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MRKT Matrix - Wednesday, December 18th Dow tanks by 1,100 points, posts first 10-day losing streak since 1974 (CNBC) Fed Lowers Rates by Quarter Point, Signals Two Cuts for 2025 (Bloomberg) 2024 Has Been a Year of Extremes in the Stock Market. Can It Last? (WSJ) Nearly all the preconditions for a market bubble are met, says UBS. How to hedge (CNBC) Walmart Cements Retail Dominance With Best Year Since 1998 (Bloomberg) Merck to develop weight loss pill from Chinese drugmaker in up to $2 billion licensing deal (CNBC) Microsoft acquires twice as many Nvidia AI chips as tech rivals (Financial Times) Google Is Pushing Quantum Computing Closer to Reality (Bloomberg) Trump Tariff Risk Casts Doubt on IPO Blowout Forecast for 2025 (Bloomberg) U.S. Weighs Ban on Chinese-Made Router in Millions of American Homes (WSJ) Japan's Honda and Nissan to reportedly begin merger talks (CNBC) --- Subscribe to our newsletter: https://riskreversalmedia.beehiiv.com/subscribe MRKT Matrix by RiskReversal Media is a daily AI powered podcast bringing you the top stories moving financial markets Story curation by RiskReversal, scripts by Perplexity Pro, voice by ElevenLabs

