becoming 'hate' symbol, employees resisting CRT should be fired 'This is insane,' a teacher who underwent the DEI training said about the messaging-Fox News

A diversity, equity and inclusion trainer spreading critical race theory in the public education system – affecting thousands of teachers and administrators – said that "resistant" employees who disagree with the concepts should be fired, according to her published work. 

Conservative Duo Wants to Take Down DEI One Bias Claim at a Time-Bloomberg

The actions of the two groups with similar, patriotic-sounding names—America First Legal and American Alliance for Equal Rights—has grabbed the attention of diversity, equity, and inclusion offices at universities, law firms and corporations and prompted changes to DEI programs.

Immigration

Bound to be struck down by courts and no time to get funding from Congress…..

Biden’s Border Election Gambit-WSJ

No doubt Mr. Biden will wave his new order as a shield during his debate with Mr. Trump this month. But the transparently political timing of his order invites voter skepticism.

Not enough talk about this issue. Meet The NGOs Facilitating Mass Immigration Under The Banner Of Religion-Daily Wire

The NGOs, which on their face represent Jewish, Catholic, and protestant Christian faiths, rake in millions of taxpayer dollars as they create a pipeline from Central America to the Rio Grande and the Sonoran Desert — the doorstep of the United States. The conservative Heritage Foundation has called it a “corrupt money-changing circle,” in which taxpayers are funding “migration weaponization used against America’s interests.”

20% Of New York City Hotels Are Now Migrant Shelters-ZeroHedge

New York City hotel prices have never been higher. Illegal immigration is part of the reason why. Mayoral graft is another...

War

Two major invasions of Russia in modern history, both have not worked out so well. Looks like the military industrial complex wants another go. Also looks like we are getting closer to a full scale war in the Middle East at the same time.

Israel and Hezbollah Move Closer to Full-Scale War Despite efforts to keep hostilities in check, officials on both sides are sounding warnings-WSJ

Covid

I think they have….

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