Housekeeping: Good Afternoon
Hartnett’s Weekly report is presented 3 ways: 1) Video walk-through with analytical comments transcribed, 2) Hartnett’s main points broken out below, 3) and original format at bottom. Enjoy.
TL; DR
More Gen Z/Millennial voters than Boomers now and their priorities are both different and a hybrid of issues
Biden’s Student Loan play
Fiscal sloppiness has peaked short term, and he also sees beginning of a fiscal conservatism pushback taking hold.
The recent Liz Truss Disaster is brought up by Hartnett (very important contextually) and discussed by GoldFix as a sign of things to come.
We wax nostalgic for the TV Series Family Ties as a fiscal signpost in the 1980s
The stock market continues to narrow in its rally, he sees more reasons to buy bonds.
Hartnett’s Flow Show: The Kids Are Alright
“My biggest worry is a sweep in the US election & a Liz Truss moment.”
-Michael Hartnett quoting clients
Scores on the Doors:
crypto 36.4%, gold 13.6%, oil 13.4%, stocks 11.8%, commodities 10.0%, US$ 4.2%, HY bonds 2.7%, cash 2.5%, IG bonds -0.3%, govt bonds -4.3% YTD.
Zeitgeist I:
"With your FMS hard landing probability down to 5%, aren't you kinda meant to buy the long bond here."
Zeitgeist II:
“My biggest worry is a sweep in the US election & a Liz Truss moment.”1