Vanguard Hosts Brad Wright and Chris Boyd are joined by Ted Dinucci, an investment strategist with Vanguard's Investment Advisory Research Center, the team tasked with creating thought leadership for their intermediary advisory partners across a range of investment, wealth management, and financial planning topics. They discuss: -Individual bonds vs bond funds - How to utilize each for income during retirement -Which is better during a falling interest rate environment Learn more at: https://advisors.vanguard.com/advisors-home Join Vanguard at the following New England locations: -Vanguard RIA Social:  Envio on the Rooftop – Portsmouth, NH:  Wed Aug 21 st   4:30pm –7:30pm   PLEASE RSVP -Vanguard RIA Social:  Granary Tavern – Boston (Financial), MA:  Thurs Aug 22 nd 4:30pm-7:30pm   PLEASE RSVP -Vanguard RIA Meet & Connect Luncheon – Riverbend (Marriott) Newton, MA:  Thurs Aug 22 nd  12pm-2pm PLEASE RSVP - Vanguard Symposium - Marriott Long Wharf – Boston, MA:  Thurs, Oct 24 th  9:30am–3pm:   RESERVE A SPOT NOW and you'll receive an email invite. Additional details to follow. Or at the FPA-NE NexGen event: - FPA NE NexGen Presents Build Your Client Service Team (formally Cross Industry Networking): Lily's Boston (Financial) Thus, Aug 8 th  5pm – 7pm - one of FPA's most popular events of the season! https://lp.constantcontactpages.com/ev/reg/t3jvpz5 [lp.constantcontactpages.com]   Investment Advisory Research Center OCTOBER 2022 Individual bonds versus bond funds: Our thoughts on the advisory practice and client outcomes Key takeaways • Forecasting markets accurately is difficult. A much more reliable prediction to make: What questions clients will ask during periods of rising interest rates. Inevitably, rising rates environments prompt a flood of inquiries about whether advisors and their clients are better off purchasing individual bonds or pooled products, such as mutual funds and exchange-traded funds (ETFs). These questions stem directly from the “principal at maturity” myth, which argues that bond funds will sell bonds at a loss when rates rise, while portfolios of individual bonds can be held to maturity and avoid losses. • Ultimately, bond funds operate the same way as portfolios of individual bonds when cash flows are being reinvested. However, the former generally offer greater return opportunities, lower transaction costs, and higher liquidity—as well as time savings for your practice—than comparable portfolios of individual bonds. Thus, advisors pursuing portfolios of individual bonds should expect to pay greater direct and indirect costs for maintaining complete control of client bond portfolios. The price tag for this control is higher for buyers of municipal and corporate bonds than for buyers of U.S. Treasuries. • Given the higher risks and costs associated with portfolios of individual bonds, and the time they take to manage, most advisors are better served by low-cost mutual funds and ETFs. Particularly in the case of municipal and corporate bonds, it is likely that only clients with enough resources to build a portfolio of comparable scale to a mutual fund (or ETF) can afford to pay the costs for these control advantages. • Consider this report as a resource to inform your client discussions—either for proactive conversations about fixed income portfolio decisions, or to satisfy questions and concerns clients bring to you. For clients who may be partial to holding individual bonds for emotional reasons, the following analysis provides you with empirical data points that could guide them to a more beneficial approach. We also believe the strategies outlined herein can ultimately empower you with more time for higher-value activities, such as deepening client relationships. Authors: Ted Dinucci, CFA | Chris Tidmore, CFA, CPA | Chris Pettit, CFA Acknowledgments: The authors extend our thanks to Elizabeth Muirhead, CFA, and Edward Saracino for their contributions to this report, and to Donald G. Bennyhoff, CFA, and Scott J. Donaldson, CFA, for their prior research, which greatly informed this paper. 2 Introduction The market and economic backdrop today appear highly uncertain, with the highest inflation in 40 years, a series of large rate hikes from the Federal Reserve, and Russia's war in Ukraine, to name a few factors. Understandably, the confluence of these events has led to significant market volatility. It's also led some investors to question the merits of pooled bond vehicles and to ask whether they may be better served by directly owning a portfolio of individual bonds. In some cases, there can be benefits to owning individual bonds, for instance, a nominal immunization strategy where the goal is matching portfolio cash flows to liabilities. However, for the vast majority of advisors and the investors they serve, the likely appeal of individual bonds is largely based on the principal at maturity myth, and embracing it is likely to diminish returns, diversification, and return on your time. This paper offers our perspective on the primary advantages bond funds have over portfolios of individual bonds in the three key regards of returns, diversification, and return on your time (in exchange for less control over individual securities).1 More important, for the vast majority, accessing fixed income via low- cost active or passive funds is likely to provide better outcomes than the direct ownership of individual bonds—even with the hurdle of ongoing management fees. However, we'll first address the flaws in the principal at maturity myth, since this misconception is what generates so much interest in the topic. FIGURE 1. Benefits of choosing either a bond fund or individual bond BOND FUNDS INDIVIDUAL BONDS INCREASED CONTROL ✓ INCREASED DIVERSIFICATION ✓ INCREASED RETURN OPPORTUNITIES ✓ LOWER TRANSACTION COSTS ✓ 1 Vanguard 2017. 3 FIGURE 1. Benefits of choosing either a bond fund or individual bond BOND FUNDS INDIVIDUAL BONDS INCREASED CONTROL ✓ INCREASED DIVERSIFICATION ✓ INCREASED RETURN OPPORTUNITIES ✓ LOWER TRANSACTION COSTS ✓ The principal at maturity myth Holding an individual bond to maturity offers little to no financial benefit to you or your clients versus a pooled product when cash flows are reinvested, as often occurs in laddered individual bond strategies.2 Both portfolios operate in a similar way, but the laddered portfolio is likely to incur greater trading costs and have less diversification. The way that advisors account for laddered bonds in their client statements—by not marking the bonds to their current value, in order to avoid recognizing a paper loss—helps to reinforce the behavioral bias and may mitigate business risk for the advisor. Ultimately, bond prices are inversely related to changes in interest rates: When interest rates rise, the bond's price falls, and vice versa. This is because a bond's coupon payments are typically fixed at issuance, leaving price as the only variable that can be adjusted to make the bond's yield competitive with that of newly issued bonds of similar risk and maturity. This is illustrated in Figure 2. If 10-year bonds are currently yielding 4%, the price of a 2% coupon bond—to be competitive—must decline to a level that results in a 4% yield-to-maturity. In this example, that price is 83.65% of the face value (or $836.50 per $1,000 face value). The 2% bond would provide the same return as the 4% coupon bond trading at par, but some of the return would come from the bond's appreciation from $836.50 to its $1,000 value at maturity, as opposed to the coupon payments. This price adjustment punctures the common myth that holding an individual bond to maturity will provide a financial benefit to your clients. Absent transaction costs, when interest rates change, prices adjust so that total returns will be equal from that point forward, regardless of whether the bond is held to maturity or sold at the prevailing market price with the proceeds reinvested. FIGURE 2. How bond prices adjust to keep yields-to-maturity the same A comparison of hypothetical bonds with 10 years to maturity Coupon (annual interest payment) 6% 4% 2% Market price as a percentage of face value 116.35% 100% 83.65% Yield to maturity 4% 4% 4% Source: Vanguard. This hypothetical illustration does not represent any particular investment and the rate is not guaranteed. FIGURE 3. Total returns closely match starting yields, regardless of whether prices are above (or below) par 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 Forward annualized return versus starting yield Starting yield Forward annualized return when starting price is above par Forward annualized return when starting price is below par Figure 3 demonstrates this point by comparing the forward annualized return for the Bloomberg U.S. Aggregate Bond Index, adjusted for duration, with its starting yield. Here, it is readily apparent that future returns closely track starting yields. Moreover, the narrative doesn't change whether the index is trading above or below par. Therefore, when evaluating bonds with the same characteristics but with different coupon payments, it is always best to compare their yields to maturity.3 Notes: Returns represent the annualized return on the Bloomberg U.S. Aggregate Bond Index using monthly data for the period that aligns with the index's starting modified adjusted duration, rounded to the nearest month. For instance, if on December 31, 2005, the duration on the index was 5 years, the forward annualized return would be from January 1, 2006, to December 31, 2010. Yields represent the index's yield to worst (YTW) at the start of each calculation period. YTW is a measure for the lowest possible yield that may be earned on a bond absent the issuer defaulting. The last observation in the figure is September 30, 2015, because after that date the index's starting duration is longer than the time series. Past performance is no guarantee of future returns. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. Sources: Vanguard analysis of Bloomberg data, as of March 2022. 2 Laddering refers to building a portfolio of bonds with a range of maturities. 3 Yield-to-maturity is the percentage rate of return on a bond, assuming that the bond is held to maturity. For bonds that may be called prior to their stated maturity, yield-to-worst is a preferable measure, as it accounts for the bond's call feature and represents the lowest possible yield that may be earned assuming no default. 4 As mentioned, this principal at maturity myth typically surfaces only when interest rates rise or are expected to rise. If rising rates mean there is a financial benefit to holding bonds to maturity, then falling rates should mean there is a benefit to selling them and reinvesting the proceeds in new bonds. Thus, an active trading strategy would be preferred over a simple buy-and-hold, laddered bond portfolio to take advantage of the market inefficiency. Ironically, this environment has been the norm for the past 20-plus years, yet the trading concept has not been endorsed by the investment community. One doesn't hear that when interest rates are falling, an open-end mutual fund or ETF with no set maturity date is the preferred structure. Thus, the appeal of holding a bond to maturity is likely emotional, as by not selling a bond at a discount to par, your clients are able to avoid the mental roadblock of “recognizing” a loss. Rather than let this behavioral bias win, advisors can seize this as an opportunity to flex their coaching muscles and leverage the trust they've built with clients to help produce better outcomes. Consider this analogy: Just because you chose not to sell your house when prices dipped does not mean it's worth more than the home of your neighbors, who did sell. The same logic applies to fixed income—whether the bonds are held individually, in a bond fund, or in a separately managed account (SMA).4 Diversification can mean higher returns for similar levels of risk In fixed income investing, diversification among issuers, credit qualities, and term structures is a primary consideration for municipal and corporate bonds. For laddered bond portfolios, issuance calendars do not offer consistent access to all types of bonds. On the contrary, with bond funds, greater diversification is possible because of the larger pool of investable assets and the continuous investment in new offerings. This, coupled with the professional staff needed to conduct risk, trade, and credit analysis allows funds to seek return opportunities farther out on the credit quality spectrum than is possible for an advisor. In the case of the latter, their clients may be seriously affected if even one issuer in their (much smaller) portfolio encounters problems. In the case of corporate bonds (and munis), the dynamic nature of credit risk makes it essential to diversify issuer- specific risk. The price volatility that results from a change in an issuer's credit rating is typically asymmetrical: When a credit downgrade occurs, a bond usually will drop much further in price than it would rise on news of an upgrade. This means that for holders of individual corporate bonds, the penalty for choosing a bond that is downgraded is usually greater than the reward for choosing one that gets upgraded. Professional fund managers who are fully focused on credit analysis may be better suited to spot these trends sooner and avoid the negative effects of downgrades and defaults. FIGURE 4. Incremental pickups in yields available relative to AA rated corporates Average option-adjusted spread Average cumulative defaults 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% AA rated Broad investment-grade Credit quality 0.98% 0.55% As a result, many individual bond portfolios exhibit a higher-quality bias relative to bond funds because of the inability to fully benefit from diversification. As shown in Figure 4, higher return opportunities, in terms of incremental yield, are available beyond AA rated corporates to compensate for the low, but always possible, risk of default—even when staying within the corporate investment-grade universe. A more diversified approach that spans the spectrum of investment-grade corporates can translate into a meaningful increase in yield without sacrificing the primary role of high-quality fixed income in a portfolio—acting as a ballast to risk assets. It should be noted that diversification of credit quality can also be achieved through passive exposure. Notes: Average option-adjusted spreads (OAS) cover the period of January 1997 to April 2022. AA rated as represented by ICE BofA US Corporate Index Option-Adjusted Spread; and broad investment-grade as represented by ICE BofA US Corporate Index Option-Adjusted Spread. OAS is a measure of the difference in yield of a bond and the comparable risk-free rate, adjusted to account for any embedded option. Analysis begins with AA rated corporates, as there are only two AAA rated corporate issuers. Average cumulative defaults are calculated by FitchRatings and represent the 10-year average cumulative defaults for the period of January 1990 to December 2021. Default rates are calculated on an issuer or security basis as opposed to dollar amounts. Sources: Federal Reserve Bank of St. Louis, FitchRatings, and Vanguard analysis, as of April 2022. 4 Separately managed accounts are investment portfolios that are directly owned by an investor and managed by a professional investment firm. 5 FIGURE 5. Growth of hypothetical $1 million initial investment from January 1997 Ending wealth in (million USD) $3.2 $3.3 $3.4 $3.5 $3.6 $3.7 $3.8 $3.9 $4.0 AA corporates Broad I-G corporates $4.1 $4.2 Ending wealth with AA corporates Excess wealth with lower quality Figure 5 translates the lost return opportunities in Figure 3 into actual excess wealth created by expanding the investment opportunity set beyond AA rated bonds.5 For a long-term investor, being broadly invested in investment-grade corporates would have produced an additional $400,000 of nominal wealth, given a hypothetical, initial $1 million investment in 1997, relative to the same investment in AA rated corporates. Moreover, through broad diversification, as an advisor, you would be able to increase your client's long-term expected returns for their fixed income holdings, while significantly reducing single-issuer risk and still maintain high overall credit quality. Notes: Figure assumes a hypothetical initial $1 million investment on January 1, 1997, and held until April 30, 2022. AA corporates as represented by ICE BofA 5–10 Year AA US Corporate Index; and broad I-G corporates as represented by ICE BofA 5–10 Year US Corporate Index. Sources: Vanguard analysis of Morningstar data, as of April 2022. Past performance is no guarantee of future returns. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. Transaction costs are real, but often go overlooked All bond portfolios incur costs. Though the management cost component often receives the lion's share of attention because it is readily apparent and known in advance, it also represents only one part of the equation. Less scrutinized, but similarly detrimental to long-term financial outcomes are transaction costs (e.g., bid-ask spreads). Ultimately, bid-ask spreads tend to vary by trade size and bond sector, and the size of the spread is typically larger for small transactions. Bond mutual funds and ETFs buy and sell large quantities of bonds, and these large transactions can command higher prices for sales and lower prices for buys. So long as the size of the spreads paid or received are inversely related to purchase lot size, bond funds have a transaction cost advantage over individual bond portfolios. The benefits of scale are most significant in the municipal bond market, but still relevant and tell a similar story to that of corporates. Figure 6 illustrates this point. It shows that in the municipal bond market, the spread for a retail trade (less than $100,000 per bond) on average has been consistently higher than that for an institutional trade. Specifically, between January 2019 and April 2021 the effective spread for transactions with a par value between $25,001 and $100,000 averaged 56.4 basis points (bps), while transactions with a par value of over $1 million averaged 20.2 bps. This differential translates to lower total return for clients who are not able to transact at scale.6 Additionally, large firms, such as Vanguard, are able to get the broadest access to bonds in the primary market, so it's not only about the size of the trade and lower costs, but also what bonds one gets to purchase. This is especially important as there tends to be a drop-off in liquidity as time passes from issuance. FIGURE 6. Spreads are significantly wider for retail trades relative to institutional trades (bps) $10,000 or less $10,001- $25,000 $25,001- $100,000 $100,001- $1 million $1 million+ 20.2 56.4 35.5 63.6 81.9 In the end, higher spreads translate into lower returns. Whether creating a taxable or tax-exempt bond portfolio for a client, the basic decision comes down to this: Does the fund expense ratio detract less from the portfolio's total return than (1) the return surrendered by a higher credit-quality bias, if one exists, (2) the default risk, if there is no quality bias, or (3) the additional transaction costs? It would be rare for the fund expense ratio (particularly in the case of a lower-cost bond fund) to be larger than the other costs. Notes: The above figure shows the average effective spread for municipal bond transactions of various sizes from January 2019 to April 2021. Effective spread is a measure of customer transaction costs and is computed daily for each bond as the difference between the volume-weighted average dealer-to-customer buy and sell price, and is then averaged across bonds using equal weighting. Sources: MSRB data and Vanguard analysis. 5 Though an advised client's fixed income portfolio is unlikely to be comprised of only intermediate-term (5- to 10-year maturity) U.S. corporate bonds. 6 As a simple example, if constructing an initial bond portfolio with an average duration of five years and transaction costs of 50 bps, it would translate to 10 bps per year. 6 Control of the portfolio One, or perhaps the only, advantage of self-directed individual bond portfolios and, to some extent, SMAs over pooled vehicles is the owner's ability to influence portfolio decisions. The motivation for maintaining control generally falls into three camps: strict portfolio guidelines that place firm restrictions on portfolio characteristics, such as credit-quality (e.g., all-AA portfolio) or limits on derivatives usage; matching portfolio cash-flows with specific liabilities (e.g., cash-flow matching); and tax concerns. Given the inflexibility of the first, and presumably, high-level of certainty of the second, we'll focus on the potential tax considerations, as certain common beliefs may be overstated and therefore warrant a discussion. Regarding taxes: Because clients directly own the bonds in an SMA or a laddered bond portfolio, as their advisor you can use any net losses from individual bond positions for tax purposes to partially offset your client's earned income or to offset realized capital gain liabilities from other investments. A mutual fund or ETF, on the other hand, cannot pass through realized losses to its shareholders. Instead, the fund uses realized losses against realized gains, and carries forward any excess losses to be used against future gains. Although this may defer the pass-through of losses, it provides long-term tax efficiency to the pooled structure. In addition, as the advisor, you have a further option: You can sell your clients' fund shares to realize a loss where applicable. Regarding individual bond portfolios or SMAs, another factor to consider is that to take advantage of losses in these accounts, you will incur transaction costs for your clients on both the sale of the current bond and the purchase of the new bond. Though all the above applies to both taxable and tax- exempt bonds, in terms of the latter, there is often the additional consideration of alternative minimum taxes (AMT). With an individual bond portfolio or SMA, the portfolio can be tailored to bonds that are exempt from AMT or specific to issues from your client's home state. While this is true, it is important to acknowledge that there are currently a number of state-specific vehicles available for your clients—particularly in states with high tax rates. Also, though it's sometimes forgotten, the key point that advisors should be concerned with is seeking to maximize client after-tax returns, rather than with minimizing taxes. Bonds issued outside a client's home state and bonds subject to AMT often carry higher yields to maturity. As a result, your clients may well get higher after- tax returns from a portfolio including such bonds. In addition, clients gain from increased diversification—an important benefit. With the preceding considerations in mind, it may be impractical to transition clients from their existing SMA solutions or portfolios of individual bonds into a primarily fund-aligned strategy. For advisors that already utilize an SMA or construct their own bond sleeves, a bond fund can serve as a strong complement—by providing some additional liquidity to the portfolio and a solution for reinvesting periodic cash flows from their individual bond holdings (or SMAs) to reduce potential cash drag. Conclusion For the reasons described in this paper, the vast majority of advisors who invest for their clients are best served through low-cost bond funds. Only those advised clients with the resources to achieve scale comparable to that of a mutual fund should consider putting certain control features ahead of the benefits that a pooled investment vehicle offers. Funds generally provide better diversification, greater return opportunities, lower transaction costs, and higher liquidity for your clients. For advisors, the time savings from outsourcing the day-to-day portfolio management can be reinvested in higher returning opportunities, such as deepening client relationships and growing your practice. Although bonds that are held directly can provide certain advantages over bond mutual funds—primarily related to control over security-specific decisions—such control comes at a cost. To construct an individual bond portfolio, an advisor must assign a very high value to the control benefits to justify the higher costs and additional risks involved. 6 7 References Bennyhoff, Donald, Scott Donaldson, Jamese Dunlap, and Daren Roberts, 2017. A topic of current interest: Bonds or bond funds? Valley Forge, Pa.: The Vanguard Group. Bennyhoff, Donald G., 2009. Municipal bond funds and individual bonds. Valley Forge, Pa.: The Vanguard Group. Donaldson, Scott J., 2009. Taxable bond investing: bond funds or individual bonds? Valley Forge, Pa.: The Vanguard Group. Li, David, Charlotte L. Needham, and Jake Han, 2022. 2021 Transition and Default Studies. FitchRatings. Wu, Simon Z., and Nicholas J. Ostroy, 2021. Transaction Costs During the COVID-19 Crisis: A Comparison between Municipal Securities and Corporate Bond Markets. Washington, D.C., Municipal Securities Rulemaking Board. Connect with Vanguard® advisors.vanguard.com • 800-997-2798 All investing is subject to risk, including the possible loss of the money you invest. Be aware that fluctuations in the financial markets and other factors may cause declines in the value of your account. There is no guarantee that any particular asset allocation or mix of funds will meet your investment objectives or provide you with a given level of income. Bond funds are subject to the risk that an issuer will fail to make payments on time and that bond prices will decline because of rising interest rates or negative perceptions of an issuer's ability to make payments. Investments in bonds are subject to interest rate, credit, and inflation risk. Although the income from municipal bonds held by a fund is exempt from federal tax, you may owe taxes on any capital gains realized through the fund's trading or through your own redemption of shares. For some investors, a portion of the fund's income may be subject to state and local taxes, as well as to the federal Alternative Minimum Tax. Diversification does not ensure a profit or protect against a loss. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. We recommend that you consult a tax or financial advisor about your individual situation. Vanguard is investor-owned, meaning the fund shareholders own the funds, which in turn own Vanguard. © 2022 The Vanguard Group, Inc. All rights reserved. U.S. Patent No. 6,879,964. FAIBVBF 112022

Watch Alix and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Mark Gurman, Bloomberg Chief Correspondent on Global Technology, discusses his Big Take story “The Apple Insiders in the Running to Succeed Cook.” Mandeep Singh, Bloomberg Intelligence Senior Tech Industry Analyst, and Niraj Patel, Bloomberg Intelligence Senior Software Analyst, join to discuss Alphabet, Hubspot talks. Barry Ritholtz, Founder of Ritholtz Wealth Management and Host of “Masters in Business” discusses his recent note on TikTok. Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, joins to talk about Warner Brothers Discovery earnings. Loren Grush, Bloomberg U.S Space Reporter, discusses Bloomberg's Space vertical launch.Hosts: Alix Steel and Molly SmithSee omnystudio.com/listener for privacy information.

