Morning Market Download from Invincible Money

Personal finance + economics + markets

Staying on top of the markets, economics and the global issues that affect your money takes a lot of time and effort. We distill it down to a quick 5 minute read to help you make better money decisions.

The bank crisis isn't over, even though the market may be acting like it is. The issue now is people and companies continue to pull money out of the banking system, especially regional banks - to the tune of $1 Trillion. The issue is that banks are now seen as a potentially risky place to hold money, but even more than that, the rates they pay for deposits are still very low and thanks to an increase in interest rates, the rates people can get in money markets are much higher, so why would anyone keep much cash in a bank making 0.3% when you can make 5% in a money market fund?

Billions continue to flow from banks into treasuries and money market funds (which are made up of treasuries). All that liquidity is kindof a kind of Quantitative Easing (QE) or money printing, which crypto loves.

EconomyThe personal consumption expenditures (PCE) index, which excludes food and energy rose less than expected at only 0.3%.

Personal incomes rose 0.3%, mostly from the service sector, while consumer spending rose 0.2% for February.

NewsUBS will fire up to 36,000 people after it takes over defunct Credit Suisse. That's after CS let go 9,000 recently before their troubles.

Oi prices rise as OPEC announces a 1 million barrel per day cut. Half the cut is coming from Saudi Arabia. The daily global production is about 100 million barrels. The White House is not happy and called the move "ill-advised." Goldman raises its price forecast to $95 for December.

StocksStocks rebounded in Q2, ending the quarter up 7%.

McDonald's has temporarily closed all its US offices and asked everyone to work from home while it readies corporate layoffs.

Tesla delivers a record number of vehicles and surprises the market with 422,875 vehicles, up 36% over last year. They had previously cut prices by 20% on some models. The stock was up 6%.

CryptoA US judge has halted Binance's acquisition of Voyager Digital's assets saying they have a "substantial" case to stop it.

Energy companies are starting to trade tokenized emissions credits called Certified Environmental Tokens (CET) which people hope will encourage producers to decrease their footprint.

The White House Hates CryptoThe 2023 "Economic Report of the President" is an annual overview of the economic progress in the U.S. This year it was 500 pages long and for the first time, mentioned crypto (didn't say anything about all the bank failures). If you'd like to know more about what the report says and what their plans on for the ongoing crackdown, check out this video by Coin Bureau.

Michael Saylor Still Love BTCThrough his company, MicroStrategy, he has slowly become one of the top holders of Bitcoin. Despite a lot of ups and downs, it appears he's doing pretty good, even in a bear market.

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With all the economic news happening, remember the best thing to focus on is increasing your income, lowering your expenses and investing the difference through dollar-cost averaging.

If you're looking for ideas on how to cut your expenses, I cover 35 ideas in this video.

Legal StuffNothing in this newsletter is financial advice. Always do your own research and think for yourself.