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 Warm-Up
- Inflation - Transitory again
- End of month - March not so good for US Markets - investors may try to squeeze toward the end
- Tariff waves - now there is talk of softening - April 2 is the day - next Wednesday.
- A restaurant Chain at ALL-TIME highs....
- Turkey - Market Mayhem
- An fun Limerick from a Listener

Markets
- Doctor Copper!
- Mag 7 = Lag 7
- Tesla Woes- Stock bouncing but challenges still remain
- March Sadness for Markets...

Attention Collectors! 
- The New DHUnplugged shirts are finally here! We are going to sell only 6 - the donations received by the end of the month above $250 will get a shirt - Nice white swim/light long sleeve. (The rest are reserved for winners and special occasions) - We will also have the #1 as the first shirt ever out to the public for $1,000.
-  Put your address and size in the comments

Tariff Day
- April 2nd is the date that the retaliatory tariffs go on
- Why April 2nd? Why not April 1st??????
--- Worried that is April Fool's day and no one would take them seriously?

Copper Prices
- 45 year high
- What is this? Usually a predictor of the economic conditions -
- Seems like a little inflation (China also pumping)
- FYI - An average single-family home contains roughly 439 pounds (or 200 kilograms) of copper, primarily in wiring, plumbing, appliances, and hardware

Doctor Copper

What about Coffee?
- Chart - Cents per pound
- These increases are driven by climate-related impacts on major coffee-producing countries like Brazil and Vietnam, as well as financial speculation in the market
- DOUBLE THE PRICE of last year

Coffee Prices

Housing Prices
- Reports that tariff induced panic is prices of raw materials is pushing prices up
- Developers are not going to get behind and this may push prices up - on average $10,000 per new home (at least)

Powell on Inflation
- Back to Transitory
- In his latest speech/commentary last week, he hinted that he believes that the current
- During his post-decision press conference last Wednesday, Powell said tariff-induced inflation could be “transitory,” or temporary.
- Here we go again!

Stagflation Anyone?
- Fed sees higher inflation and an economy growing by less than 2% this year
- The rate-setting Federal Open Market Committee downgraded its collective outlook for economic growth to 1.7%, down from the last projection of 2.1% in December. In the meantime, officials hiked their inflation outlook, seeing core prices growing at a 2.8% annual pace, up from the previous estimate of 2.5%.
- In a statement, the FOMC noted the "uncertainty around the economic outlook has increased," adding that the central bank is "attentive to the risks to both sides of its dual mandate."

Meanwhile...
- The 3-month Treasury rate inverted against the 10-year for a bit earlier this month.
- Currently they are locked at the same rate...
- This is the Fed's "preferred" measure of the potential for a recession in the future.

Boeing
- Boeing wins $20-billion contract for Next Generation Air Dominance program
- Win comes after Boeing annual loss, strike, other setbacks
- On the news, Boeing's shares rise, Lockheed's fall
- Lockheed has been plagued by delays in F-35 upgrade
- New name of the aircraft? The F-47 !

New-Clear Energy
- A nuclear power plant on the shores of Lake Michigan is aiming to make history this fall by becoming the first reactor in the U.S. to restart operations after shutting down to be eventually dismantled.
- The effort to restart the Palisades plant near South Haven, which shut down three years ago, is a precedent-setting event that could pave a path for other shuttered reactors to come back online.
- The restart project is backed by a $1.5 billion loan guarantee from the Department of Energy, $1.3 billion from the Department of Agriculture, and $300 million in grants from the state of Michigan.
- HOWEVER: Holtec (company reunning the operation) is facing major repairs to Palisades' aging steam generators that could delay a schedule the NRC has called demanding. Holtec has disclosed to regulators that its inspections have found damaged tubes in the plant's two generators, which were installed in 1990.

Tesla - Return to Sender
- Tesla owners are trading in their electric vehicles at record levels, according to an analysis by national car shopping site Edmunds.
- The data from Edmunds published on Thursday said that March represented "the highest ever share" it had seen for Tesla trade-ins toward new or used cars from dealerships selling other brands.
- In addition, Tesla is facing increased competition from EV makers.
- In January, S&P Global Mobility found Tesla sales declined about 11% year-over-year in the U.S., while Ford, Chevrolet and Volkswagen bolstered their sales of EVs, picking up market share.

LAG 7
- Brutal start to the year
- Down about 11% - that is 4%+ for the S&P 500 (55% of the NASDAQ 100 market cap)
- In 2024, the Mag7 accounted for about 75% of the S&P 500's earnings growth, but this is expected to drop to 33% in 2025 as growth broadens across other sectors

All-Time High - Restaurant
- Darden Restaurants owns a diverse portfolio of popular dining chains, including:
- Their portfolio includes Olive Garden, famous for Italian-American cuisine and unlimited breadsticks,
- LongHorn Steakhouse, which specializes in steaks and hearty American dishes.
- Cheddar's Scratch Kitchen, offering comfort food made from scratch,
- Yard House, known for its extensive beer selection and globally inspired menu.
- The Capital Grille, a premium steakhouse,
- Eddie V's Prime Seafood, which focuses on seafood and steak.
- Seasons 52 offers seasonal, health-conscious dishes,
- Bahama Breeze provides a Caribbean-inspired culinary experience.
- Darden recently expanded its portfolio by acquiring Ruth's Chris Steak House, celebrated for its sizzling steaks
- Latest add-on Chuy's, a Tex-Mex chain

Turkey - More Strong Man Moves
- The Turkish lira fell to a record low against the dollar and the country's benchmark stock index dropped by as much as 7% following the surprise arrest of Istanbul mayor Ekrem Imamoglu — a rival of Turkish President Recep Tayyip Erdogan and leading opposition party figure — on charges he denies.
- Imamoglu, who won the mayorship of Turkey's most populous city in April of 2023, was arrested on charges including terrorism and organized crime,
- Stock market was down as much as 7% on the day before recovering a bit.

23 and No-One
- Embattled genetic testing company 23andMe, once valued at $6 billion, filed for Chapter 11 bankruptcy protection in Missouri federal court on Sunday night.
- The company’s CEO, Anne Wojcicki, has resigned from her role as chief executive effective immediately, though she will remain a member of the board.
- 23andMe’s stock has mostly been in free fall in recent years as the company struggled to generate recurring revenue and stand up viable research and therapeutics businesses. As of Monday morning, the company has a market capitalization of around $25 million
- Supposedly - Millions of people will have their DNA data put up for sale after major at-home testing company 23andMe filed for bankruptcy
- TOLD YOU NOT TO DO IT!

Crazy Fires
- Fires in London close Heathrow for a day - causing a travelers nightmare
- First in the Florida keys - causing a driving nightmare - all roads closed.

Congrats....
- Engaged couple Jeff Bezos and Lauren Sanchez have reportedly mailed out invitations to guests who they want attending their upcoming wedding.
---- Did we get ours?
- "News: After a nearly two-year engagement, Jeff Bezos and Lauren Sanchez have sent out formal invitations for a wedding this summer in Venice, per sources familiar," Dylan Byers of Puck News reported on X.
- "What an incredible year – you set your mind to writing a children’s book and now you’re a NYT best selling author," the Amazon founder said in an Instagram post wishing his fiancee a happy birthday. "I have a feeling your next trip around the sun will be just as amazing."

 

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FED AND CRYPTO LIMERICKS

Chris Davison
Now Andrew’s a big tariff hater,
Seeing price-rises sooner, not later,
If inflation increases,
It ruins Trump’s thesis,
And the stock market once again craters.