I'm just happy to be alive right now. Be careful on the roads folks. Anything and everything can happen in the blink of an eye.
Due to an accident, I was involved in last week, this weekly update is incomplete. I did not have time to keep up with the news.
Welcome back to the Rambling Mind Newsletter. This is your Market Update.
Markets
This newsletter is 745 words a 4 min read
Tale of the Tape
Economy
Inflation continues to retreat on a year-over-year basis.
By The Numbers: March inflation numbers dropped to 5% from 6% in February.
Month-Over-Month prices increased by 0.1% much lower than February’s 0.4%
Core inflation which removed gas and food prices declined from 0.5% in February to 0.4% in March
Shelter costs continue to be a key driver of inflation.
Car prices are finally declining.
Takeaway: This might finally be the CPI report that gives the Fed the willingness to stop raising rates. But I doubt it as businesses have been more than willing to pass on higher costs to consumers. Consumers have been willing to pay the higher prices. Delta’s CEO on Tuesday said that they are seeing a major increase in ticket purchases for the summer despite the higher prices. So they have no issues raising prices.
Bottom Line: We are our worst enemies. We need to stop buying stuff. But let’s be honest, we are not about to do that.
Earnings
Big Banks Report Big Earnings
With all the worries about the banking system's imminent collapse. JPMorgan, Wells Fargo (I don't like you), and Citi reported record revenue for the first quarter of the year as higher interest rates drove up profits for the banks.
Stats of the Week
Super Mario Bros. Movie completely smashed the box office last weekend.
By The Numbers: It is the best opening weekend of any movie this year
It is the biggest debut ever for an animated movie worldwide ($377 million)
Surpassing Frozen 2 which brought in $358.5 million
It is the highest-grossing debut ever for Illumination
The same studio that gave us the beloved Minions
Takeaway: Everything that was once deemed nerd and uncool, is now the taste of the town. Gaming culture has gone beyond games and is now mainstream. It is also interesting how things evolve over time. I wonder if what is seen as lame today will be cool in the future.
Air the movie about the making of the Jordan brand brought in $14 million domestically, and $25 million internationally.
Michael Jordan's signed Air Jordan 13s from the 1998 NBA Finals sold at auction for $2.2 Million almost as much as the movie.
Rant: BTW no matter what anyone says Crocs are still the lamest shoes of all time and disgusting to look at. So are those Adidas Yeezy Foam Runners, and those bubble slides.
The number of kids that died from guns in 2021.
By The Numbers: From 2019 to 2021, there has been a 50% increase in children's gun deaths in the US.
Unlike adult gun deaths that are primarily due to suicide, children's gun deaths are mostly homicide
2023 is the most violent school year, with 46 mass shootings.
And it is only April
Takeaway: Last week, two Democratic lawmakers in Tennessee were removed and voted out of the house after staging a peaceful protest in the Tennessee House of Representatives. Their protest was on gun control and one of the signs read "Protect Kids, not guns."
That tells you all you need to know about guns in the United States.
In Atlanta 1 in 5 people have been threatened with a gun, According to a KFF Survey. This number is much higher in the black community with 31% of Black adults saying they've witnessed someone being shot.
The amount needed to live comfortably in the 25 largest metro cities. This is after tax.
By The Numbers: Atlanta is $66,580
New York is $78,524
San Francisco is $84,026
Takeaway: This is a 20% increase than was needed last year to live comfortably in these cities. Inflation is REAL!
Looking Ahead
Earnings
Sports I Love
NBA PLAYOFFS BEGIN
Who you got?
The season was tight and I expect the playoffs to be the exact same way. I think the Bucks have a great chance to win it all. So that is who I am going with. Celtics will be a hard out though.
Winning Ways