Morning Report: Omicron causing more staffing shortages

Vital Statistics:

  Last Change
S&P futures 4,733 18.2
Oil (WTI) 73.47 -0.38
10 year government bond yield   1.48%
30 year fixed rate mortgage   3.35%

Stocks are higher this morning on no real news. Bonds and MBS are flat.

 

The upcoming week should be relatively quiet as many participants are on vacation or taking some time off. Economically, we don’t have much in the way of market-moving data, although we will get home price data tomorrow and pending home sales on Wednesday. The bond market will close early on Friday.

 

The markets are relatively sanguine over Omicron. While the variant is supposedly not as deadly as other variants, it is causing staffing shortages, and it caused about 1,000 flights to be canceled over the weekend. I suppose in the short term, this will cause additional supply chain bottlenecks which will bump up inflation.

 

Crypto.com will be running super bowl ads this year. I wonder if this marks some sort of top in cryptocurrencies in general. Historically, super bowl advertising has been dominated by consumer products like snacks and beer or cars. However, you do tend to see interlopers at the height of a bubble or boom. In 2006, mortgage companies were big advertisers in the super bowl. In the late 90s, it was dot.com flameouts.

In 1999, internet holding company CMGI (who’s only business was a minority stake in erstwhile search engine Lycos) bought the rights to rename Foxboro stadium to CMGI stadium. In 2001, after the bloom came off the internet bubble rose, CMGI was relegated to the pink sheets (think of it as skid row for stocks) and traders joked that the stadium should be renamed CMGIQ Stadium to represent the company’s new digs in the trash heap of bygone high-flyers.

19 Responses

  1. This is serious shit

    Like

  2. Rosanne and I have probably become Manchin Democrats.

    https://www.wsj.com/articles/joe-manchin-and-child-poverty-tax-credit-payments-extension-no-vote-build-back-better-11640548721?mod=hp_trending_now_opn_pos2

    This WSJ editorial seems correct to me and to her, and to my neighbor the retired IBM engineer and Navy veteran. So there are three of us on one block.

    Like

  3. Interesing. Hearing that Biden referenced a smallpox vaccination mandate in 1777. The LOC is claiming that George Washington ordered his troops to take the smallpox vaccine in 1777: https://www.loc.gov/rr/scitech/GW&smallpoxinoculation.html

    If you go to the CDC’s site, they began development in 1796

    https://www.cdc.gov/smallpox/history/history.html

    Guess the propaganda arm and the science arm are not on the same page.

    This is truly 1984 shit – rewriting history to suit a narrative.

    Like

    • Specifically it’s the changing of definitions and reworking of the language to reshape the narrative. Washington required inoculations of his his men but they weren’t vaccines. Also the situation was much more dire and an issue of military readiness. Also small pox is a DNA virus rather than an RNA virus. And so on. All important distinctions and context.

      It’s more accurately, IMO, discussed here.

      Click to access smallpox_GWarmy.pdf

      But it’s useful to notice when Googling the topic you will find hundreds of article on the topic, all written within the last year, all talking-points narrative-shapers to explain how our founding fathers basically included vaccine mandates in the constitution.

      Like

  4. This comment:

    Whether we’re talking Climate or Covid, source data is of little interest to the general public — but it is raw meat for those who twist and distort the truth. CDC should not publish links until well after they have gotten their message across. 
    Please log in or sign up to continue.
    jjohnjj December 28 · 03:01:35 AM

    From this post:

    https://m.dailykos.com/stories/2021/12/27/2071425/-CDC-shortens-recommended-COVID-isolation-period-to-5-days-for-those-without-symptoms

    Makes me all kind of hard!

    Like

    • I love the new left! Don’t do your own research! Listen to the expert! Raw data is of no value except for the right to “twist and distort”! Ignore the data! Believe in The Science! But not data.

      Like

    • Because of course “Trust Me” with no data is really persuasive these days.

      Like

      • This weird “don’t talk about the data, don’t do your own research” stuff not just from the elite but also from the rank and file is bizarre to me. Yes, so your own research. Yes, debate what you think you’ve learned with others to refine your knowledge. This “don’t debate/don’t learn/don’t investigate” thing is just … bizarre.

        Like

        • KW:

          This “don’t debate/don’t learn/don’t investigate” thing is just … bizarre.

          It makes perfect sense to me, given what the left is and has always been…authoritarian.

          Liked by 1 person

        • There seem to be so many people who are into it that have no chance of being head fascist. They aren’t advocating for a good outcome for themselves. Also shitting on everything that created the society that made everything about their lives possible. Which is bizarre no matter how much you like progressive authoritarianism.

          Like

        • Scott is right.

          Always assume bad faith. Always

          Like

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