🚀 Producer Price Index up 0.2%

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Here’s what you can do when your bank starts apologizing

You may have gotten a ‘sorry’ email from your bank, saying that if you had a 5% APY cash account, that privilege is being snatched away. And with interest rates set to keep sinking… where to pivot? But now, for a slice of their portfolio, Masterworks’ art investing platform is offering shares to 66,000+ investors, with each of their 23 sales individually returning a profit to said investors. With 3 illustrative sales, Masterworks investors have realized net annualized returns of +17.6%, +17.8%, and +21.5%!

You can skip the waitlist HERE.

Past performance not indicative of future returns. Investing Involves Risk. See Important Disclosures at masterworks.com/cd.

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Wholesale prices rose 0.4% in November, exceeding forecasts of 0.2%, while core PPI (excluding food and energy) met expectations at 0.2%. Annual PPI climbed to 3%, its highest since February 2023, driven by surging food prices, including a 54.6% jump in egg costs. Meanwhile, first-time unemployment claims hit 242,000, above the 220,000 estimate, reflecting potential labor market softening. Despite persistent inflation signals, markets anticipate a 0.25% Federal Reserve rate cut next week, with the Atlanta Fed projecting November’s PCE inflation at 2.6%, edging closer to the Fed’s 2% target. Stock futures dipped slightly as markets digested mixed economic indicators.

2. The Consumer Financial Protection Bureau (CFPB) unveiled a rule limiting overdraft fees to $5 or requiring banks to disclose true borrowing costs, aiming to save Americans $5 billion annually. The rule, effective October 1, 2025, targets banks and credit unions with $10 billion+ in assets. Overdraft fees, a $280 billion revenue source since 2000, have been curtailed by industry self-regulation, with major banks already reducing or eliminating them. However, banking groups oppose the rule, arguing it could restrict access to overdraft services and drive customers toward high-cost alternatives like payday loans. The rule’s future faces uncertainty under changing political leadership.

3. The 10-year Treasury yield climbed slightly to 4.281% after hotter-than-expected wholesale inflation data for November showed a 0.4% rise, doubling expectations. Meanwhile, a jump in jobless claims tempered yield increases, reflecting mixed economic signals. This follows the previous day’s consumer inflation report, which aligned with forecasts at a 2.7% annual rate. Investors anticipate the Federal Reserve will cut rates by a quarter-point at next week’s meeting, with officials staying silent due to the pre-meeting blackout. Analysts suggest the Fed remains on track for gradual easing into 2024 as disinflation trends persist.

4. Headlines

   1. Biden commuted 1,500 sentences yesterday, the largest amount in a single day by any President.

   2. Tesla shares are up 69% since Trump was elected.

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Liam Gill