Monday Morning Meeting Notes (12/26/2022)

General Info:

• Congress passed a $1.7 trillion spending bill that will fund the government through fiscal year 2023
• The Bank of Japan (BOJ) surprised markets by tweaking its policy on yield curve control, allowing long-term interest rates on Japanese Government Bonds to rise more
• The BOJ previously allowed the 10-Year bonds to have a +/-0.25% band around a target of 0.00%
• The new policy allows 10-Year bonds to trade within a +/-0.50% band around the 0.00% target
• Fun Fact: Champagne production skyrocketed from 300,000 to 20 million bottles per year between 1800 and 1850, as the world started ordering more for ship christenings and New Year’s celebrations
• Fun Fact II: Pineapple is one of the best, natural meat tenderizers. This fruit contains bromelain, which breaks down the protein in chains. This enzyme is so powerful that people who work in pineapple factories have to wear protective gear so bromelain does not attack their skin

Monday 12/26:

• Stock and bond markets are closed in the U.S. and Europe in observance of the Christmas holiday

Tuesday 12/27:

• U.S. wholesale inventories
• Japan unemployment and retail sales data

Wednesday 12/28:

• Unemployment data for Mexico and Brazil

Thursday 12/29:

• U.S. initial jobless claims and continuing claims data
• U.S. Census Bureau releases its annual projection of the nation’s population
• The European Central Bank (ECB) publishes its Economic Bulletin

Friday 12/30:

• National Bacon Day
• U.S. bond market will close early (2pm)
• Consumer price index (CPI) data for South Korea and Spain
• Chinese Manufacturing and Non-Manufacturing PMI data for December