This is Garrison Hardie with your CrossPolitic Daily News Brief for Wednesday, November 8th, 2023. Dropwave Do you have a podcast, or thinking about starting one? Does your church have a podcast feed for sermons? Then Dropwave.io is for you. Cancel culture is like walking on a thin glass bridge over the Grand Canyon. Every step you take could get you killed, I mean canceled. Since the beginning CrossPolitic has been working on being antifragile, so no matter what happens, our content can still be delivered to your tv and to your podcast. This past year, the Waterboy and his friend Jeremi, have been working on building a podcast hosting solution for rowdy platforms like CrossPolitic, so that you can be confident your podcast will never fall through that glass bridge. Dropwave offers seamless onboarding for shows that have been around for years to easy to use solutions for starting your own podcast. Dropwave will track all your show’s downloads by city, state, and country, and it offers network and enterprise packages for solutions like the Fight Laugh Feast Network. Free to speak, Free to podcast, free to start your journey now at www.Dropwave.io. https://www.breitbart.com/economy/2023/11/07/bloomberg-u-s-debt-interest-bill-soars-past-1-trillion-a-year/ Bloomberg: U.S. Debt Interest Bill Soars Past $1 Trillion a Year The combination of high levels of debt and higher interest rates has pushed the annualized interest cost of government debt past $1 trillion, an analysis from Bloomberg showed Tuesday. This amounts to a doubling of interest costs over the past 19 months, according to Bloomberg. It is the equivalent of 15.9 percent of the Federal budget for fiscal year 2022. The worsening metrics may reignite debate about the US fiscal path amid heavy borrowing from Washington. That dynamic has already helped drive up bond yields, threatened the return of the so-called bond vigilantes and led Fitch Ratings to downgrade US government debt in August. “There will be further increases to Treasury coupon auctions and T-bills outstanding going forward,” Bloomberg Intelligence strategists Ira Jersey and Will Hoffman wrote in a research note. “Besides deficits of over $2 trillion in the foreseeable future, climbing maturities following the increase of issuance from March 2020 will also need to be refinanced.” The Congressional Budget Office estimates that the cumulative deficit for the 2024–2033 period will total $20.2 trillion, or 6.1 percent of GDP. Deficits are expected to be at least 5.5 percent of GDP every year for the coming decade. Since 1973, the federal government budget deficit has averaged 3.6 percent of GDP. https://dailycaller.com/2023/11/07/van-jones-biden-retire-2024-election-drop-out/ ‘It’s Time’: CNN’s Van Jones Says Biden Needs To Consider Retiring CNN’s Van Jones said Tuesday that President Joe Biden needs to consider retiring following a poll from The New York Times/Siena College. The Sunday poll found president Donald Trump leading Biden by a substantial margin in five out of six key swing states. Biden holds a slight edge within the margin of error over Trump in Wisconsin. Jones argued Biden is in a tough position. Video Plays Several pundits have questioned whether Biden should drop out of the race, with CNN’s David Axelrod saying the president needs to decide whether staying in the race is “in his best interest or the country’s.” Director of Defending Democracy Together Bill Kristol posted on X that Biden needs to make an act of “personal sacrifice.” “It’s time. President Biden has served our country well. I’m confident he’ll do so for the next year. But it’s time for an act of personal sacrifice and public spirit. It’s time to pass the torch to the next generation. It’s time for Biden to announce he won’t run in 2024,” Kristol wrote. https://hotair.com/karen-townsend/2023/11/07/future-darwin-award-winner-tried-to-target-jewish-children-in-americas-midwest-n590580 Future Darwin Award Winner Tried to Target Jewish Children in America's Midwest A woman in Indiana plowed her car into a building she thought was a Jewish school. The police describe her as a terrorist and she was arrested at the scene. Not only was her intention to hurt or kill Jewish school children in their school in Indianapolis but she was completely mistaken about her target. The 34-year-old terrorist woman, allegedly backed her vehicle into a building associated with Black Hebrew Israelites on Friday. She admitted to the police that she specifically targeted the building because she was offended by a Hebrew Israelite symbol in front. This psycho thought she was entitled to try to harm children because she was offended by a symbol in front of the building, apparently. There were several adults and children in the building at the time. However, they were not who the woman thought they were. She said, “Yes. I did it on purpose.” She kept describing the building as the “Israel school” and she spoke about “her people back in Palestine.” According to the Anti-Defamation League, the Israelite School of Universal and Practical Knowledge is a sect of the Black Hebrew Israelites. It is an extremist group that is anti-Israel. The Southern Poverty Law Center (I know) has designated them as a hate group. So, ironically, the unhinged and offended the woman plowed into the building used by a group who hate Israel as she does. She is Darwin Award material. An investigation is underway. There may be additional charges brought against her. The Jewish Federation of Greater Indianapolis said Safe Indiana, a Jewish community security program, is working with cops to probe the incident. “Safety and security for our community is of the utmost importance, and we are more secure and prepared than ever before,” the federation said in a statement. “Although a Jewish facility was not targeted, solely due to ironic misidentification, this is yet another reminder to maintain security protocols, remain vigilant of suspicious activity and to (report promptly) to the appropriate authorities.” These random acts of terror seem to be increasing. FBI Director Christopher Wray recently warned of lone wolf attacks. Wray said Hamas inspired terrorists pose a threat not seen since the days of ISIS. She confessed that she was motivated to do the attack after watching news coverage of the Israel-Hamas war. She is originally from Amman, Jordan. Wray said that while Hamas is assessed to have no capabilities inside the US, other actors – possible radicalized individuals or small groups – could take inspiration from the terror group in a way similar to ISIS. Speaking to the Senate’s Homeland Security Committee, he said: “We assess that the actions of Hamas and its allies will serve as an inspiration, the likes of which we haven’t seen since ISIS launched its so-called caliphate several years ago. “In just the past few weeks, multiple foreign terrorist organizations have called for attacks against Americans and the West.” He said: “Here in the United States, our most immediate concern is that violent extremists – individuals or small groups – will draw inspiration from the events in the Middle East to carry out attacks against Americans going about their daily lives.” She was charged with a preliminary charge of criminal recklessness. Her first court appearance is scheduled for today, November 8. https://www.catholicnewsagency.com/news/255928/vatican-hospital-offers-to-treat-critically-ill-baby-denied-life-support-in-britain Vatican hospital offers to treat critically ill baby denied life support in Britain The Vatican’s pediatric hospital has offered to treat 8-month-old baby Indi Gregory after a British court ruled that she be removed from life support against her parents’ wishes. Gregory, who was born in February, suffers from a rare degenerative mitochondrial disease and has been receiving life-sustaining treatment on a ventilator at the Queen’s Medical Centre in Nottingham, England. After England’s high court ruled that it was in the child’s “best interests” to be taken off life support, Gregory’s parents appealed to take her to Rome for treatment, an appeal that was denied by a British judge over the weekend. The Italian government decided in an emergency meeting on Monday to grant the critically ill child Italian citizenship and to cover the cost of her medical treatment at the Vatican’s Bambino Gesù (jay-zoo) hospital. “They say there isn’t much hope for little Indi, but until the very end, I’ll do what I can to defend her life,” Italian President Giorgia Meloni wrote on social media on Nov. 6. “And to defend the right of her mamma and papa to do all that they can for her.” The Bambino Gesù hospital has previously offered medical treatment to other critically ill children, including Alfie Evans in 2018 and Charlie Gard in 2017, both of whom were ultimately denied the chance to travel to Italy by U.K. courts and died days after being removed from life support. Christian Concern has published a letter from the president of the Bambino Gesù hospital outlining “a detailed treatment plan” for the child, which includes “life-sustaining treatment and palliative care to ensure Indi’s survival and comfort while the treatments take effect.” Andrea Williams, chief executive of Christian Concern and the Christian Legal Centre supporting the Gregorys’ case, has noted that this is believed to be the first time that a parent’s appeal against an order to withdraw life-sustaining treatment has been rejected by the Court of Appeal without a hearing. “The law is there to protect life and the most vulnerable in our society. What is happening in this case sets a very worrying precedent with regard to that principle,” Williams said. “It is very concerning that a child can be held against the parents’ wishes when they have alternative treatment available.” With the newly granted Italian citizenship, the child’s parents, Dean Gregory and Claire Staniforth, can appeal to the Italian consulate in Britain to request that their daughter be airlifted to Italy for treatment, according to Reuters. Simone Pillon (pee-lone), an Italian lawyer assisting the Gregory family, wrote on Nov. 7: “We are working to find an agreement between the two countries to satisfy the family’s request and treat Indi in Rome.” In response to the Italian government’s decision, Dean Gregory, Indi’s father, said: “My heart fills up with joy that the Italians have given Claire and I hope and faith back in humanity. The Italians have shown us care and loving support and I wish the U.K. authorities were the same.” https://nypost.com/2023/11/06/news/texas-southern-tuba-player-punches-heckler-in-the-stands-video/ Marching Band turns into Marching Hands? Texas Southern band member punches heckler in the stands, continues playing - He didn’t miss a beat. A Texas Southern University tuba player swiftly knocked out an obnoxious heckler during a football game Saturday before carrying on playing his instrument. Video taken from the stands during Saturday’s game between Texas Southern and Jackson State shows the college band’s tuba player bouncing along to the music while a fan starts yelling at him. A Jackson State fan can be seen in the footage aggressively yelling at the tuba player, who is attempting to continue playing with the band. Seeming to have had enough of the outburst, the Texas Southern tuba player says something to the man before swiftly punching him four times in the face. The Texas Southern band member then returns to his instrument as if the altercation never happened. In one recording of the incident, the band member can be heard telling the aggressive fan, “F–k off, b—h.” It’s unclear whether the heckler, who stumbled back several feet in the stands, sustained any injuries from the scuffle. It’s also unclear whether police responded to the incident or if any action was taken against the band member. Texas Southern University ended up losing to Jackson State, 21-19. https://www.outkick.com/field-hockey-teammate-issues-bold-statement-against-miaa-for-allowing-male-players-to-compete-against-women/ FIELD HOCKEY CAPTAIN SLAMS MASSACHUSETTS LAW ALLOWING BOYS ON GIRLS TEAMS AFTER BRUTAL INJURY TO HER TEAMMATE Men competing against women in sports spawned another tragic story on Thursday when a female field hockey player suffered significant injuries to her face after taking a shot from a male opponent. The female high schooler played on Dighton-Rehoboth High School’s team, and now the co-captain / teammate of her squad is speaking up and calling for policy change to prohibit men from competing against women to avoid further incidents. Kelsey Bain, who plays on Dighton-Rehoboth and is the co-captain of the field hockey team, posted a letter on X, directed at the MIAA to change the association’s policy that allows men to compete against women. “This is a letter I sent to the MIAA in response to the recent Swampscott vs. Dighton-Rehoboth field hockey incident,” Kelsey Bain posted on X, including the three-page notice. Women’s rights activist and OutKick host Riley Gaines shared Bain’s statement on social media. The man played for Swampscott High School, who played Dighton-Rehoboth in a playoff field hockey contest on Thursday. Under the MIAA’s ruling — the Massachusetts Interscholastic Athletic Association — men can compete against women if a sport does not offer their gender’s league. The man’s shot knocked several of the girl’s teeth out and caused serious facial injuries. Video of the hit shows the girl writhing in pain and screaming. To prevent these incidents from continuing, Kelsey Bain is stepping into the discourse, understanding that the association will not budge on the issue unless they are challenged. Dighton-Rehoboth Superintendent Bill Runey put out a statement, identifying that the opponent was indeed a man and relaying the horror of the team personnel after one of their own suffered a brutal injury. Runey said, “Last night, a female field hockey player for the Dighton-Rehoboth Regional High School girls’ field hockey team sustained significant facial and dental injuries when she was struck in the face by a shot in the third quarter versus Swampscott in an MIAA state playoff contest. “The shot was taken by a male member of the Swampscott girls field hockey team. This injury required hospitalization. The player, her family, teammates, and coaches remain in my prayers.”

