Macro Briefing: 8 March 2021

* Covid-19 aid bill heads to House after Senate approval
* Dems predict Covid-19 aid bill will easily pass in House
* US 10-year Treasury yield reaches 1.6% in early Monday trading
* Attack on Microsoft’s email system becoming a global crisis
* Will central banks maintain monetary support as growth returns?
* Crude oil above $70/barrel for first time in a year after attack on Saudi facility
* US jobs growth surged in February, beating expectation by wide margin
* The Fed doesn’t fear inflation. What could go wrong?
* US Dollar Index rises to highest level since late-November:

The ETF Portfolio Strategist: 7 Mar 2021

Global markets delivered a mix of gains and losses last week, but our two proprietary strategies were essentially unchanged. The performances are fractionally behind the benchmark, Global Beta 16 (G.B16), which edged up 0.1% for trading week through Friday’s close (Mar. 5). But given the turbulence in risk assets recently, holding steady is tolerable at the moment.

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Book Bits: 6 March 2021

Engine of Inequality: The Fed and the Future of Wealth in America
Karen Petrou
Interview with author via
In the post-2008 financial crisis economy, the Federal Reserve has received plenty of criticism for its quantitative easing approach, cited as one factor behind widening economic inequality in the U.S.
Previous central bank chairs, past and present, have defended their policies and said their main goals do not necessarily include inequality reduction.
Karen Petrou, co-founder of Federal Financial Analytics, believes that the central bank not only contributed to the growing inequality among Americans, but also that it has the ability to reverse that inequality through targeted policies that stay within its mandates of maximum employment, price stability and long-term moderate interest rates.

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Macro Briefing: 5 March 2021

* Biden’s $1.9 trillion stimulus relief bill set for Senate vote this weekend
* Crisis threatens on US southern border amid spike in migrant crossings
* UN Security Council to meet as Myanmar crisis continues
* China set to gut remaining vestiges of Hong Kong’s democracy
* China sets goal for 6% economic growth in 2021
* Commodities supplies at risk of nationalizing in natural-resource-rich nations
* Italy blocks exports of vaccines to Australia
* Fed’s Powell says “we’ll see inflation move up”
* Fed’s Powell reaffirms support for easy money policies
* 10-year Treasury yield rises above 1.5% again after Fed chairman’s comments
* Factory orders in US rose more than expected in January
* US jobless claims continued to surge last week:

Macro Briefing: 4 March 2021

* House cancels Thursday session due to possible militia attack
* Will Congress provide relief for city budgets squeezed by pandemic?
* Analysts expect OPEC to reverse oil production cuts
* Global growth accelerated in February, rising to four-month high
* US businesses optimistic on economy, Fed Beige Book reports
* US Composite PMI (GDP proxy) rose to seven-year high in February
* US services sector growth eases to slowest pace May via ISM data, but…
* Services PMI (via IHS Markit) shows a much stronger profile for February
* US employment growth slowed more than expected in February via ADP data: