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Donnietan42
2021-12-20
Excellent !!
Big Crash Coming, According To Treasury Yields
Donnietan42
2021-07-23
Yes!
Wall Street ekes out gains, led by tech, growth stocks
Donnietan42
2021-07-09
[Cry]
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!!","listText":"Excellent !!","text":"Excellent !!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9000134582","repostId":"1160299527","repostType":4,"repost":{"id":"1160299527","pubTimestamp":1639989328,"share":"https://ttm.financial/m/news/1160299527?lang=&edition=fundamental","pubTime":"2021-12-20 16:35","market":"us","language":"en","title":"Big Crash Coming, According To Treasury Yields","url":"https://stock-news.laohu8.com/highlight/detail?id=1160299527","media":"seekingalpha","summary":"Summary\n\nThe long-term Treasury yields (or 10-year yield) remain stubbornly low, signaling a recessi","content":"<p><b>Summary</b></p>\n<ul>\n <li>The long-term Treasury yields (or 10-year yield) remain stubbornly low, signaling a recession or deflation is coming soon.</li>\n <li>Don't misinterpret Treasury yield signals. We are currently seeing dynamics that the market has not witnessed for over 70 years.</li>\n <li>How did the stock markets do historically in periods of high inflation and low interest rates, similar to the one we are seeing today?</li>\n <li>The Fed already fooled you about inflation this year. Don't be fooled by Powell's hawkish talk.</li>\n <li>The Fed to remain dovish, inflation running high. How you can profit in the current environment?</li>\n</ul>\n<p>We have consistently been taught that we should always listen to what the Treasury yields are telling us. When inflation is running as high as it is today, you should expect one of two things from the Treasury yields:</p>\n<ol>\n <li>Long-term treasury yields (or the 10-year yield) go up along with the inflation rate, which would suggest that the bond markets are pricing in a healthy economy, or</li>\n <li>Long-term treasury yields (or the 10-year yield) remain the same or even go down, which would suggest that that the bond markets are pricing-in an economic recession along with a collapse of inflation.</li>\n</ol>\n<p>With the 10-year yield remaining stubbornly low at 1.5%, many investors believe that they are pointing to a recession (or deflation) next year, whereby we could see a big market crash.</p>\n<p>However today, we are seeing a very interesting phenomenon, unseen in modern times. Inflation (as measured by U.S. Personal Consumption Expenditures) is running well above the 10-year Treasury yields, resulting in significant negative \"real yields\"! Take a look at this chart since the year 1990 (or for the past 31 years).</p>\n<p><img src=\"https://static.tigerbbs.com/285b5a6f9b4de8f4d3d6038c6401b576\" tg-width=\"875\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p>\n<p>Well, inflation is so high and persistent that even Jay Powell stopped using the word \"transient\",<b>yet the 10-year Treasury yield is around 1.5%</b>. This is confusing many investors who are asking themselves:</p>\n<ul>\n <li><b>Are we heading into a deflationary environment?</b></li>\n <li><b>Are we heading into a recession?</b></li>\n</ul>\n<p>This is a very interesting phenomenon, that we have only seen 3 times in the past 120 years in the United States:</p>\n<ol>\n <li>During the Civil War</li>\n <li>During and after World War I</li>\n <li>During and after World War II</li>\n</ol>\n<p>The fourth time is happening right now!</p>\n<p>Treasury yields always tell the right story, but it is people that misinterpret them.</p>\n<p><b>A Dig Through History</b></p>\n<p>It is very easy for us to fall into the trap of assuming things that have been true for 20+ years have been true \"forever\". This is called \"recency bias\", where our perspective of the world is more strongly influenced by things that happened recently than by things that happened long in the past.</p>\n<p>When we think of high inflation, most of us jump right to the 1970s <b>when higher inflation led to higher treasury yields,</b>and treasuries almost always had a higher yield than inflation.</p>\n<p>It's a period that many of us lived through or at least our parents lived through it. So it is a period that is fairly accessible.<b>But has it always been the case?</b></p>\n<p><b>No, it has not - if we dig into history:</b></p>\n<ol>\n <li>Since the mid-1950s, we have seen a few cases when inflation has been higher than the 10-year Treasury rate, but the difference was resolved fairly quickly.</li>\n <li><b>If we go further back in history</b>, we have seen cases of inflation spiking up significantly, and the 10-year Treasury remaining low for a long period of time. The \"real yields\" were deeply negative as they are today. The two most obvious cases relate to <b>World War I</b>and <b>World War II.</b></li>\n</ol>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c7ef6fb72cdec23e880cad6408450db8\" tg-width=\"943\" tg-height=\"498\" referrerpolicy=\"no-referrer\"><span>-Source Data:rateinflation.comandmultpl.com</span></p>\n<p>So what is the common denominator in WWI, WWII, and Today?</p>\n<ol>\n <li>In all cases, for obvious reasons,<b>debt spiked to unusual levels</b>.</li>\n <li>The Treasury markets are pricing-in continued loose monetary policy. The<b>Government will let inflation take its course to \"deflate\" the national debt\"</b>, rather than curb inflation as they have been telling us.</li>\n</ol>\n<p>So it is no wonder that Treasury yields refuse to go higher than they are today! In fact, what treasuries are telling us is exactly what I have been saying over the past several months:</p>\n<ol>\n <li>The Fed cannot and will not hike rates anytime soon. And if they do, it will be an immaterial rate hike that will have an insignificant impact on inflation.</li>\n <li>The government will continue to ensure there is a high amount of liquidity in the financial system. The Bubble of Liquidity will remain large.</li>\n</ol>\n<p><b>How Did the Markets Fare During Similar Periods: WWI and WWII</b></p>\n<p>For us investors, it is important to not only be aware of what is happening in today's macro-economic situation but to also understand what the likely outcome will be for equities. In this case, we have to go back to the periods of WWI and WWII and see how equities fared during times of very high inflation and very low Treasury yields:</p>\n<p><b>Case #1: WW I (Bull Market of 1918-1919)</b></p>\n<p>Inflation started picking up significantly in 1917 when the U.S. formally got involved in WWI. Inflation surged up to 18% while the 10-year Treasury rate remained at 4.5%. Inflation remained high through 1919.</p>\n<p>Despite an initial selloff in late 1917, we saw a great Bull Market that ran through 1918 and 1919 and the Dow Jones Industrial Average hit all-time highs.<b>The Bull Market ran up 80% over the course of two years.