This is Garrison Hardie with your CrossPolitic Daily News Brief for Wednesday, November 8th, 2023. Dropwave Do you have a podcast, or thinking about starting one? Does your church have a podcast feed for sermons? Then Dropwave.io is for you. Cancel culture is like walking on a thin glass bridge over the Grand Canyon. Every step you take could get you killed, I mean canceled. Since the beginning CrossPolitic has been working on being antifragile, so no matter what happens, our content can still be delivered to your tv and to your podcast. This past year, the Waterboy and his friend Jeremi, have been working on building a podcast hosting solution for rowdy platforms like CrossPolitic, so that you can be confident your podcast will never fall through that glass bridge. Dropwave offers seamless onboarding for shows that have been around for years to easy to use solutions for starting your own podcast. Dropwave will track all your show’s downloads by city, state, and country, and it offers network and enterprise packages for solutions like the Fight Laugh Feast Network. Free to speak, Free to podcast, free to start your journey now at www.Dropwave.io. https://www.breitbart.com/economy/2023/11/07/bloomberg-u-s-debt-interest-bill-soars-past-1-trillion-a-year/ Bloomberg: U.S. Debt Interest Bill Soars Past $1 Trillion a Year The combination of high levels of debt and higher interest rates has pushed the annualized interest cost of government debt past $1 trillion, an analysis from Bloomberg showed Tuesday. This amounts to a doubling of interest costs over the past 19 months, according to Bloomberg. It is the equivalent of 15.9 percent of the Federal budget for fiscal year 2022. The worsening metrics may reignite debate about the US fiscal path amid heavy borrowing from Washington. That dynamic has already helped drive up bond yields, threatened the return of the so-called bond vigilantes and led Fitch Ratings to downgrade US government debt in August. “There will be further increases to Treasury coupon auctions and T-bills outstanding going forward,” Bloomberg Intelligence strategists Ira Jersey and Will Hoffman wrote in a research note. “Besides deficits of over $2 trillion in the foreseeable future, climbing maturities following the increase of issuance from March 2020 will also need to be refinanced.” The Congressional Budget Office estimates that the cumulative deficit for the 2024–2033 period will total $20.2 trillion, or 6.1 percent of GDP. Deficits are expected to be at least 5.5 percent of GDP every year for the coming decade. Since 1973, the federal government budget deficit has averaged 3.6 percent of GDP. https://dailycaller.com/2023/11/07/van-jones-biden-retire-2024-election-drop-out/ ‘It’s Time’: CNN’s Van Jones Says Biden Needs To Consider Retiring CNN’s Van Jones said Tuesday that President Joe Biden needs to consider retiring following a poll from The New York Times/Siena College. The Sunday poll found president Donald Trump leading Biden by a substantial margin in five out of six key swing states. Biden holds a slight edge within the margin of error over Trump in Wisconsin. Jones argued Biden is in a tough position. Video Plays Several pundits have questioned whether Biden should drop out of the race, with CNN’s David Axelrod saying the president needs to decide whether staying in the race is “in his best interest or the country’s.” Director of Defending Democracy Together Bill Kristol posted on X that Biden needs to make an act of “personal sacrifice.” “It’s time. President Biden has served our country well. I’m confident he’ll do so for the next year. But it’s time for an act of personal sacrifice and public spirit. It’s time to pass the torch to the next generation. It’s time for Biden to announce he won’t run in 2024,” Kristol wrote. https://hotair.com/karen-townsend/2023/11/07/future-darwin-award-winner-tried-to-target-jewish-children-in-americas-midwest-n590580 Future Darwin Award Winner Tried to Target Jewish Children in America's Midwest A woman in Indiana plowed her car into a building she thought was a Jewish school. The police describe her as a terrorist and she was arrested at the scene. Not only was her intention to hurt or kill Jewish school children in their school in Indianapolis but she was completely mistaken about her target. The 34-year-old terrorist woman, allegedly backed her vehicle into a building associated with Black Hebrew Israelites on Friday. She admitted to the police that she specifically targeted the building because she was offended by a Hebrew Israelite symbol in front. This psycho thought she was entitled to try to harm children because she was offended by a symbol in front of the building, apparently. There were several adults and children in the building at the time. However, they were not who the woman thought they were. She said, “Yes. I did it on purpose.” She kept describing the building as the “Israel school” and she spoke about “her people back in Palestine.” According to the Anti-Defamation League, the Israelite School of Universal and Practical Knowledge is a sect of the Black Hebrew Israelites. It is an extremist group that is anti-Israel. The Southern Poverty Law Center (I know) has designated them as a hate group. So, ironically, the unhinged and offended the woman plowed into the building used by a group who hate Israel as she does. She is Darwin Award material. An investigation is underway. There may be additional charges brought against her. The Jewish Federation of Greater Indianapolis said Safe Indiana, a Jewish community security program, is working with cops to probe the incident. “Safety and security for our community is of the utmost importance, and we are more secure and prepared than ever before,” the federation said in a statement. “Although a Jewish facility was not targeted, solely due to ironic misidentification, this is yet another reminder to maintain security protocols, remain vigilant of suspicious activity and to (report promptly) to the appropriate authorities.” These random acts of terror seem to be increasing. FBI Director Christopher Wray recently warned of lone wolf attacks. Wray said Hamas inspired terrorists pose a threat not seen since the days of ISIS. She confessed that she was motivated to do the attack after watching news coverage of the Israel-Hamas war. She is originally from Amman, Jordan. Wray said that while Hamas is assessed to have no capabilities inside the US, other actors – possible radicalized individuals or small groups – could take inspiration from the terror group in a way similar to ISIS. Speaking to the Senate’s Homeland Security Committee, he said: “We assess that the actions of Hamas and its allies will serve as an inspiration, the likes of which we haven’t seen since ISIS launched its so-called caliphate several years ago. “In just the past few weeks, multiple foreign terrorist organizations have called for attacks against Americans and the West.” He said: “Here in the United States, our most immediate concern is that violent extremists – individuals or small groups – will draw inspiration from the events in the Middle East to carry out attacks against Americans going about their daily lives.” She was charged with a preliminary charge of criminal recklessness. Her first court appearance is scheduled for today, November 8. https://www.catholicnewsagency.com/news/255928/vatican-hospital-offers-to-treat-critically-ill-baby-denied-life-support-in-britain Vatican hospital offers to treat critically ill baby denied life support in Britain The Vatican’s pediatric hospital has offered to treat 8-month-old baby Indi Gregory after a British court ruled that she be removed from life support against her parents’ wishes. Gregory, who was born in February, suffers from a rare degenerative mitochondrial disease and has been receiving life-sustaining treatment on a ventilator at the Queen’s Medical Centre in Nottingham, England. After England’s high court ruled that it was in the child’s “best interests” to be taken off life support, Gregory’s parents appealed to take her to Rome for treatment, an appeal that was denied by a British judge over the weekend. The Italian government decided in an emergency meeting on Monday to grant the critically ill child Italian citizenship and to cover the cost of her medical treatment at the Vatican’s Bambino Gesù (jay-zoo) hospital. “They say there isn’t much hope for little Indi, but until the very end, I’ll do what I can to defend her life,” Italian President Giorgia Meloni wrote on social media on Nov. 6. “And to defend the right of her mamma and papa to do all that they can for her.” The Bambino Gesù hospital has previously offered medical treatment to other critically ill children, including Alfie Evans in 2018 and Charlie Gard in 2017, both of whom were ultimately denied the chance to travel to Italy by U.K. courts and died days after being removed from life support. Christian Concern has published a letter from the president of the Bambino Gesù hospital outlining “a detailed treatment plan” for the child, which includes “life-sustaining treatment and palliative care to ensure Indi’s survival and comfort while the treatments take effect.” Andrea Williams, chief executive of Christian Concern and the Christian Legal Centre supporting the Gregorys’ case, has noted that this is believed to be the first time that a parent’s appeal against an order to withdraw life-sustaining treatment has been rejected by the Court of Appeal without a hearing. “The law is there to protect life and the most vulnerable in our society. What is happening in this case sets a very worrying precedent with regard to that principle,” Williams said. “It is very concerning that a child can be held against the parents’ wishes when they have alternative treatment available.” With the newly granted Italian citizenship, the child’s parents, Dean Gregory and Claire Staniforth, can appeal to the Italian consulate in Britain to request that their daughter be airlifted to Italy for treatment, according to Reuters. Simone Pillon (pee-lone), an Italian lawyer assisting the Gregory family, wrote on Nov. 7: “We are working to find an agreement between the two countries to satisfy the family’s request and treat Indi in Rome.” In response to the Italian government’s decision, Dean Gregory, Indi’s father, said: “My heart fills up with joy that the Italians have given Claire and I hope and faith back in humanity. The Italians have shown us care and loving support and I wish the U.K. authorities were the same.” https://nypost.com/2023/11/06/news/texas-southern-tuba-player-punches-heckler-in-the-stands-video/ Marching Band turns into Marching Hands? Texas Southern band member punches heckler in the stands, continues playing - He didn’t miss a beat. A Texas Southern University tuba player swiftly knocked out an obnoxious heckler during a football game Saturday before carrying on playing his instrument. Video taken from the stands during Saturday’s game between Texas Southern and Jackson State shows the college band’s tuba player bouncing along to the music while a fan starts yelling at him. A Jackson State fan can be seen in the footage aggressively yelling at the tuba player, who is attempting to continue playing with the band. Seeming to have had enough of the outburst, the Texas Southern tuba player says something to the man before swiftly punching him four times in the face. The Texas Southern band member then returns to his instrument as if the altercation never happened. In one recording of the incident, the band member can be heard telling the aggressive fan, “F–k off, b—h.” It’s unclear whether the heckler, who stumbled back several feet in the stands, sustained any injuries from the scuffle. It’s also unclear whether police responded to the incident or if any action was taken against the band member. Texas Southern University ended up losing to Jackson State, 21-19. https://www.outkick.com/field-hockey-teammate-issues-bold-statement-against-miaa-for-allowing-male-players-to-compete-against-women/ FIELD HOCKEY CAPTAIN SLAMS MASSACHUSETTS LAW ALLOWING BOYS ON GIRLS TEAMS AFTER BRUTAL INJURY TO HER TEAMMATE Men competing against women in sports spawned another tragic story on Thursday when a female field hockey player suffered significant injuries to her face after taking a shot from a male opponent. The female high schooler played on Dighton-Rehoboth High School’s team, and now the co-captain / teammate of her squad is speaking up and calling for policy change to prohibit men from competing against women to avoid further incidents. Kelsey Bain, who plays on Dighton-Rehoboth and is the co-captain of the field hockey team, posted a letter on X, directed at the MIAA to change the association’s policy that allows men to compete against women. “This is a letter I sent to the MIAA in response to the recent Swampscott vs. Dighton-Rehoboth field hockey incident,” Kelsey Bain posted on X, including the three-page notice. Women’s rights activist and OutKick host Riley Gaines shared Bain’s statement on social media. The man played for Swampscott High School, who played Dighton-Rehoboth in a playoff field hockey contest on Thursday. Under the MIAA’s ruling — the Massachusetts Interscholastic Athletic Association — men can compete against women if a sport does not offer their gender’s league. The man’s shot knocked several of the girl’s teeth out and caused serious facial injuries. Video of the hit shows the girl writhing in pain and screaming. To prevent these incidents from continuing, Kelsey Bain is stepping into the discourse, understanding that the association will not budge on the issue unless they are challenged. Dighton-Rehoboth Superintendent Bill Runey put out a statement, identifying that the opponent was indeed a man and relaying the horror of the team personnel after one of their own suffered a brutal injury. Runey said, “Last night, a female field hockey player for the Dighton-Rehoboth Regional High School girls’ field hockey team sustained significant facial and dental injuries when she was struck in the face by a shot in the third quarter versus Swampscott in an MIAA state playoff contest. “The shot was taken by a male member of the Swampscott girls field hockey team. This injury required hospitalization. The player, her family, teammates, and coaches remain in my prayers.”

