Written by Gary
The Federal Reserve’s meeting statement included no rate change (as it is already at zero), and dealt mostly with inflation and targets (SPY -0.4%). Mega-caps underperform and Fed signals near 0% interest rates until 2023.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | CDC director says face masks may provide more protection than coronavirus vaccine“If I don’t get an immune response, the vaccine’s not going to protect me. This face mask will,” CDC Director Robert Redfield told lawmakers Wednesday. |
| Why Hurricane Sally’s slow movement makes it more dangerous over Gulf CoastHurricane Sally comes as the West Coast battles historic wildfires made worse by human-caused climate change. |
| HHS spokesman Caputo to take medical leave after reportedly accusing CDC officials of plotting against TrumpThe move comes after Caputo, who led the agency’s communications on the coronavirus pandemic, reportedly said in a now-deleted video posted Sunday on his personal Facebook page that scientists at the CDC were engaged in “sedition” against President Donald Trump. |
| New York Gov. Cuomo says the coronavirus pandemic has inflicted ‘trauma’ and PTSD on AmericansNew York Gov. Andrew Cuomo said the coronavirus pandemic was so traumatic, it’s left many Americans with post traumatic stress disorder similar to war veterans. |
| CDC director says he’s ‘deeply saddened’ by allegations of ‘sedition’ from Trump HHS appointee“We’re going to continue to give Congress and the nation the best public health advice. We’re not going to let political influence modulate that,” CDC Director Dr. Robert Redfield said. |
| CDC says U.S. should have enough coronavirus vaccine to return to ‘regular life’ by third quarter of 2021The U.S. should have enough Covid-19 vaccine doses for Americans to return to “regular life” by the third quarter of next year, CDC Director Dr. Robert Redfield Wednesday. |
| Coronavirus live updates: U.S. plans to provide free vaccines, aims for return to ‘regular life’ in Q3 2021The coronavirus has infected 29.65 million people globally, as of Wednesday, and killed at least 936,905 people so far. |
| Universal could tap into AMC deal as it moves ‘Croods 2’ to Thanksgiving from ChristmasUniversal Studios is pushing up the date of its animated family film “The Croods: A New Age” to Thanksgiving. The studio will now debut the film on Nov. 25, the day before Thanksgiving, instead of Dec. 23. |
| Airlines, labor unions again push for another $25 billion in federal aid as more than 30,000 job cuts loomAirline executives and labor unions again appealed to lawmakers and the Trump administration for $25 billion in additional aid to preserve jobs with more than 30,000 jobs on the line. |
| Trump health officials prepare to distribute coronavirus vaccine within 24 hours of OK from FDAThe CDC said it anticipates a Covid-19 vaccine will initially be granted an emergency use authorization before a full formal approval. |
| Supplies of highly profitable GM pickups at historically low levelsWhile low supplies mean higher transaction prices and profits, they also can translate to losing customers and better deals at competitors. |
| McDonald’s Travis Scott promotion is so popular, it’s causing Quarter Pounder shortagesMcDonald’s is reporting some ingredient shortages tied to its promotion with rapper Travis Scott. |
| TikTok-Oracle Deal “Falls Short Of Resolving Concerns”, CFIUS Approval Now In DoubtTikTok-Oracle Deal “Falls Short Of Resolving Concerns”, CFIUS Approval Now In Doubt Tyler Durden Wed, 09/16/2020 – 16:05 Hours after former presidential candidate Marco Rubio came out against the new TikTok-Oracle deal, which would spin off TikTok into a US-headquartered independent company majority owned by ByteDance, with Oracle holding a major stake and a contract to supervise the hosting and back-end technology while ByteDance continues to manage TikTok “at arm’s length.” Earlier, a senior reporter from Fox Business said the deal was on track to be approved by CFIUS, the Commerce Department board that reviews deals for national-security concerns. After their initial proposal faced pushback, Oracle and ByteDance worked with the administration to devise the new deal, which was unveiled on Monday. Despite some complaints about ByteDance retaining majority control, the deal appeared set to sail through. However, Marco Rubio came out against the deal a few hours ago. Now, Bloomberg is reporting that the deal is now facing opposition from a group of GOP senators led by Rubio , a group who have presumably been lobbyin … |
| Stocks Pump’n’Dump On Fed Financial Stability FearsStocks Pump’n’Dump On Fed Financial Stability Fears Tyler Durden Wed, 09/16/2020 – 16:00 Lower (rates) for longer (at least 2024) but inflation, growth, and rate projections are all inconsistent. As Peter Boockvar at Bleakley Advisory Group points out the committee cut its 2021 GDP forecast to 4% from 5%, while at the same time lowering forecasts for the unemployment rate to 5.5% from 6.5% and raising core PCE estimates to 1.7% from 1.5%.