</b></p>\n<p><img src=\"https://static.tigerbbs.com/d74c179521aa766e7c82f38d514834a9\" tg-width=\"926\" tg-height=\"634\" referrerpolicy=\"no-referrer\"></p>\n<p>The party came to an abrupt end in 1920 when inflation suddenly became deflation. A few of the most relevant factors impacting the recession in 1920 were:</p>\n<ul>\n <li>The return of troops from WW1: 1920 was characterized by high unemployment rates as troops coming home from war struggled to find work.</li>\n <li>Resurgence in the Spanish Flu: The Spanish Flu was particularly brutal the 1919-1920 season, with the death rate approximately doubling.</li>\n <li>The Gold Standard: In 1920, the dollar was still linked to gold. Deflation expectations were high, as people anticipated a wave of redemptions to reduce the monetary supply.</li>\n <li>Rising Interest Rates: The Fed hiked rates in an effort to fight inflation from December 1919 through June 1920, from 4.75% to 7%.</li>\n</ul>\n<p><b>Case #2: WW2 (Bull Market 1942-1956)</b></p>\n<p>From 1942-1956, we can see several periods where inflation significantly exceeded the 10-year Treasury rate. Over this 14-year period, inflation averaged over 4%, while the 10-year Treasury rate averaged 2.5%. Meanwhile, the DJIA averaged +11% per year. I believe this is the most comparable period to our situation today.</p>\n<p>The DJIA gained 120% from 1942-1946, even as inflation outpaced the 10-year Treasury rate for three of those years.</p>\n<p><img src=\"https://static.tigerbbs.com/f0b5052be090984d0f2c07c68a029a1d\" tg-width=\"914\" tg-height=\"624\" referrerpolicy=\"no-referrer\"></p>\n<p>The \"bear\" market from 1947-1948 is perhaps better termed a \"consolidation\" as it was a 25% pullback before the market continued to new heights.<b>The market climbed up another 230% from 1949-1956 even as inflation rose to 7.9% in 1951 and the 10-year Treasury stayed around 2.5%.</b>By 1953, inflation had slowed down.</p>\n<p><img src=\"https://static.tigerbbs.com/1f6e5c8a130b01903f91066517b7af98\" tg-width=\"925\" tg-height=\"626\" referrerpolicy=\"no-referrer\"></p>\n<p>The combination of high inflation and low Treasury Rates proved very beneficial for equity holders. The period was characterized by low unemployment (below 5% from 1942 on) and economic growth as the U.S. economy ran hot in the wake of WWII.</p>\n<p><b>The Great Inflation Lie: The Fed Won't Stop Inflation</b></p>\n<p>As recently as June, the Federal Reserve was projecting a PCE inflation rate of 3.4% for 2021. Three months later it hiked that projection up to 4.2% for 2021. One month after their meeting, PCE inflation was 5%.</p>\n<p>Earlier this year, I highlighted what I termed as \"The Great Inflation Lie\". Either the Federal Reserve is incompetent with projections that aren't even in the ballpark of reality, or it is intentionally being misleading. When random average Joes are being surveyed and are more accurate than the Federal Reserve with their projections, something is wrong.</p>\n<p><img src=\"https://static.tigerbbs.com/6495730db36d6c8d90b35c612bdaaf62\" tg-width=\"959\" tg-height=\"567\" referrerpolicy=\"no-referrer\"></p>\n<p>I do not believe the Federal Reserve is that incompetent, that they failed to see what everyone else in the country could see.</p>\n<p><b>So why do both Government and the Fed want inflation to run very high?</b></p>\n<p>The U.S. Government has run up a ton of debt. As a percentage of GDP, the Federal debt is now over 120%. The cost of COVID alone was several times higher than the cost of WWII in today's dollar terms.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/77235df36b3b5931f9c627ee7b76b086\" tg-width=\"1234\" tg-height=\"675\" referrerpolicy=\"no-referrer\"><span>- Source:St. Louis Fed</span></p>\n<ul>\n <li>Politically this is a very unpopular issue to deal with because budget cuts and higher taxes aren't really popular with anyone. While some support for token moves might occasionally gain enough support to pass, comprehensive solutions aren't even seriously discussed.</li>\n <li>To make matters worse, the U.S. Government has massive financial obligations coming up as Medicare and Social Security will both become much more dependent upon general tax funds as they fail to fund themselves.</li>\n <li>So without meaningful budget cuts and/or meaningful tax increases likely off the table in a polarized country, how does the government pay off all that debt?<b>It doesn't</b>.</li>\n</ul>\n<p>The last time the U.S. had debt/GDP of over 100% was in 1946. The U.S. Government had a massive debt of $269 billion. Just by reading that number, you know what happened. What is $269 billion to the U.S. Government today? That is only half of what the government spends on interest payments alone! $269 billion just isn't what it used to be,<b>and that was intentional</b>.</p>\n<p>The U.S. never \"paid\" for WWII - it refinanced the debt, and through inflation, the significance of the debt dissipated quickly, even as the total debt grew.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/52a00344ea3e40046556fe05f16886b1\" tg-width=\"980\" tg-height=\"617\" referrerpolicy=\"no-referrer\"><span>- Source:Financial Times</span></p>\n<p>A significant amount of inflation is the only solution that the U.S. Government has to manage its debts and obligations.</p>\n<p>With debt levels far beyond the pale of productivity levels (i.e., embarrassing debt to GDP ratios), the U.S. and other developed economies are mathematically and factually unable to ever grow their way out of the debt hole they have been digging us into for years.</p>\n<p>It is too late to fix all the past mismanagement. It is also impossible to force new generations to pay for debt accumulated by the older ones by taxing them to death and forcing them to be productive in the labor force well above the age of 75. Not only will it result in political unrest, but there are simply not enough young people to tax due to an aging population, and a wave of baby boomers retiring soon.</p>\n<p>The only way to deal with this black hole is through inflation.</p>\n<p><b>Conclusion</b></p>\n<p>Don't be fooled by Fed Chair Powell's hawkish talk. After all, he has a hearing to keep his job coming up in January. Treasury yields are NOT pointing to a recession and/or deflation. They are telling us that liquidity will remain high and that the treasury market is not buying the hawkish story the Fed is selling.</p>\n<p>We are seeing dynamics that the stock market has not witnessed for over 70 years. The inflation rate will remain above the 10-year Treasury rate for a sustained period of time, creating an environment of high inflation and relatively low-interest rates. Historically, this dynamic has been very beneficial for equity markets!</p>\n<p>Right now, it is a fantastic time to be an investor and the worst time to be sitting on cash. Investors want to be exposed to equities that benefit from high inflation, while also benefiting from low treasury yields.