This week, hosts Michael Barr, Scarlet Fu and Damian Sassower speak with Bloomberg U.S Sports Business Reporter Randall Williams on Aaron Rodgers's season-ending injury and what is next for the Jets this season. Plus Bloomberg's Kamaron Leach on the NWSL's Angel City seeking to raise more capital funding. And Arccos Golf CEO Sal Syed talks about his company is helping all golfers on their golf mechanics with the use data analytics and AI.See omnystudio.com/listener for privacy information.

The Heartland Institute's Donald Kendal, Jim Lakely, and Chris Talgo present episode 414 of the In The Tank Podcast. It appears more and more that we are venturing into a new era of COVID restrictions. President Biden stated his intention to seek additional funding to develop a new COVID vaccine. Fauci was recently on CNN promoting masking up. And more schools and venues are imposing COVID mandates. Also, there are many signs the government is willing to use new tools and strategies to enforce harsher COVID lockdowns. The ITT crew discusses these topics and more.OPENING CHIT CHAT – ADMISSION: NARRATIVE OVER CLIMATE SCIENCE The Free Press - I Left Out the Full Truth to Get My Climate Change Paper Publishedhttps://www.thefp.com/p/i-overhyped-climate-change-to-get-published  PRIMARY TOPIC – COVID STRIKES BACK Fox News - Biden plans to ask Congress for funding to develop new COVID vaccine, may recommend shot for allhttps://www.foxnews.com/health/biden-plans-ask-congress-funding-develop-covid-vaccine-require-shot Fox News - Maryland public elementary school reinstates COVID mask requirements, orders some kids to wear N95 maskshttps://www.foxnews.com/us/maryland-public-elementary-school-reinstates-covid-mask-requirements-orders-some-kids-wear-n95-masks NYP - Fauci roasted as ‘fraud' and ‘liar' after being confronted with damning study on maskshttps://nypost.com/2023/09/03/dr-fauci-gets-roasted-after-being-confronted-with-damning-study-on-masks/ The Hill - America desperately needs a bipartisan pandemic post-mortemhttps://thehill.com/opinion/healthcare/3882707-america-desperately-needs-a-bipartisan-pandemic-post-mortem/ NYT - N.Y.P.D. Will Use Drones to Monitor Labor Day Celebrationshttps://www.nytimes.com/2023/09/01/nyregion/drones-labor-day-nypd.html Bloomberg - Church Sues California County Over Alleged Covid-19 Geofencinghttps://news.bloomberglaw.com/privacy-and-data-security/church-sues-california-county-over-alleged-covid-19-geofencing  DAVOS WATCH #3 – IN THE FUTURE, YOU'LL OWN NOTHING (HOUSING) Axios - The problem with America's high homeownership ratehttps://www.axios.com/2023/08/26/housing-crisis-homeownership-nimby-mortgage-rates Bloomberg - U.S. Moves Toward Home ‘Rentership Society,' Morgan Stanley Sayshttps://www.bloomberg.com/news/articles/2011-07-20/u-s-moves-to-rentership-society-as-owning-tumbles-morgan-stanley-says Benzinga - Institutions Set To Own 40% Of Single-Family Rental Homes — How Can You Get Your Share?https://www.benzinga.com/real-estate/22/08/28584067/institutions-set-to-own-40-of-single-family-rental-homes-how-can-you-get-your-share Bloomberg - America Should Become a Nation of Rentershttps://www.bloomberg.com/opinion/articles/2021-06-17/america-should-become-a-nation-of-renters

So far, the world of investing in 2023 is proving to be very different from 2022. In early May, the Fed raised interest rates above 5% for the first time since 2007. Investors are asking questions about whether rates will stop rising and if inflation has reached its peak. Gargi Chaudhuri, Head of iShares Investment Strategy joins host Oscar Pulido to provide her 3P's of investing for these volatile markets.Sources: Bloomberg, as of May 10, 2023, based on the latest CPI print; Bloomberg, as of May 10, 2023. U.S. treasury represented by the Bloomberg U.S. Treasury index. High quality credit represented by the Bloomberg Global Aggregate Corporate index.This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks. BlackRock does and may seek to do business with companies covered in this podcast. As a result, readers should be aware that the firm may have a conflict of interest that could affect the objectivity of this podcast. In the U.S. and Canada, this material is intended for public distribution. 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This week I'm covering my outlook for the economy and markets in 2023. But before we get into 2023, we need to look at what happened in 2022. Because the biggest thing influencing the direction of the economy and markets in 2023, is likely to be a continuation of what happened in 2022. So let's recap 2022 and talk about the state of the economy and markets today. 2022 will go down in history as one of the worst years for both stocks and bonds ever. The S&P 500 Index finished down 20% and the Bloomberg U.S. Aggregate Bond Index dropped nearly 15%, a historic decline for bonds…so historic in fact that it was far and away the worst year for US bonds, EVER! This combination of losses hasn't been seen since the 1930s Depression era. If you owned a diversified 60% stock, 40% bond portfolio in 2022 (which many of you listening likely have a portfolio analogous to this mix), the decline for 2022 was 16.9%...the 3rd worst in history, only behind the great depression losses and the crash of 1937. Diversified portfolios did worse than the great financial crisis of 2008 and the dot com bust of the early 2000s. That's because bonds held their value when the stock markets were in freefall, providing protection to more conservative and diversified investors.  With interest rates going up so much in 2022, bonds fared almost as bad as the stock market, creating a lot of unexpected pain for even the most conservative investors.  For much of the year, investors struggled with the uncertainty of mid-term elections, the outcome of the Ukraine war and most of all, just how much the Fed was going to raise rates to bring down inflationary pressures. Tomorrow, I'll talk more about continued recession fears in 2023 and how that might come to fruition, but for now, the theme of 2022 that drove the economy, stock and bond markets more than anything else was the Fed.  Many people don't appreciate or understand just how influential the Fed's raising and lowering of interest rates is on everything. And with interest rates going up so aggressively, so quickly in 2022 to fight high and sticky inflation, I'm actually surprised that the economy and markets did not fare worse in 2022.  But not much has changed for 2023. Although the midterm elections are behind us, it doesn't appear that the war in Ukraine will wind down anytime soon, and with inflation still running hot, the Fed must continue raising interest rates in 2023, meaning that the economy and markets remain on shaky ground.  That's it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.   ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

Jeff Mayberry and Samuel Lau start (2:31) with the positive returns for the week of Oct. 17-21 across all 11 sectors of the S&P 500, aided Friday by a market-moving article in the Wall Street Journal. (The newspaper reported that Federal Reserve officials might start discussions about slowing interest-rate hikes at their Nov. 2 rate-setting meeting.) Fixed income (4:31) was more mixed. The investment-grade Bloomberg U.S. Aggregate Bond Index gave up 90 basis points (bps). Investment-grade corporate credit likewise was down 90 bps, giving it a year-to-date loss of 23%, worse than the 20% YTD loss of the S&P 500. Notwithstanding a weaker dollar, the Bloomberg Commodities Index (8:29) lost 2% on the week, led by a 22% drop in natural gas. While covering the week's macroeconomic news (10:28), Jeff and Sam take issue with Oct. 18 comments by Minneapolis Fed President Neel Kashkari on the labor market and inflation. Among those remarks, Sam questions Kashkari's attribution of inflation to commodities and supply-chain constraints. Kashkari, Sam says, seems to be “ignoring that stickier part” in core inflation, notably in services, especially the cost of shelter. For their Topic of the Week (20:38), Jeff and Sam examine the National Bureau of Economic Research and its methodology for dating and dividing the U.S. business cycle into periods of expansion and recession.

Sally Bakewell, Bloomberg U.S Finance Team Leader, discusses Goldman's job cuts with hosts Bryan Curtis and Rishaad Salamat on "Bloomberg Daybreak Asia."See omnystudio.com/listener for privacy information.

This week, Brian talks about how a historically weak quarter, six months, and year for stocks, bonds, and the two combined is now behind us. With stocks and bonds both showing weakness, not surprisingly a 60/40 balanced portfolio that combines the two has also shown weakness. ASince 1976 (the inception of the Bloomberg U.S. Aggregate Bond Index), the second quarter of 2022 was the fifth worst for the S&P 500 Index (“S&P 500”), the fourth weakest for the Bloomberg U.S. Aggregate Bond Index (“Agg”), but the worst quarter for a combination of the two, using a mix of 60% of the S&P 500 and 40% the Agg.Yet, stocks have historically bounced back strongly from big 2-quarter drops as we just experienced. In fact, after a more than 20% drop over 2 quarters (the S&P 500 Index fell 20.6% in the first half of 2022), the average gain the next 2 quarters has been 21.5%.Chart: Stocks After Big 2 Quarter DropsChart: July one of the strongest months over the last decadeFord Financial Group on FacebookFord Financial Group on YouTubeQuestions?Find us at FordFG.comEmail us at info@fordfg.comMusic:Cold Funk - Funkorama by Kevin MacLeod is licensed under a Creative Commons Attribution license. Source. Tracking ID: 1-05300409

With the June 30 close of 1H2022, Jeff Mayberry and Samuel Lau start (2:21) by looking at the month, quarterly and first-half-of-2022 returns for the stock market. These left the S&P 500 down just under 20% for the first six months of the year. The best-performing sector for that period was Energy, up 31.8%; the worst performer, Consumer Discretionary, down 32½%. Investors learned the hard way that 60-40 stock bond portfolios offered no protection from the year's pain. Putting things into perspective, Samuel Lau notes that a proxy constructed by Deutsch Bank (8:15) shows that the 10-year U.S. Treasury in 2022 had its worst first half of the year since 1788. Touring the fixed income landscape (10:38), Jeff and Sam observe the Bloomberg U.S. Bond Aggregate, the widely followed proxy for the high-grade domestic bond market, lost 10.4% in 1H2022, led by a 14.4% loss in investment-grade corporate credit. The podcast discussed (12:40) an almost 11% pullback in June in commodities as measured by the Bloomberg Commodity Index, although that benchmark holds a gain of 18% year-to-date. In their review of macro news for the week of June 27-July 1 (15:52), the podcast hosts sought to temper people's take on a hotter-than-expected 1.9% month-over-month gain in April by the S&P CoreLogic 20-City Home Price Index, bringing its YoY return to 21.2%. Jeff Mayberry points out that April excludes the subsequent run-up in mortgage rates. He cautions people to wait for the housing index's May print. A June “wobble” in the ISM Manufacturing series (17:55) caught Mayberry's eye. While still in expansionary territory, the ISM Manufacturing index came in at 53.0 versus expectations of 54½. Meanwhile, the new orders component of the index printed 49.2, the first time since the COVID-19 recession of 2020. The market week of July 5-9, although abbreviated, promises to be a charged with macro news (22:24). Reports due include May durable goods (final) on Tuesday; on Wednesday, ISM Services, JOLTS jobs, Federal Open Market Committee Meeting minutes; and Friday nonfarm payrolls and unemployment rates.

