The DC Today - Tuesday, August 22, 2023

Today's Post - https://bahnsen.co/45fwZGb

This was the fifth day out of six that the Dow was down.

China is defending its weakening Yuan currency by making it more expensive to bet against it (raising the funding costs makes it more expensive to short). They face a pickle of wanting looser monetary policy to support their weaker economy but wanting a stronger Yuan as their currency has depreciated in recent months.

The UPS workers finalized their $30 billion pay raise.

How distorted are things in the market right now? The Nasdaq was UP +1.6% yesterday, yet 67% of the stocks in the index were negative.

The 2/10 curve is now only 69 basis points inverted (it had been well over 100bps at the peak).

Links mentioned in this episode: TheDCToday.com DividendCafe.com TheBahnsenGroup.com