</p>\n<p>My strategy includes investing in:</p>\n<ul>\n <li><b>Value dividend stocks</b>: These are stocks that are valued based on earnings they have today and are paying out generous dividends. When cash is losing its earning power daily, you want cash now, not in a few years!<b>Liberty All-Star Equity Fund</b>(USA), yielding over 10%, is a fantastic CEF to gain broad exposure to the stock market that is overweight on \"value\" strategies.</li>\n <li><b>Companies with Real Estate Assets</b>: Companies with high levels of real assets, like REITs, will see ideal conditions. They will be able to borrow cheap thanks to low interest rates, while inflation will drive up rents and property values. Some of our picks include \"Dividend Aristocrat\" crowns yielding +5%, that are well-positioned to take advantage of these dynamics!</li>\n <li><b>Economically sensitive stocks</b>: The combination of low interest rates and rapid growth means that economically sensitive stocks will run hot. Default rates will remain relatively low as the burden of debt becomes less significant for borrowers, and the excess liquidity in the financial system ensures refinancing will be easy. \"CLO\" funds like <b>Oxford Lane Capital</b>(OXLC) yielding over 12% will thrive in this environment while producing a generous yield for investors.</li>\n <li><b>Energy & Commodities</b>: Energy frequently leads the inflation wave as we pointed out long ago we are entering a commodity supercycle. These companies will benefit from a combination of higher prices, while at the same time being able to access inexpensive debt thanks to low interest rates. And yes, you can get fantastic yield of +8% while investing in commodities. You don't have to worry about price fluctuations, exactly because you are getting paid extremely well to wait!</li>\n</ul>\n<p>I am looking forward for the year 2022 to be a very strong year for equities. I am personally keeping as little cash as possible in my investment account, taking out what I need, and redeploying the rest of my dividends into income investments. The last thing anybody wants is a 6.8% inflation eroding the purchasing power of their hard-earned savings. Being invested in the right stocks which offer both high yield and growth helps you not only to protect your principal, but also increase your net worth in today's difficult environment.</p>\n<p>It is critical that investors are aware of the major macroeconomic forces at play that are impacting the markets so that you can make informed decisions. I write \"Market Outlooks\", similar to the above which I share every Sunday with members of my investment community, to keep focus on the big picture as it evolves. This helps us make adjustments to our portfolio as needed, in a planned and methodical manner.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Big Crash Coming, According To Treasury Yields</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBig Crash Coming, According To Treasury Yields\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-20 16:35 GMT+8 <a href=https://seekingalpha.com/article/4475749-big-crash-coming-according-to-treasury-yields><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nThe long-term Treasury yields (or 10-year yield) remain stubbornly low, signaling a recession or deflation is coming soon.\nDon't misinterpret Treasury yield signals. We are currently seeing ...</p>\n\n<a href=\"https://seekingalpha.com/article/4475749-big-crash-coming-according-to-treasury-yields\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://seekingalpha.com/article/4475749-big-crash-coming-according-to-treasury-yields","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1160299527","content_text":"Summary\n\nThe long-term Treasury yields (or 10-year yield) remain stubbornly low, signaling a recession or deflation is coming soon.\nDon't misinterpret Treasury yield signals. We are currently seeing dynamics that the market has not witnessed for over 70 years.\nHow did the stock markets do historically in periods of high inflation and low interest rates, similar to the one we are seeing today?\nThe Fed already fooled you about inflation this year. Don't be fooled by Powell's hawkish talk.\nThe Fed to remain dovish, inflation running high. How you can profit in the current environment?\n\nWe have consistently been taught that we should always listen to what the Treasury yields are telling us. When inflation is running as high as it is today, you should expect one of two things from the Treasury yields:\n\nLong-term treasury yields (or the 10-year yield) go up along with the inflation rate, which would suggest that the bond markets are pricing in a healthy economy, or\nLong-term treasury yields (or the 10-year yield) remain the same or even go down, which would suggest that that the bond markets are pricing-in an economic recession along with a collapse of inflation.\n\nWith the 10-year yield remaining stubbornly low at 1.5%, many investors believe that they are pointing to a recession (or deflation) next year, whereby we could see a big market crash.\nHowever today, we are seeing a very interesting phenomenon, unseen in modern times. Inflation (as measured by U.S. Personal Consumption Expenditures) is running well above the 10-year Treasury yields, resulting in significant negative \"real yields\"! Take a look at this chart since the year 1990 (or for the past 31 years).\n\nWell, inflation is so high and persistent that even Jay Powell stopped using the word \"transient\",yet the 10-year Treasury yield is around 1.5%. This is confusing many investors who are asking themselves:\n\nAre we heading into a deflationary environment?\nAre we heading into a recession?\n\nThis is a very interesting phenomenon, that we have only seen 3 times in the past 120 years in the United States:\n\nDuring the Civil War\nDuring and after World War I\nDuring and after World War II\n\nThe fourth time is happening right now!\nTreasury yields always tell the right story, but it is people that misinterpret them.\nA Dig Through History\nIt is very easy for us to fall into the trap of assuming things that have been true for 20+ years have been true \"forever\". This is called \"recency bias\", where our perspective of the world is more strongly influenced by things that happened recently than by things that happened long in the past.\nWhen we think of high inflation, most of us jump right to the 1970s when higher inflation led to higher treasury yields,and treasuries almost always had a higher yield than inflation.\nIt's a period that many of us lived through or at least our parents lived through it. So it is a period that is fairly accessible.But has it always been the case?\nNo, it has not - if we dig into history:\n\nSince the mid-1950s, we have seen a few cases when inflation has been higher than the 10-year Treasury rate, but the difference was resolved fairly quickly.\nIf we go further back in history, we have seen cases of inflation spiking up significantly, and the 10-year Treasury remaining low for a long period of time. The \"real yields\" were deeply negative as they are today. The two most obvious cases relate to World War Iand World War II.\n\n-Source Data:rateinflation.comandmultpl.com\nSo what is the common denominator in WWI, WWII, and Today?\n\nIn all cases, for obvious reasons,debt spiked to unusual levels.\nThe Treasury markets are pricing-in continued loose monetary policy. TheGovernment will let inflation take its course to \"deflate\" the national debt\", rather than curb inflation as they have been telling us.\n\nSo it is no wonder that Treasury yields refuse to go higher than they are today! In fact, what treasuries are telling us is exactly what I have been saying over the past several months:\n\nThe Fed cannot and will not hike rates anytime soon. And if they do, it will be an immaterial rate hike that will have an insignificant impact on inflation.\nThe government will continue to ensure there is a high amount of liquidity in the financial system. The Bubble of Liquidity will remain large.\n\nHow Did the Markets Fare During Similar Periods: WWI and WWII\nFor us investors, it is important to not only be aware of what is happening in today's macro-economic situation but to also understand what the likely outcome will be for equities. In this case, we have to go back to the periods of WWI and WWII and see how equities fared during times of very high inflation and very low Treasury yields:\nCase #1: WW I (Bull Market of 1918-1919)\nInflation started picking up significantly in 1917 when the U.S. formally got involved in WWI. Inflation surged up to 18% while the 10-year Treasury rate remained at 4.5%. Inflation remained high through 1919.\nDespite an initial selloff in late 1917, we saw a great Bull Market that ran through 1918 and 1919 and the Dow Jones Industrial Average hit all-time highs.The Bull Market ran up 80% over the course of two years.\n\nThe party came to an abrupt end in 1920 when inflation suddenly became deflation. A few of the most relevant factors impacting the recession in 1920 were:\n\nThe return of troops from WW1: 1920 was characterized by high unemployment rates as troops coming home from war struggled to find work.\nResurgence in the Spanish Flu: The Spanish Flu was particularly brutal the 1919-1920 season, with the death rate approximately doubling.\nThe Gold Standard: In 1920, the dollar was still linked to gold. Deflation expectations were high, as people anticipated a wave of redemptions to reduce the monetary supply.\nRising Interest Rates: The Fed hiked rates in an effort to fight inflation from December 1919 through June 1920, from 4.75% to 7%.\n\nCase #2: WW2 (Bull Market 1942-1956)\nFrom 1942-1956, we can see several periods where inflation significantly exceeded the 10-year Treasury rate. Over this 14-year period, inflation averaged over 4%, while the 10-year Treasury rate averaged 2.5%. Meanwhile, the DJIA averaged +11% per year. I believe this is the most comparable period to our situation today.\nThe DJIA gained 120% from 1942-1946, even as inflation outpaced the 10-year Treasury rate for three of those years.\n\nThe \"bear\" market from 1947-1948 is perhaps better termed a \"consolidation\" as it was a 25% pullback before the market continued to new heights.The market climbed up another 230% from 1949-1956 even as inflation rose to 7.9% in 1951 and the 10-year Treasury stayed around 2.5%.By 1953, inflation had slowed down.\n\nThe combination of high inflation and low Treasury Rates proved very beneficial for equity holders. The period was characterized by low unemployment (below 5% from 1942 on) and economic growth as the U.S. economy ran hot in the wake of WWII.\nThe Great Inflation Lie: The Fed Won't Stop Inflation\nAs recently as June, the Federal Reserve was projecting a PCE inflation rate of 3.4% for 2021. Three months later it hiked that projection up to 4.2% for 2021. One month after their meeting, PCE inflation was 5%.\nEarlier this year, I highlighted what I termed as \"The Great Inflation Lie\". Either the Federal Reserve is incompetent with projections that aren't even in the ballpark of reality, or it is intentionally being misleading. When random average Joes are being surveyed and are more accurate than the Federal Reserve with their projections, something is wrong.\n\nI do not believe the Federal Reserve is that incompetent, that they failed to see what everyone else in the country could see.\nSo why do both Government and the Fed want inflation to run very high?\nThe U.S. Government has run up a ton of debt. As a percentage of GDP, the Federal debt is now over 120%. The cost of COVID alone was several times higher than the cost of WWII in today's dollar terms.\n- Source:St. Louis Fed\n\nPolitically this is a very unpopular issue to deal with because budget cuts and higher taxes aren't really popular with anyone. While some support for token moves might occasionally gain enough support to pass, comprehensive solutions aren't even seriously discussed.\nTo make matters worse, the U.S. Government has massive financial obligations coming up as Medicare and Social Security will both become much more dependent upon general tax funds as they fail to fund themselves.\nSo without meaningful budget cuts and/or meaningful tax increases likely off the table in a polarized country, how does the government pay off all that debt?It doesn't.\n\nThe last time the U.S. had debt/GDP of over 100% was in 1946. The U.S. Government had a massive debt of $269 billion. Just by reading that number, you know what happened. What is $269 billion to the U.S. Government today? That is only half of what the government spends on interest payments alone! $269 billion just isn't what it used to be,and that was intentional.\nThe U.S. never \"paid\" for WWII - it refinanced the debt, and through inflation, the significance of the debt dissipated quickly, even as the total debt grew.\n- Source:Financial Times\nA significant amount of inflation is the only solution that the U.S. Government has to manage its debts and obligations.\nWith debt levels far beyond the pale of productivity levels (i.e., embarrassing debt to GDP ratios), the U.S. and other developed economies are mathematically and factually unable to ever grow their way out of the debt hole they have been digging us into for years.\nIt is too late to fix all the past mismanagement. It is also impossible to force new generations to pay for debt accumulated by the older ones by taxing them to death and forcing them to be productive in the labor force well above the age of 75. Not only will it result in political unrest, but there are simply not enough young people to tax due to an aging population, and a wave of baby boomers retiring soon.\nThe only way to deal with this black hole is through inflation.\nConclusion\nDon't be fooled by Fed Chair Powell's hawkish talk. After all, he has a hearing to keep his job coming up in January. Treasury yields are NOT pointing to a recession and/or deflation. They are telling us that liquidity will remain high and that the treasury market is not buying the hawkish story the Fed is selling.\nWe are seeing dynamics that the stock market has not witnessed for over 70 years. The inflation rate will remain above the 10-year Treasury rate for a sustained period of time, creating an environment of high inflation and relatively low-interest rates. Historically, this dynamic has been very beneficial for equity markets!\nRight now, it is a fantastic time to be an investor and the worst time to be sitting on cash. Investors want to be exposed to equities that benefit from high inflation, while also benefiting from low treasury yields.\nMy strategy includes investing in:\n\nValue dividend stocks: These are stocks that are valued based on earnings they have today and are paying out generous dividends. When cash is losing its earning power daily, you want cash now, not in a few years!Liberty All-Star Equity Fund(USA), yielding over 10%, is a fantastic CEF to gain broad exposure to the stock market that is overweight on \"value\" strategies.\nCompanies with Real Estate Assets: Companies with high levels of real assets, like REITs, will see ideal conditions. They will be able to borrow cheap thanks to low interest rates, while inflation will drive up rents and property values. Some of our picks include \"Dividend Aristocrat\" crowns yielding +5%, that are well-positioned to take advantage of these dynamics!\nEconomically sensitive stocks: The combination of low interest rates and rapid growth means that economically sensitive stocks will run hot. Default rates will remain relatively low as the burden of debt becomes less significant for borrowers, and the excess liquidity in the financial system ensures refinancing will be easy. \"CLO\" funds like Oxford Lane Capital(OXLC) yielding over 12% will thrive in this environment while producing a generous yield for investors.\nEnergy & Commodities: Energy frequently leads the inflation wave as we pointed out long ago we are entering a commodity supercycle. These companies will benefit from a combination of higher prices, while at the same time being able to access inexpensive debt thanks to low interest rates. And yes, you can get fantastic yield of +8% while investing in commodities. You don't have to worry about price fluctuations, exactly because you are getting paid extremely well to wait!\n\nI am looking forward for the year 2022 to be a very strong year for equities. I am personally keeping as little cash as possible in my investment account, taking out what I need, and redeploying the rest of my dividends into income investments. The last thing anybody wants is a 6.8% inflation eroding the purchasing power of their hard-earned savings. Being invested in the right stocks which offer both high yield and growth helps you not only to protect your principal, but also increase your net worth in today's difficult environment.\nIt is critical that investors are aware of the major macroeconomic forces at play that are impacting the markets so that you can make informed decisions. I write \"Market Outlooks\", similar to the above which I share every Sunday with members of my investment community, to keep focus on the big picture as it evolves. This helps us make adjustments to our portfolio as needed, in a planned and methodical manner.","news_type":1},"isVote":1,"tweetType":1,"viewCount":182,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175288454,"gmtCreate":1627034649578,"gmtModify":1703482896143,"author":{"id":"3570871821702189","authorId":"3570871821702189","name":"Donnietan42","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570871821702189","authorIdStr":"3570871821702189"},"themes":[],"htmlText":"Yes!","listText":"Yes!","text":"Yes!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/175288454","repostId":"1164478982","repostType":4,"repost":{"id":"1164478982","pubTimestamp":1626995319,"share":"https://ttm.financial/m/news/1164478982?lang=&edition=fundamental","pubTime":"2021-07-23 07:08","market":"us","language":"en","title":"Wall Street ekes out gains, led by tech, growth stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=1164478982","media":"Reuters","summary":"NEW YORK - Big tech helped Wall Street inch up to a higher close on Thursday, modestly building on a two-day rally as lackluster economic data and mixed corporate earnings prompted a pivot back to growth stocks.A pull-back in economically sensitive cyclicals kept the S&P 500’s and the blue-chip Dow’s gains muted, while small-caps underperformed their larger rivals.“The market is flip-flopping between the view that economic growth has almost peaked so you need to buy stocks that manufacture thei","content":"<p>NEW YORK (Reuters) - Big tech helped Wall Street inch up to a higher close on Thursday, modestly building on a two-day rally as lackluster economic data and mixed corporate earnings prompted a pivot back to growth stocks.</p>\n<p>A pull-back in economically sensitive cyclicals kept the S&P 500’s and the blue-chip Dow’s gains muted, while small-caps underperformed their larger rivals.</p>\n<p>But megacap tech and tech-adjacent stocks, such as Microsoft Corp, Amazon.com, Apple Inc, <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc and Alphabet Inc, rose ahead of their quarterly results next week, putting the Nasdaq out front.</p>\n<p>All three major U.S. stock indexes ended the session within 1% of their record closing highs.</p>\n<p>Growth stocks, which outperformed throughout the health crisis, were back in favor, gaining 0.8%, while the value index slipped by 0.5%.</p>\n<p>“The market is flip-flopping between the view that economic growth has almost peaked so you need to buy stocks that manufacture their own growth like tech names, versus the view that economic growth will continue and you want to own cyclicals and value names,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York.</p>\n<p>The number of U.S. workers filing first-time applications for unemployment benefits spiked unexpectedly to 419,000 last week, a two-month high, according to the Labor Department.</p>\n<p>Market participants are closely watching labor market indicators for hints as to when the Federal Reserve, expected to convene next week for its two-day monetary policy meeting, will begin discussions about hiking key interest rates from near zero.</p>\n<p>“The jobless data today didn’t have a meaningful impact on markets or the economic outlook,” Carter added. “It’s now all about how much longer the Fed will tolerate low rates. The Fed seems to be favoring its full employment mandate more than its price stability mandate.”</p>\n<p>“Accordingly, the upcoming Fed meeting could be impactful,” Carter said.</p>\n<p>Benchmark Treasury yields eased after the bid at the largest-ever TIPS auction touched a record low, pressuring rate sensitive banks.</p>\n<p>The Dow Jones Industrial Average rose 25.35 points, or 0.07%, to 34,823.35, the S&P 500 gained 8.79 points, or 0.20%, to 4,367.48 and the Nasdaq Composite added 52.64 points, or 0.36%, to 14,684.60.</p>\n<p>Of the 11 major sectors of the S&P 500, tech was shining brightest, gaining 0.7%. Energy stocks suffered the largest percentage drop.</p>\n<p>The second-quarter reporting season barreled ahead at full-throttle, with 104 of the companies in the S&P 500 having reported. Of those, 88% have beaten consensus estimates, according to Refinitiv.</p>\n<p>Drugmaker Biogen Inc gained 1.1% after hiking its full-year revenue guidance, while Domino’s Pizza Inc surged 14.6% to an all-time high on the heels of its quarterly report.</p>\n<p>Southwest Airlines Co posted a bigger-than-expected quarterly loss, sending its stock down 3.5%, and American Airlines Group Inc dipped 1.1% even after reporting a quarterly profit.</p>\n<p>The S&P 1500 Airlines index ended the session off 1.7%.</p>\n<p>Shares of Texas Instruments Inc slid 5.3% after its current-quarter revenue forecast cast concerns as to whether the company will be able to meet spiking demand in the face of a global semiconductor shortage.</p>\n<p>The Philadelphia SE Semiconductor index ended the session down 0.9%.</p>\n<p>Chipmaker Intel Corp slipped more than 1% in extended trading after the chipmaker posted results and raised its annual revenue forecast.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 1.82-to-1 ratio; on Nasdaq, a 1.90-to-1 ratio favored decliners.</p>\n<p>The S&P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 54 new lows.</p>\n<p>Volume on U.S. exchanges was 8.25 billion shares, compared with the 10.12 billion average over the last 20 trading days.</p>","source":"lsy1601381805984","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street ekes out gains, led by tech, growth stocks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street ekes out gains, led by tech, growth stocks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-23 07:08 GMT+8 <a href=https://www.reuters.com/article/usa-stocks/us-stocks-wall-street-ekes-out-gains-led-by-tech-growth-stocks-idUSL1N2OY2HH><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - Big tech helped Wall Street inch up to a higher close on Thursday, modestly building on a two-day rally as lackluster economic data and mixed corporate earnings prompted a pivot ...</p>\n\n<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-wall-street-ekes-out-gains-led-by-tech-growth-stocks-idUSL1N2OY2HH\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-wall-street-ekes-out-gains-led-by-tech-growth-stocks-idUSL1N2OY2HH","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164478982","content_text":"NEW YORK (Reuters) - Big tech helped Wall Street inch up to a higher close on Thursday, modestly building on a two-day rally as lackluster economic data and mixed corporate earnings prompted a pivot back to growth stocks.\nA pull-back in economically sensitive cyclicals kept the S&P 500’s and the blue-chip Dow’s gains muted, while small-caps underperformed their larger rivals.\nBut megacap tech and tech-adjacent stocks, such as Microsoft Corp, Amazon.com, Apple Inc, Facebook Inc and Alphabet Inc, rose ahead of their quarterly results next week, putting the Nasdaq out front.\nAll three major U.S. stock indexes ended the session within 1% of their record closing highs.\nGrowth stocks, which outperformed throughout the health crisis, were back in favor, gaining 0.8%, while the value index slipped by 0.5%.\n“The market is flip-flopping between the view that economic growth has almost peaked so you need to buy stocks that manufacture their own growth like tech names, versus the view that economic growth will continue and you want to own cyclicals and value names,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York.\nThe number of U.S. workers filing first-time applications for unemployment benefits spiked unexpectedly to 419,000 last week, a two-month high, according to the Labor Department.\nMarket participants are closely watching labor market indicators for hints as to when the Federal Reserve, expected to convene next week for its two-day monetary policy meeting, will begin discussions about hiking key interest rates from near zero.\n“The jobless data today didn’t have a meaningful impact on markets or the economic outlook,” Carter added. “It’s now all about how much longer the Fed will tolerate low rates. The Fed seems to be favoring its full employment mandate more than its price stability mandate.”\n“Accordingly, the upcoming Fed meeting could be impactful,” Carter said.\nBenchmark Treasury yields eased after the bid at the largest-ever TIPS auction touched a record low, pressuring rate sensitive banks.\nThe Dow Jones Industrial Average rose 25.35 points, or 0.07%, to 34,823.35, the S&P 500 gained 8.79 points, or 0.20%, to 4,367.48 and the Nasdaq Composite added 52.64 points, or 0.36%, to 14,684.60.\nOf the 11 major sectors of the S&P 500, tech was shining brightest, gaining 0.7%. Energy stocks suffered the largest percentage drop.\nThe second-quarter reporting season barreled ahead at full-throttle, with 104 of the companies in the S&P 500 having reported. Of those, 88% have beaten consensus estimates, according to Refinitiv.\nDrugmaker Biogen Inc gained 1.1% after hiking its full-year revenue guidance, while Domino’s Pizza Inc surged 14.6% to an all-time high on the heels of its quarterly report.\nSouthwest Airlines Co posted a bigger-than-expected quarterly loss, sending its stock down 3.5%, and American Airlines Group Inc dipped 1.1% even after reporting a quarterly profit.\nThe S&P 1500 Airlines index ended the session off 1.7%.\nShares of Texas Instruments Inc slid 5.3% after its current-quarter revenue forecast cast concerns as to whether the company will be able to meet spiking demand in the face of a global semiconductor shortage.\nThe Philadelphia SE Semiconductor index ended the session down 0.9%.\nChipmaker Intel Corp slipped more than 1% in extended trading after the chipmaker posted results and raised its annual revenue forecast.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.82-to-1 ratio; on Nasdaq, a 1.90-to-1 ratio favored decliners.\nThe S&P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 54 new lows.