It's been a tough year so far for a traditional “60/40” portfolio, a portfolio of 60% stocks and 40% bonds. Using the S&P 500 Index and the Bloomberg U.S. Aggregate Bond Index (“Agg”) to represent stocks and bonds, the traditional 60/40 is down 14.0% as of market close on May 11 on a total return basis, which would trail only 2008 as the worst year on record if that's where we ended the year, but this week Brian explains how the 60/40 portfolio is diversified, and why this recent correction in stocks and bonds set up for a positive outlook for the future.Ford Financial Group on FacebookFord Financial Group on YouTubeQuestions?Find us at FordFG.comEmail us at info@fordfg.comMusic:Cold Funk - Funkorama by Kevin MacLeod is licensed under a Creative Commons Attribution license. Source. Tracking ID: 1-05274315, 1-05277718

Rob Ford from the University of Manchester says the local election results so far look reminiscent of the early 2000s. He says voters seem dissatisfied with the Conservatives, but their votes are going to many different parties, with Labour gains concentrated in London. Plus, our Bloomberg U.K. government reporters Emily Ashton and Alex Morales join hosts Yuan Potts and Caroline Hepker.  See omnystudio.com/listener for privacy information.

Markets have been unsteady at the start of 2022, driven by geopolitical tensions, inflation, and concerns about equity valuations. The war in Ukraine is causing even more uncertainty. At the same time, high levels of innovation and productivity, as well as the growing hope that the worst of the COVID-19 crisis is behind us, have given investors reasons to be optimistic for the future.  On March 17, 2022, our CIOs discussed current market conditions, revealed how we are positioning portfolios, and delved into an array of other topics such as major trends in technology across public and private markets, inflationary dynamics, sustainable investing, the outlook for China, and more.Speakers: Jacob Hodes, CIO, Private InvestmentsSid Ahl, CFA, CIO, Private Client, Endowments & FoundationsRyan Myerberg, Portfolio Manager, Global Fixed IncomeErika Pagel, CIO, Sustainable Investing Christopher Hancock, CFA, Head of International Investment Solutions GroupThe recording of the webinar can be found here. Read the Report: 2022 Asset Allocation Perspectives and OutlookDisclosures : The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested. The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.Past performance is not indicative of future results. Definitions of indices used are below. An investor cannot invest directly into an index.The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.The MSCI ACWI Index captures large and mid cap representation across Developed Markets (DM) and Emerging Markets (EM) countries. The index covers approximately 85% of the global investable equity opportunity set. MSCI indexes and products are trademarks and service marks of MSCI or its subsidiaries. The MSCI ACWI captures large and mid cap representation across Developed Markets (DM) and Emerging Markets (EM) countries. The index covers approximately 85% of the global investable equity opportunity set. The MSCI Emerging Markets Index captures large and mid cap representation across Emerging Markets (EM) countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. The MSCI ACWI ex U.S. Index captures large and mid cap representation across Developed Markets (DM) countries—excluding the United States. The index covers approximately 85% of the free float-adjusted market capitalization in each country. The MSCI Europe Index captures large and mid cap representation across Developed Markets (DM) countries in Europe. The index covers approximately 85% of the free float-adjusted market capitalization across the European Developed Markets equity universe. The MSCI China Index captures large and mid cap representation across China A shares, H shares, B shares, Red chips, P chips and foreign listings (e.g. ADRs). With 738 constituents, the index covers about 85% of this China equity universe. Currently, the index includes Large Cap A and Mid Cap A shares represented at 20% of their free float adjusted market capitalization.The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index composed of taxable U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate, asset-backed and mortgage-backed securities between one and 10 years. The Bloomberg US Treasury Index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index.  STRIPS are excluded from the index because their inclusion would result in double-counting. The Bloomberg Commodity Index Total Return (BCOMTR) Index is a broadly diversified index that allows investors to track commodity futures through a single, simple measure. The BCOM is composed of commodities exchanges, with the exception of aluminum, nickel and zinc, which trade on the London Metal Exchange (LME). Bloomberg Indices are trademarks of Bloomberg or its licensors. “Bloomberg®” and Bloomberg Aggregate Bond Index, Bloomberg Government/Credit Index, Bloomberg Municipal Bond 1-10 Year Blend Index, Bloomberg U.S. Corporate High Yield Index and Bloomberg Commodity Index Total Return Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Brown Advisory. Bloomberg is not affiliated with Brown Advisory, and Bloomberg does not approve, endorse, review, or recommend the Core Multifamily Partnership. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Bloomberg Aggregate Bond Index, Bloomberg Government/Credit Index, Bloomberg Municipal Bond 1-10 Year Blend Index, Bloomberg U.S. Corporate High Yield Index and Bloomberg Commodity Index Total Return Index. BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. The S&P 500® Index represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. Criteria evaluated include market capitalization, financial viability, liquidity, public float, sector representation and corporate structure. An index constituent must also be considered a U.S. company. The S&P 500 Total Return Index is calculated based on price changes and reinvested dividends of the S&P 500 Index. The S&P SmallCap 600® seeks to measure the small-cap segment of the U.S. equity market. The index is designed to track companies that meet specific inclusion criteria to en...

Guy Johnson speaks with Leslie Palti-Guzman, Founder and President of Gas Vista, Aggi Cantrill, Bloomberg European Government Reporter, Siddharth Philip, Bloomberg Transportation Reporter, Alex Morales, Bloomberg U.K. Government Reporter, and Eddie Van Der Walt, Bloomberg MLIV.

A new Saudi-backed professional golf league that seeks to rival the PGA Tour is drawing interest from streaming services, and Todd Boehly, the U.S. dealmaker planning a takeover of Chelsea Football Club, has added some PR and advisory muscle to his consortium bidding for the west London team. Michael Barr, Scarlet Fu, and Mike Lynch get the details with Gerry Smith, Bloomberg News Media Reporter, and David Hellier, Bloomberg U.K. Business Reporter. All that and more on this weekend edition of Bloomberg Business of Sports. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

Boris Johnson survived his most turbulent week in Downing Street but his political future is uncertain. In this special programme, Bloomberg Westminster's Caroline Hepker speaks to Bloomberg U.K Political Editor Kitty Donaldson about the role of the 1922 Committee. Henry Hill, deputy editor of Conservative Home discusses the 'when not if' mood. And Catherine Haddon, Senior Fellow at the Institute for Government, explains what the Sue Gray report on 'partygate' will and won't reveal. See omnystudio.com/listener for privacy information.

Fixed income investors aren't used to negative total returns for core fixed income (as measured by the Bloomberg U.S. Aggregate Bond Index) but that's exactly what happened in 2021. Last year, rising interest rates were a headwind to bond prices that more than offset the positive returns from coupon income. As such, the index was down -1.5% for the year, which was only the fourth negative returning calendar year since the index's 1976 inception—and the first since 2013. This week, Brian discusses what is likely in store for core fixed income returns in 2022Ford Financial Group on FacebookFord Financial Group on YouTubeQuestions?Find us at FordFG.comEmail us at info@fordfg.comMusic:Cold Funk - Funkorama by Kevin MacLeod is licensed under a Creative Commons Attribution license. Source. Tracking ID: #1-05228551

Hosts Guy Johnson and Alix Steel speak with Sam Fazeli, Bloomberg Intelligence Senior Pharmaceutical Analyst, Siddharth Philip, Bloomberg European Autos & Airlines Reporter, Joe Mayes, Bloomberg U.K. Politics Reporter, and Katie Greifeld, Bloomberg Cross Asset Reporter & host of Bloomberg Quicktake's "Take Stock."