Stocks didn’t care – they just rallied (while everything else largely shrugged) and everything was looking good… until Powell was asked about financial stability (in other words – bubbles):
Powell was pressed further as to whether … |
| Senator Kennedy: “There Are Times When I Think Pelosi Has Eaten Tide Pods”Senator Kennedy: “There Are Times When I Think Pelosi Has Eaten Tide Pods” Tyler Durden Wed, 09/16/2020 – 15:45 Authored by Steve Watson via Summit News, GOP Senator John Kennedy used a startling cultural reference to portray his belief that believes Speaker of the House Nancy Pelosi is crazy, saying that he often thinks she has ‘is one of those people who tried Tide Pods’ laundry detergent. |
| Hundreds Of Overseas Ballots List Wrong Running Mate For TrumpHundreds Of Overseas Ballots List Wrong Running Mate For Trump Tyler Durden Wed, 09/16/2020 – 15:31 Over 400 Michigan ballots for military and those residing overseas listed the wrong running mate for President Trump, according to The Detroit News. Instead of Vice President Mike Pence, Libertarian candidate Jeremy Cohen was incorrectly listed as Trump’s running mate. It is unclear how many of the over 400 ballots were actually sent to voters before the error was caught and corrected, according to MI Secretary of State spox, Tracy Wimmer. |
| Boeing’s ‘culture of concealment’ to blame for 737 crashesThe firm hid details from the regulator and pilots which led to two fatal crashes, a report finds. |
| Cladding red tape ‘stops people selling homes’Many lenders want proof the cladding is safe but leaseholders say the paperwork is hard to get hold of. |
| BA boss says there is no need to fire and rehire staffBritish Airways boss Alex Cruz says cabin crew should not have to move onto inferior contracts. |
| PIL in SC to avoid mishaps at table top airportsPIL in SC to avoid mishaps at table top airportsA Public Interest Litigation (PIL) has been filed in the Supreme Court by Rajen Mehta, an 85-year-old mechanical engineer, seeking installation of EMAS at vulnerable airports across India, including those at Mangalore and Kozhikode, where accidents occurred in 2010 and 2020 respectively. |
| PLA play Punjabi songs for Indian troops!PLA play Punjabi songs for Indian troops!According to sources, it is possible that the Chinese might be indulging in such drama to distract our troops or perhaps just relieve the pressure.India and China had a recent incident near Finger 4 where more than 100 rounds were fired between the troops of the two sides on September 8. |
| RDIF CEO on India-Russia vaccine tie-upRDIF CEO on India-Russia vaccine tie-upUpon successful trials the Russian vaccine can be available in India by end of 2020, said Kirill Dmitriev in an exclusive interview with ET. |
| 16 September 2020 FOMC Meeting Statement: A Lot Of Discussion On InflationWritten by Steven Hansen The Federal Reserve’s meeting statement included no rate change (as it is already at zero), and dealt mostly with inflation and targets:
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| The Fed: Fed sees interest rates near zero until end of 2023, sets new economic conditions to be met before raising ratesThe Federal Reserve on Wednesday said it doesn’t expect to raise rates until the end of 2023 at the earliest and it set out new economic conditions that must be met before it will raise them. |
| The Ratings Game: Kraft Heinz stock upgraded twice with analysts upbeat about ongoing business transformationKraft Heinz laid out its strategy during its investor day, including a focus on efficiency that has already yielded $2 billion in cost cuts |
| Market Extra: Airlines are using frequent flyer programs to sell debt. Here’s how it worksIn efforts to source cash, airlines are looking to an unusual piece of collateral to obtain new funds – frequent flyer programs. |
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