\nVolume on U.S. exchanges was 8.25 billion shares, compared with the 10.12 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":224,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143797589,"gmtCreate":1625816134241,"gmtModify":1703749121142,"author":{"id":"3570871821702189","authorId":"3570871821702189","name":"Donnietan42","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570871821702189","authorIdStr":"3570871821702189"},"themes":[],"htmlText":"[Cry] ","listText":"[Cry] ","text":"[Cry]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/143797589","repostId":"2150320772","repostType":4,"repost":{"id":"2150320772","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1625811863,"share":"https://ttm.financial/m/news/2150320772?lang=&edition=fundamental","pubTime":"2021-07-09 14:24","market":"us","language":"en","title":"China's auto sales down 12.4% in June - industry association","url":"https://stock-news.laohu8.com/highlight/detail?id=2150320772","media":"Reuters","summary":"BEIJING, July 9 (Reuters) - Auto sales in China, the world's biggest car market, fell 12.4% in June ","content":"<p>BEIJING, July 9 (Reuters) - Auto sales in China, the world's biggest car market, fell 12.4% in June from the corresponding month a year earlier, industry data showed on Friday.</p>\n<p>Overall sales stood at 2.02 million vehicles in June, data from the China Association of Automobile Manufacturers (CAAM) showed.</p>\n<p>The country sold 12.89 million vehicles between January and June, up 25.6% from year-ago levels.</p>\n<p>Sales of new energy vehicles (NEVs) including battery-powered electric vehicles, plug-in petrol-electric hybrids, and hydrogen fuel-cell vehicles maintained their strong momentum, jumping 139.3%, with 256,000 units sold last month.</p>\n<p>NEV makers such as Nio Inc, Xpeng Inc, and BYD are expanding manufacturing capacity in China, encouraged by the government's promotion of greener vehicles to cut pollution.</p>\n<p>Tesla Inc sold 33,155 China-manufactured electric cars in June.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China's auto sales down 12.4% in June - industry association</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina's auto sales down 12.4% in June - industry association\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-09 14:24</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>BEIJING, July 9 (Reuters) - Auto sales in China, the world's biggest car market, fell 12.4% in June from the corresponding month a year earlier, industry data showed on Friday.</p>\n<p>Overall sales stood at 2.02 million vehicles in June, data from the China Association of Automobile Manufacturers (CAAM) showed.</p>\n<p>The country sold 12.89 million vehicles between January and June, up 25.6% from year-ago levels.</p>\n<p>Sales of new energy vehicles (NEVs) including battery-powered electric vehicles, plug-in petrol-electric hybrids, and hydrogen fuel-cell vehicles maintained their strong momentum, jumping 139.3%, with 256,000 units sold last month.</p>\n<p>NEV makers such as Nio Inc, Xpeng Inc, and BYD are expanding manufacturing capacity in China, encouraged by the government's promotion of greener vehicles to cut pollution.</p>\n<p>Tesla Inc sold 33,155 China-manufactured electric cars in June.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09868":"小鹏汽车-W","TSLA":"特斯拉","NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2150320772","content_text":"BEIJING, July 9 (Reuters) - Auto sales in China, the world's biggest car market, fell 12.4% in June from the corresponding month a year earlier, industry data showed on Friday.\nOverall sales stood at 2.02 million vehicles in June, data from the China Association of Automobile Manufacturers (CAAM) showed.\nThe country sold 12.89 million vehicles between January and June, up 25.6% from year-ago levels.\nSales of new energy vehicles (NEVs) including battery-powered electric vehicles, plug-in petrol-electric hybrids, and hydrogen fuel-cell vehicles maintained their strong momentum, jumping 139.3%, with 256,000 units sold last month.\nNEV makers such as Nio Inc, Xpeng Inc, and BYD are expanding manufacturing capacity in China, encouraged by the government's promotion of greener vehicles to cut pollution.\nTesla Inc sold 33,155 China-manufactured electric cars in June.","news_type":1},"isVote":1,"tweetType":1,"viewCount":166,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9000134582,"gmtCreate":1640000220077,"gmtModify":1676533497906,"author":{"id":"3570871821702189","authorId":"3570871821702189","name":"Donnietan42","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570871821702189","authorIdStr":"3570871821702189"},"themes":[],"htmlText":"Excellent !!","listText":"Excellent !!","text":"Excellent !!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9000134582","repostId":"1160299527","repostType":4,"repost":{"id":"1160299527","pubTimestamp":1639989328,"share":"https://ttm.financial/m/news/1160299527?lang=&edition=fundamental","pubTime":"2021-12-20 16:35","market":"us","language":"en","title":"Big Crash Coming, According To Treasury Yields","url":"https://stock-news.laohu8.com/highlight/detail?id=1160299527","media":"seekingalpha","summary":"Summary\n\nThe long-term Treasury yields (or 10-year yield) remain stubbornly low, signaling a recessi","content":"<p><b>Summary</b></p>\n<ul>\n <li>The long-term Treasury yields (or 10-year yield) remain stubbornly low, signaling a recession or deflation is coming soon.</li>\n <li>Don't misinterpret Treasury yield signals. We are currently seeing dynamics that the market has not witnessed for over 70 years.</li>\n <li>How did the stock markets do historically in periods of high inflation and low interest rates, similar to the one we are seeing today?</li>\n <li>The Fed already fooled you about inflation this year. Don't be fooled by Powell's hawkish talk.</li>\n <li>The Fed to remain dovish, inflation running high. How you can profit in the current environment?</li>\n</ul>\n<p>We have consistently been taught that we should always listen to what the Treasury yields are telling us. When inflation is running as high as it is today, you should expect one of two things from the Treasury yields:</p>\n<ol>\n <li>Long-term treasury yields (or the 10-year yield) go up along with the inflation rate, which would suggest that the bond markets are pricing in a healthy economy, or</li>\n <li>Long-term treasury yields (or the 10-year yield) remain the same or even go down, which would suggest that that the bond markets are pricing-in an economic recession along with a collapse of inflation.</li>\n</ol>\n<p>With the 10-year yield remaining stubbornly low at 1.5%, many investors believe that they are pointing to a recession (or deflation) next year, whereby we could see a big market crash.</p>\n<p>However today, we are seeing a very interesting phenomenon, unseen in modern times. Inflation (as measured by U.S. Personal Consumption Expenditures) is running well above the 10-year Treasury yields, resulting in significant negative \"real yields\"! Take a look at this chart since the year 1990 (or for the past 31 years).</p>\n<p><img src=\"https://static.tigerbbs.com/285b5a6f9b4de8f4d3d6038c6401b576\" tg-width=\"875\" tg-height=\"494\" referrerpolicy=\"no-referrer\"></p>\n<p>Well, inflation is so high and persistent that even Jay Powell stopped using the word \"transient\",<b>yet the 10-year Treasury yield is around 1.5%</b>. This is confusing many investors who are asking themselves:</p>\n<ul>\n <li><b>Are we heading into a deflationary environment?