一週財經聚焦 一、就在拜習視訊峰會之後，美國商務部長Gina Raimondo立刻訪問了日本、新加坡與馬來西亞。她說美國沒有考慮重返《跨太平洋夥伴全面進步協定》（CPTPP），而是會另起爐灶，在印太地區創設一個全新經濟架構。這個構想意味著什麼？背後有什麼深層含義嗎？ 國際媒體相關報導 ●Barrons巴倫週刊：〈China Is Racing Ahead to Lock in Asian Trade. Time to Worry.〉(中國搶先鎖定亞洲貿易。是時候擔心了。) ●Bloomberg彭博新聞社：〈U.S. Needs More Substantive Asia Economic Plan, Singapore Says〉(新加坡稱，美國需要更實質性的亞洲經濟計劃。) ●Reuters路透社：〈U.S. commerce chief sees Indo-Pacific economic framework early next year〉(美國商務部長表示，將在明年初看到新印太經濟框架。) 分析解讀 中國大陸在9月16日突然宣佈加入跨太平洋夥伴全面進步協定(CPTPP)之後，引起各國高度關注。美國政府立即聲明，中國大陸欲加入CPTPP，應由CPTPP成員所決定，美國現階段並沒有洽簽自由貿易協定(FTA)的意向。 中國大陸確實藉著FTA到處插旗，包括區域全面經濟夥伴協定(RCEP)、跨太平洋夥伴全面進步協定(CPTPP)。此外，中國也與不少一帶一路軸線國家，廣簽雙邊FTA。 反觀美國在亞太地區幾無進展，特別是CPTPP，前身是美國一手打造的跨太平洋夥伴協定(TPP)，目的是在增加美國在亞太地區影響力，以制衡中國。到底美國近期有何打算？ 不過美國商務部長Raimondo最近宣稱美國不加入CPTPP，這是美國對CPTPP有史以來最明確表態，也是最直接的否定，顯示拜登仍沿襲川普不參加FTA的策略。 美國當然更不可能申請在2022年生效，但規定生效一年半才吸納新會員的RCEP。所以直到2024年拜登總統第一任期結束前，美國在大型FTA進展將成真空狀態。 但這不是代表美國缺席，它在籌組成立一個超越CPTPP，比傳統FTA更穩固的新經濟聯盟。 最近拜登總統宣佈，美國將建構印太經濟架構。目前雖然尚未公佈內容，輪廓仍未確定，不過重點將不在傳統FTA市場開放部分，而是聚焦在新興項目諸如數位科技、供應鏈領域，建立成員更緊密的合作關係，以強化對中國大陸的制衡。 Indo-Pacific economic framework（印太經濟架構）也可視為FTA的升級版。雖然目前FTA大部分都包含產業合作專章，只不過大多只是聊具一格，重點仍在市場開放。即使在高品質的CPTPP下，產業合作內容也相當簡單。 而在美中貿易戰及新冠肺炎衝擊下，建構韌性供應鏈，確保經濟安全的重要性大増。美國認為必需超越FTA架構，打造以美國為主軸的經濟體系，才符合美國的需求，此也可以視為美國推動的印太戰略重要的一環。 未來印太經濟聯盟涵蓋成員廣，包括先前因顧慮對中國開放市場衝擊太大，因而退出RCEP的印度，印太經濟聯盟若能具體到位，影響力不容忽視。 美國在WTO第12次部長會議前夕宣佈建立印太經濟架構，多少也顯示美國未來將跳過世界貿易組織(WTO)，來重新架構全球經濟結構。因為中國沒有履行當初2001年加入世界貿易組織（WTO）時的承諾--推動結構性改變，轉型成市場經濟體，所以，美國發現透過貿易談判，簽署所謂的第一階段貿易協議，根本不能解決問題。因為中共無意認真執行協議，也因此美國一直以來都有把中國踢出世界貿易組織的想法。 但是真正要解決問題，恐怕還是要成立新的國際經濟組織，訂好條件，讓中國無法加進來。例如構想中的印太經濟架構，可以設定必須是市場經濟議題，而且資訊透明，才可加入，如此正好可將中國排除在外。 很明顯的，這次美國的一連串動作還是針對中國。印太經濟聯盟將會是美國制衡中國的重要平臺，未來發展值得關注。 Raimondo描繪美國想要成立的「印太經濟架構」，說這不同於像CPTPP這類以自由貿易協定為基礎的傳統經貿組織，而是會進一步包括供應鏈韌性、半導體、基礎設施、網路安全、隱私權，以及技術標準制定等領域，特別強調是以戰略方式，協調區域內的供應鏈合作與管理。 我認為，美國這個構想結合了地緣政治與地緣經濟，恰好又對台灣有重要意義，值得進一步推敲。 現在推出印太經濟架構，強調供應鏈安全與半導體，等於是在為台灣量身訂做一樣，有把台灣正式納入的意味。與此同時，這個架構將會強調網路安全、隱私權與技術標準，顯然是針對中國而來。 以2020年全球半導體供應國的市占率來看，美國位居第一，為42.9％；臺灣位居第二，為19.7％。臺灣半導體業中的晶圓代工、半導體封測市占率則分別已超過七成、五成以上，確實在全球半導體供應鏈中扮演舉足輕重的地位。 此外，美國掌握了半導體的關鍵技術專利及資本，日本掌握了關鍵材料，而臺灣理所當然，就是美日印太區域經濟架構及「供應鏈韌性」不可或缺的要角。所以臺灣必須要發揮其在美日印太戰略中的科技、地緣、民主等三大價值，以及足以對中國造成重大政經影響力的優勢，與美日相互緊密鏈結。 美國拜登政府這一年來積極推動印太戰略，在政治、外交甚至軍事方面成果豐碩，唯獨經貿領域乏善可陳，一直被質疑。最近終於提出明年將啟動「印太經濟架構」（Indo-Pacific Economic Framework）協定的構想，想藉此重返領導地位，對台灣、對亞太都是值得注意的發展。 從川普任期後半段到拜登上任，美國在印太地區動作頻繁。過去一年，跟日本、澳洲、印度領袖舉行了二次的四方安全會談（QUAD）；跟韓國、日本及東協都有簽署FTA，並舉行峰會互相拜訪；甚至建立了引發爭議的美英澳防衛協定（AUKUS）。但在經貿領域卻缺乏實質的進展。拜登總統於10月拋出將推動「印太經濟架構」，而商務部長Raimondo再度於11月有更具體的說明，終於對美國印太戰略的經濟面提出較為清晰的政策輪廓。 我們該如何解讀美國的這個新佈局？我認為有以下幾個重點： 首先，看來重返CPTPP不再是美國的選項，未來將以印太經濟架構為主軸。 第二，美國預計於明年2月開始啟動，而且印太經濟架構不是只有對話，將會以「協定」（agreement）的方式呈現。 第三，印太經濟架構不是傳統經貿協定，而將以如供應鏈韌性等新興區域性經貿議題為主。 這樣充滿創意的協定，是否能做為美國重返駕駛座的支援，尚待觀察；但可以預見的是，未來美國與印太盟友將會進入更有組織、更有方向的經貿問題討論，而且所談的問題以及解決方案，可能會脫離關稅、投資自由化以及貿易規則等我們熟悉的領域，進入一個全新模式。 面對這個新領域，臺灣必須注意： 1，必須熟悉新機制的影響與因應 無論物流之亂還是供應鏈韌性，在診斷問題時，不可避免的會以資訊蒐集與交換為基礎，以具體掌握瓶頸所在、研商可能的處理方式。也就是，近期台積電被要求「自願」提供產能資料的情況，有可能會成為印太經濟架構之下常態性、制度性的機制。 物流之亂的解決對台灣當然有益，而提高供應鏈韌性也有助於維持我國參與，但在過程中對於這些不熟悉新機制的影響及因應，也是台灣需有所準備之事。 2，盡早準備，以參與數位經濟與標準化制定 印太經濟架構的重點似乎不再是數位貿易規則，而是涉及資料跨境傳輸、資料保護、平臺互通及加密技術等國際標準的制訂。標準化是數位經貿規則的重要基礎，也是目前國際間進展較為不足的領域，台灣在標準化方面過去參與較少，也需提早準備。 3，面對已申請加入的CPTPP及未來的印太經濟架構，台灣要更靈活有彈性 印太經濟架構與CPTPP並不衝突，甚至有互補性。不過對於如供應鏈韌性、數位貿易標準化等面向上，在美中進入戰略競爭關係的局面下，美國主導的印太經濟架構可能形成與沒有美國參與的RCEP及CPTPP的競爭態勢。我國目前已正式申請加入CPTPP，對於印太經濟架構更有積極參與的重要性；同步準備積極爭取，是台灣應有態度。 二、歐洲商會近日向政府提出年度建議書，要求政府針對170項議題改善，其中118項是曾經提出的問題，52項則是新提出的議題。台灣有什麼啓發？ 國際媒體相關報導 ●Focus Taiwan中央社：〈EU business group urges Taiwan government to ease border controls〉(歐盟工商團體敦促台灣政府，放寬邊境管制) ●南華早報：〈EU shelves Taiwan trade upgrade amid high-wire balancing act on China〉(歐盟擱置台灣貿易升級，以應對中國採取高線平衡措施) ●聯合報：〈歐洲商會期盼提升能源 蔡其昌：努力中〉 分析解讀 台灣政府其實應高度重視這些建議，除了這是外資的客觀建議之外，也代表台灣過去習慣的海島思維自嗨心態，是時候該改變了。 歐洲商會的建議之所以如此重要，因它是台灣最大的外僑商會，包含400家企業和860位個人會員、30個產業和倡議委員會。歐洲雖和美、日同列為台灣三大外資（直接外來投資）來源，但台灣外來投資的首要來源，並非許多人想當然耳的美國或日本，而是歐洲。 以經濟部投資統計觀察，歐洲來台投資，在最新一年累積共有607億美元，遠超過美國的240億美元和日本的232億美元。若只看過去五年（2016-2020）的年平均投資，歐洲也以51億美元遠勝日本的9.4億美元和美國的2.5億美元。美國對台友好的「口惠」，並未像歐洲國家一樣落實在投資「行動」上。 而歐洲國家對台灣的巨額投資，也出乎許多人意料地，不是以德、英、法這些大國領先，而是由荷蘭領軍。荷蘭在台投資了近800件，金額達363億美元，佔全歐來台投資過半。這當然和荷蘭是歐洲電子業相對最盛的國家有密切關係，如荷蘭飛利浦就是台積電設立時的最大民間原始股東，迄今仍是台灣外資的領頭羊。 而台積電關鍵設備供應商－荷蘭的艾斯摩爾（ASML）去年也在台灣擴大投資，已僱用超過3,000名員工。 歐洲居次的德國雖有近千件投資，但總金額不過44億美元，只是荷蘭的12%；法國的700案只帶來13億美元投資， 反而是盧森堡（30億）和丹麥（33億）超前，這應和它們在金融和風電的全球化有關。這也意味著對德、英、法等大國的引資尚有極大潛力，有待政府和企業界共同努力。 雖然歐洲這幾年經濟表現看起來老態龍鍾，但以今年前十月的歐洲來台投資而言，主要分佈在電子零件業的2.7億美元、金融保險業的2.5億美元，以及批發零售業的2.4億美元，充分顯示歐洲一般企業對台灣的瞭解非常不夠，值得政府加大力道，促進歐商對台灣的瞭解，以發展針對歐洲的招商引資。 說到歐洲，很多人不知道歐洲佔全球GDP的份額高過了四分之一，本來歐洲企業在全球所有的創業投資 (VC) 的份額中只佔據不到十分之一，但現在情況正在發生改變。 數據提供商Dealroom表示，今年許多歐洲地區的創投交易都在猛增，歐洲今年成功吸引了全球18%的創業投資，這創下了歐洲的歷史新高，也為歐洲新創公司創造了更大的價值。歐洲現在已經出現了65個城市擁有獨角獸，這比全球任何地區都要來得多。 針對歐洲商會的建議，媒體的關注焦點，只放在其建議台灣防疫邊境管制應逐步廢止，為關鍵業務職位提供入境管道，讓企業得以維持業務營運和人才流通。我覺得這樣的觀點太過偏頗。 的確，台灣的疫情管制目前有點嚴苛，對大多數的外商來說很不友善。因管制機構不必承擔任何管製成本，導致企業付出了額外代價；特別是台灣今年高科技製造業的景氣特好，這種成本不會反映在成長率上，但從許許多多倒閉的服務業案例，卻可以看出這種額外代價。 歐洲商會的2022年建議書，主題為「台灣揚名全球的契機」，今天是由歐洲商會理事長張瀚書將建議書交給代表政府出席的國發會主委龔明鑫。這份建議書合計提出170項議題，議題範圍則廣泛包含了台灣沒有和國際接軌的規範或執行、外商進出臺灣的方便性和居留面對的困難、外商在台生活面對的困擾或阻礙等等。 在這170項議題中，很多人討論的是放寬邊境，但我認為最重要的其實是第一條--台灣應該更努力和國際接軌。因為若沒有高度的國際接軌，台灣就無法因引更多的國際投資和資金。這一點，我一直覺得台灣的努力還不夠。 例如在邊境管制方面，歐洲商會指出，台灣的成功得益於獨特的地理及經濟環境，因此置身於疫情最惡劣影響之外。如今疫情威脅程度已逐步趨緩，台灣不能再僅憑恃此優勢以維繫經濟運轉。台灣與國際間密切合作十分成功，但目前策略應配合局勢隨機應變，邊境限制應逐步廢止；而首要之務，是為關鍵業務職位提供進入管道。比起逐案審查，政府應制定明確的入境標準，讓企業得以維持業務營運和人才流通。 歐洲商會理事長張瀚書則說，希望政府針對整體規劃有比較有明確標準，畢竟企業需要的人才必須有方式讓他們入境，他們也會遵守相關控管。他舉了一個例子：有個總經理離開台灣被調去新加坡，但從國外派過來的接替人選卻進不來，公司陷入尷尬處境。後來用專案方式，才獲得批准入境。 另外，報告中還提到台灣的能源問題，並提出多項建議，例如，台灣2050淨零碳排的路徑草案到底是什麼？台灣未來的能源政策主軸又是什麼？這些問題，都值得台灣政府重視。 《經濟學人》總評 細看這一期的封面設計，你會看到在黑漆漆的封底前，是縱橫交錯的六條黃色封鎖線，封鎖線上用病毒圖案區開來的三個英文字，分別是OMICRON變種病毒、INFLATION通貨膨脹，以及CHINA SLUMP中國衰退。 經濟學人認為，這三個是現今全球最大的不確定因素。果不其然，中間幾個字說明了這次的封面故事焦點：「The threats to the world economy」(全球經濟面臨的威脅)。 在Covid-19疫苗問世以及取得臨床試驗成功不過剛剛滿一年，不料恐懼感又再次席捲了全球大部分的地區。11月24日首度在南非發現的Omicron變種病毒，似乎能夠成功繞過新冠疫苗所建立的防禦系統。世界衛生組織WHO已經宣稱Omicron 構成了「Very High非常高」的全球風險，默德納的老闆甚至警告說，現有的疫苗都很難成功抵禦這個深度變種的新冠病毒。 面對著更多的封鎖、邊境關閉和消費者焦慮的可怕前景，投資者能夠做的，就是拋售航空公司和連鎖旅館的股票。石油價格更是已經下跌了約每桶10美元，這種跌法，通常顯示的未來有可能會經濟衰退。 確實，現在要去判斷Omicron的變種突變是不是真的比Delta 變種病毒更具傳染性或致死率，目前還為時過早，隨著科學家未來幾周的分析數據出爐，流行病學界的看法將更加清確。但迫在眉睫的問題是，疫情蔓延的威脅將再次籠罩全球經濟，並放大原本就存在的這三個威脅。 首先，是富裕國家更嚴格的封鎖隔離，肯定將傷害經濟成長。在變種病毒的消息傳出後，各國已經開始阻止來自南非的旅客—這是最早發現Omicron的國家。 其次，不平衡的經濟復甦，可能加劇第二個危險，也就是這個變種病毒很可能會加劇已經很高的通貨膨脹，而且美國面臨的壓力將會最大。 最後一個危險最容易被人輕忽，那就是全球第二大經濟體中國的經濟放緩。如果事實證明 Omicron比Delta變種病毒更具傳染性，那將使中國目前的清零策略難以繼續，正在進行的各種管制政策，更會讓經濟增長雪上加霜。 總而言之，經濟學人這期的封面議題給了我們一個非常嚴肅的呼籲--全球經濟體系正在面臨著一系列接踵而至的新威脅。 Powered by Firstory Hosting

