The Celeri Journal #9: Will It Play in Joliet?

Written by Michael

On February 13, 2020

Global Markets Recap

Jay Powell, the chairman of the Federal Reserve, told Congress this week trillion-dollar surpluses in the federal deficit aren’t sustainable. You get the impression no one took it to heart. We live in an age where central bankers have convinced nearly everyone, in some cases even themselves, low- or negative interest rates can last forever; governments can both borrow money, on one hand, and purchase those debts on the other in federal coffers. And this game of monetary-merry-go-round can go on in perpetuity and no one will notice or care. And then one day, you get a warning that this party mustn’t go on forever, and shockingly, no one pays any heed whatsoever.

Stocks continue to impress as risk assets are back in favor across the board. Even oil is rallying again, after weeks of despondency. Bitcoin, too. The point is the underpinnings of a solid, even robust, national economy are in place in ways we’re not used to seeing. Even anti-trust laws seem to be softening, taking on a global view, as evidenced by a federal judge okaying the Sprint-T Mobile deal. Shares of Sprint exploded 60% on the news. Net-net the status quo is pretty spectacular: very low-interest rates; almost full employment; stock prices at all-time highs; a warmer embrace, perhaps, from the Justice Department on large mergers looking monopolistic. So, a question: are you prepared to leverage this moment in time?

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