It’s an “All Quiet on the Stock Market Front” kind of start here, with equities flattish along with Treasuries.
Gold and silver are modestly lower along with oil, while the dollar is up a smidge.
On the news front...
The war of words with China continues to heat up, with Foreign Minister Qin Gang telling the U.S. that if it “does not hit the brakes but continues to speed down the wrong path, no amount of guardrails can prevent derailing and there will surely be conflict and confrontation.” He was referencing comments from the Biden Administration that the U.S. should put “guardrails” around its relationship with China.
Meta Platforms (META) is close to cutting thousands more employees from its payroll this week. The social media company let 11,000 people go back in November, 13% of its workforce at the time. Bloomberg reported the move is part of an effort to hit financial targets.
President Biden is unveiling plans to tax Americans who make more than $400,000 to raise money for funding Medicare. The tax code revamp would also boost the type of income subject to taxation. Of course, Republicans control the House of Representatives. That means any proposal is unlikely to pass “as is” – if at all.
Finally, if you’re looking for some good news from the whole “rising rate” thing, Security Plus Federal Credit Union has something for you. The credit union just offered an 11-month Certificate of Deposit with an Annual Percentage Yield of...SIX PERCENT! There are conditions associated with the 6% offer, but it’s noteworthy another big, round yield number has been broken.