Hosts Alix Steel and Guy Johnson speak with Ira Jersey, Chief U.S. Interest Rate Strategist for Bloomberg Intelligence, Jana Randow with Bloomberg News, Timothy Annett, Bloomberg U.S. Health Care Team Leader, Conroy Gaynor, Industry Analyst for Bloomberg Intelligence, Kriti Gupta, Bloomberg Markets Correspondent, and Will Kennedy, Bloomberg News Executive Editor for Energy and Commodities.

After a strong first half of the year, global stocks continued to rise in July and August before falling in the month of September. The main barometer for large company stocks in the United States, the S&P 500, ended the quarter with a modest gain of 0.6%, bringing the total return for the first three quarters of the year to 15.9%.Attractive gains have been recorded in other domestic equity asset classes this year. Value stocks fell 0.8% during the quarter but the Russell 1000 Value Index was up 16.1% year to date as of September 30.  Small companies, as represented by the Russell 2000 Index, fell 4.4% during the quarter but year to date gains were still 12.4%. Despite a 3.0% decline for the Russell 2000 Value Index in the third quarter, the value part of the small cap market shows a 22.9% year to date gain.The complete Quarterly Summary is available on the B|O|S website here.The following are important footnotes from this episode:1 Source: https://www.nytimes.com/2021/10/01/business/stock-bond-real-estate-prices.html 2 Source: https://www.ppic.org/press-release/four-in-ten-support-newsom-recall-job-approval-holds-steady/ 3 Source: https://www.uhaul.com/Reservations/RatesTrucks/ 4 Data as of 6/30/21. Median since 1981. U.S. stocks represented by S&P 500 Index, Foreign Developed by MSCI EAFE Index.  Source: Research Affiliates, Robert Shiller websites.5 Data as of June 30, 2021; Russell 1000 Value Index and Russell 1000 Growth Index; Source: BloombergThis episode referenced the S&P 500 Index, which is a market capitalization-weighted index that generally contains the 500 largest publicly traded stocks in the U.S., subject to certain restrictions. It also referenced the Russell 1000 Value Index, which is a market capitalization-weighted index composed of constituents in the Russell 1000 Index with low price to book ratios and lower forecasted growth rates. Additionally, it referenced the Russell 2000 Index, which is a market capitalization-weighted index of U.S. small cap stocks that consists of the 2,000 smallest publicly traded stocks in the Russell 3000 Index. Further, it referenced the Russell 2000 Value Index, which is a market capitalization-weighted index composed of constituents in the Russell 2000 Index with low price to book ratios and low forecasted growth rates. Additionally, it referenced the MSCI Real Estate Index, which is market capitalization-weighted index measuring the total return of stocks in the U.S. Real Estate industry. The episode also referenced the MSCI ACWI Index, which is a market capitalization-weighted index that captures large and midcap companies in developed and emerging market countries, including the U.S. In addition, the episode referenced the MSCI Emerging Markets Index, which is a market capitalization-weighted index that captures large and midcap companies in emerging market countries around the world. This episode also referenced the MSCI China Index, which is a free float-adjusted, market capitalization-weighted index designed to measure the performance of large and midcap equity securities in the Chinese equity market. A-Shares, H-Shares, B-Shares, Red Chips, and P-Chips may be included in the index. This episode referenced the Bloomberg U.S. Aggregate Bond Index, which is a broad-based bond index that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government agency bonds, corporate bonds and securitized fixed income securities. Further, the episode referenced the Bloomberg U.S. TIPS Index, which

Alexander Stafford, Conservative MP for Rother Valley, says the lights will "happily stay on" despite an energy supply crunch. But he tells Bloomberg Westminster's Caroline Hepker and Yuan Potts we're set for a "difficult few months." Bloomberg U.K. government reporter Joe Mayes analyses Boris Johnson's cabinet reshuffle and Bloomberg Opinion Columnist Therese Raphael says the prime minister has not been afraid to wield the axe. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

Boris Johnson is said to have dumped the "amber watchlist" after a revolt in the cabinet and a backlash from the travel industry. Bloomberg U.K. Government reporter Emily Ashton tells Bloomberg Westminster's Yuan Potts and Roger Hearing the government is trying to catch up with a reduction in Covid cases no one yet really understands. Michael King, the local government and social care ombudsman, joins to discuss his role in helping those with complaints about maladministration in councils and unfair handling of the care system. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

The latest daily U.K. virus case numbers suggest the corner may have been turned and a combination of vaccination, self-isolation and testing may mean the latest wave is decreasing. Mick Whitley, Labour MP for Birkenhead, tells Bloomberg Westminster's Yuan Potts and Roger Hearing the government needs to be clearer in its messaging and work out how to adapt the self-isolation rules so the economy and workers' health are not put at risk. Bloomberg U.K. Government reporter Joe Mayes joins to discuss the political fallout of the drop in case numbers and support for the government shown up by the latest opinion polls. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

Listen to a recap of the top stories of the day from 9to5Mac. 9to5Mac Daily is available on iTunes and Apple's Podcasts app, Stitcher, TuneIn, Google Play, or through our dedicated RSS feed for Overcast and other podcast players. Sponsored by WALTR PRO for Mac: Make it easy to transfer virtually any file (in any format) to your iPhone, iPad, iPod and now, HomePod. Get 30% off now. New episodes of 9to5Mac Daily are recorded every weekday. Subscribe to our podcast in iTunes/Apple Podcast or your favorite podcast player to guarantee new episodes are delivered as soon as they're available. Stories discussed in this episode:   One year Apple TV+ trial offer reduced to 3 months with hardware purchases, starting in July Apple releases iOS 12.5.4 for older iPhones with ‘important security updates' Bloomberg: U.S. Apple Stores will no longer require face masks starting this week Enjoy the podcast?: Shop Apple at Amazon to support 9to5Mac Daily! Follow Chance: Twitter: @ChanceHMiller Listen & Subscribe: Apple Podcasts Overcast RSS Stitcher TuneIn Google Play Share your thoughts! Drop us a line at happyhour@9to5mac.com. You can also rate us in Apple Podcasts or recommend us in Overcast to help more people discover the show!

Ben Steverman, Personal Finance Editor for Bloomberg News, discusses the Bloomberg Big Take story: "Cathie Wood's Bad Spring Is A Blip When Future Is So Magnificent." Mike Ciavarella, Chairman of the Board at Elys Game Technology Corp., discusses sports betting and the i-Gaming market. Bloomberg U.S. Luxury Reporter Kim Bhasin discusses Macy's plans to add a skyscraper to its flagship store. Dave King, Senior Portfolio Manager, Head of Income and Growth Strategies at Columbia Threadneedle Investments, discusses markets and his stock picks. Hosted by Paul Sweeney and Matt Miller.

Hosts Guy Johnson and Alix Steel speak with Bloomberg Opinion Columnist John Authers, Bloomberg U.K. Economy Reporter Lucy Meakin, and Bloomberg's Sonali Basak. They preview the U.K. budget release, and talk about markets and Wall Street regulation. Plus, we hear from JPMorgan Chase CEO Jamie Dimon and Volvo President and CEO Hakan Samuelsson.

The news to know for Monday, June 3rd, 2019! Today, we're talking about another mass shooting and the email that came just hours before, and what to know about the president's trip to Europe. Plus: get ready to say goodbye to iTunes, ESPN's new test for teens, and the lunch worth more than $4.5 million... Those stories and many more in less than 10 minutes! Award-winning broadcast journalist and former TV news reporter Erica Mandy breaks it all down for you.  Head to www.theNewsWorthy.com to read more about any of the stories mentioned under the section titled 'Episodes' or see sources below... Today's episode is brought to you by Ancestry. Become a NewsWorthy Insider! Click here:  https://www.theNewsWorthy.com/insider         Sources: Virginia Beach Shooting: AP, USA Today, NYT, Washington Post, CNN Trumps to UK: VOA, BBC, ABC News, AP, The Sunday Times, The Sun New Visa Requirement: TechCrunch, Bloomberg U.S. vs. Google: WSJ, NYT, The Washington Post Goodbye iTunes & WWDC: The Verge, CNBC, Bloomberg MLB Draft: CBS Sports, Bleacher Report ESPN Test for Teens: Variety, Cybercultural Warren Buffett Auction: Reuters, WSJ Box Office Winner: Variety, USA Today  

Drew Matus, Metlife Investment Management Chief Market Strategist, says it's very difficult to drive the U.S. into a recession from overseas. Henrietta Treyz, Veda Partners Director of Economic Policy, thinks protecting NAFTA is the main priority of the business community. Laura Rosner, Macropolicy Perspectives Senior Economist, says technology is keeping inflation muted. Martin Indyk, Council on Foreign Relations Distinguished Fellow & Former Ambassador to Israel, says whoever wins the Israeli elections will need a coalition with small parties to govern. Sarah McGregor, Bloomberg U.S. Economic Policy Team Leader, says the silver lining in the IMF report is that it highlights that things will potentially improve in the second half of next year.  Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

Vince Cable, U.K. Liberal Democrat Party Leader, says India will overtake China. Alan Ruskin, Deutsche Bank Global Co-Head of FX Strategy, says the ECB has its hands tied.  William Dudley, Princeton Senior Research Scholar & Former Federal Reserve Bank Of New York President, thinks Fed tightening might be on the table in the second half of 2019. Sarah House, Wells Fargo Securities Senior Economist, notes financial conditions are the easiest since last October. Saleha Mohsin, Bloomberg U.S. Treasury Department Reporter, says markets and China want a deescalation of tariffs.  Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

The greater Washington region has struggled to retain the flood of millennials and young entrepreneurs who moved to D.C. during the Obama administration, said Bloomberg U.S. economy reporter.