Bowman and Powell today
September 30, 2024
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–Bowman, the lone dissenter at the FOMC, who preferred a cut of only 25, speaks this morning at 8:50 EST. Powell later this afternoon at 1;55, both speaking on economic conditions. This morning also features Chicago PMI, expected 46.0 vs 46.1 last, and Dallas Fed Mfg expected -10.3 from -9.7. Quarterly Grain report at noon.
–JPM collar trade in SPX to reset today (JHEQX). According to ZH the current short call is the 5750 strike (my guess is that front-running has already occurred).
https://www.zerohedge.com/markets/what-will-happen-tomorrow-jpm-collar-trade
–But for pure stock market entertainment, look to China, where the CSI 300 continues to scream higher, now up 25% from 20-Sept! Should have listened to David Tepper when he said he was “buying everything” related to China’s stimulus packages.
–This is another potentially important piece of info, the first clip is from March, taken from tomsHardware.com. The facility is in Spruce Pine, North Carolina.
…Sibelco North America Inc. facility where ultra-high-purity quartz is mined. This location is vitally important as it is claimed to be “the sole supplier of the quartz required to make the crucibles needed to refine silicon wafers.”
The next clip is taken from linked article below, published today:
North Carolina’s Spruce Pine, devastated by Hurricane Helene, is the world’s main source of high-purity quartz needed for semiconductors, the production of which could be disrupted
–Yields eased Friday, led by the front end. SFRZ4 settled 9605, +4.5. SFRZ5, near the peak on the SOFR strip, settled 9709, +6.0, and Z6 settled 9701, +5.0. Two year note yield declined by 5.7 to 3.563% and tens eased 3.8 to 3.751%.
on September 30, 2024 at 11:30 pm
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Less than a 1/3rd of high quality quartz used in chip fab is situated in the US I believe so not sure how accurate that statement is