Macro Briefing: 23 February 2023

* Putin says China President Xi will visit Russia
* Fed minutes: officials remain set on more rate hikes to tame inflation
* US proposes first offshore wind auction in Gulf of Mexico.
* Several popular Chinese apps remove access to AI chatbot ChatGPT
* US home-purchase applications tumble to 28-year low
* US mortgage rates rise to highest level since November:

Stocks face strong competition from cash after interest rates rise, advises Jim Bianco of Bianco Research. “You are going to get two-thirds of the long-term appreciation of the stock market with no risk at all,” he tells CNBC. “That is going to provide heavy competition for the stock market. That could suck money away from the stock market.”