</b></li>\n <li><b>Are we heading into a recession?</b></li>\n</ul>\n<p>This is a very interesting phenomenon, that we have only seen 3 times in the past 120 years in the United States:</p>\n<ol>\n <li>During the Civil War</li>\n <li>During and after World War I</li>\n <li>During and after World War II</li>\n</ol>\n<p>The fourth time is happening right now!</p>\n<p>Treasury yields always tell the right story, but it is people that misinterpret them.</p>\n<p><b>A Dig Through History</b></p>\n<p>It is very easy for us to fall into the trap of assuming things that have been true for 20+ years have been true \"forever\". This is called \"recency bias\", where our perspective of the world is more strongly influenced by things that happened recently than by things that happened long in the past.</p>\n<p>When we think of high inflation, most of us jump right to the 1970s <b>when higher inflation led to higher treasury yields,</b>and treasuries almost always had a higher yield than inflation.</p>\n<p>It's a period that many of us lived through or at least our parents lived through it. So it is a period that is fairly accessible.<b>But has it always been the case?</b></p>\n<p><b>No, it has not - if we dig into history:</b></p>\n<ol>\n <li>Since the mid-1950s, we have seen a few cases when inflation has been higher than the 10-year Treasury rate, but the difference was resolved fairly quickly.</li>\n <li><b>If we go further back in history</b>, we have seen cases of inflation spiking up significantly, and the 10-year Treasury remaining low for a long period of time. The \"real yields\" were deeply negative as they are today. The two most obvious cases relate to <b>World War I</b>and <b>World War II.</b></li>\n</ol>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c7ef6fb72cdec23e880cad6408450db8\" tg-width=\"943\" tg-height=\"498\" referrerpolicy=\"no-referrer\"><span>-Source Data:rateinflation.comandmultpl.com</span></p>\n<p>So what is the common denominator in WWI, WWII, and Today?</p>\n<ol>\n <li>In all cases, for obvious reasons,<b>debt spiked to unusual levels</b>.</li>\n <li>The Treasury markets are pricing-in continued loose monetary policy. The<b>Government will let inflation take its course to \"deflate\" the national debt\"</b>, rather than curb inflation as they have been telling us.</li>\n</ol>\n<p>So it is no wonder that Treasury yields refuse to go higher than they are today! In fact, what treasuries are telling us is exactly what I have been saying over the past several months:</p>\n<ol>\n <li>The Fed cannot and will not hike rates anytime soon. And if they do, it will be an immaterial rate hike that will have an insignificant impact on inflation.</li>\n <li>The government will continue to ensure there is a high amount of liquidity in the financial system. The Bubble of Liquidity will remain large.</li>\n</ol>\n<p><b>How Did the Markets Fare During Similar Periods: WWI and WWII</b></p>\n<p>For us investors, it is important to not only be aware of what is happening in today's macro-economic situation but to also understand what the likely outcome will be for equities. In this case, we have to go back to the periods of WWI and WWII and see how equities fared during times of very high inflation and very low Treasury yields:</p>\n<p><b>Case #1: WW I (Bull Market of 1918-1919)</b></p>\n<p>Inflation started picking up significantly in 1917 when the U.S. formally got involved in WWI. Inflation surged up to 18% while the 10-year Treasury rate remained at 4.5%. Inflation remained high through 1919.</p>\n<p>Despite an initial selloff in late 1917, we saw a great Bull Market that ran through 1918 and 1919 and the Dow Jones Industrial Average hit all-time highs.<b>The Bull Market ran up 80% over the course of two years.</b></p>\n<p><img src=\"https://static.tigerbbs.com/d74c179521aa766e7c82f38d514834a9\" tg-width=\"926\" tg-height=\"634\" referrerpolicy=\"no-referrer\"></p>\n<p>The party came to an abrupt end in 1920 when inflation suddenly became deflation. A few of the most relevant factors impacting the recession in 1920 were:</p>\n<ul>\n <li>The return of troops from WW1: 1920 was characterized by high unemployment rates as troops coming home from war struggled to find work.</li>\n <li>Resurgence in the Spanish Flu: The Spanish Flu was particularly brutal the 1919-1920 season, with the death rate approximately doubling.</li>\n <li>The Gold Standard: In 1920, the dollar was still linked to gold. Deflation expectations were high, as people anticipated a wave of redemptions to reduce the monetary supply.</li>\n <li>Rising Interest Rates: The Fed hiked rates in an effort to fight inflation from December 1919 through June 1920, from 4.75% to 7%.</li>\n</ul>\n<p><b>Case #2: WW2 (Bull Market 1942-1956)</b></p>\n<p>From 1942-1956, we can see several periods where inflation significantly exceeded the 10-year Treasury rate. Over this 14-year period, inflation averaged over 4%, while the 10-year Treasury rate averaged 2.5%. Meanwhile, the DJIA averaged +11% per year. I believe this is the most comparable period to our situation today.</p>\n<p>The DJIA gained 120% from 1942-1946, even as inflation outpaced the 10-year Treasury rate for three of those years.</p>\n<p><img src=\"https://static.tigerbbs.com/f0b5052be090984d0f2c07c68a029a1d\" tg-width=\"914\" tg-height=\"624\" referrerpolicy=\"no-referrer\"></p>\n<p>The \"bear\" market from 1947-1948 is perhaps better termed a \"consolidation\" as it was a 25% pullback before the market continued to new heights.<b>The market climbed up another 230% from 1949-1956 even as inflation rose to 7.9% in 1951 and the 10-year Treasury stayed around 2.5%.</b>By 1953, inflation had slowed down.</p>\n<p><img src=\"https://static.tigerbbs.com/1f6e5c8a130b01903f91066517b7af98\" tg-width=\"925\" tg-height=\"626\" referrerpolicy=\"no-referrer\"></p>\n<p>The combination of high inflation and low Treasury Rates proved very beneficial for equity holders. The period was characterized by low unemployment (below 5% from 1942 on) and economic growth as the U.S. economy ran hot in the wake of WWII.</p>\n<p><b>The Great Inflation Lie: The Fed Won't Stop Inflation</b></p>\n<p>As recently as June, the Federal Reserve was projecting a PCE inflation rate of 3.4% for 2021. Three months later it hiked that projection up to 4.2% for 2021. One month after their meeting, PCE inflation was 5%.</p>\n<p>Earlier this year, I highlighted what I termed as \"The Great Inflation Lie\". Either the Federal Reserve is incompetent with projections that aren't even in the ballpark of reality, or it is intentionally being misleading. When random average Joes are being surveyed and are more accurate than the Federal Reserve with their projections, something is wrong.</p>\n<p><img src=\"https://static.tigerbbs.com/6495730db36d6c8d90b35c612bdaaf62\" tg-width=\"959\" tg-height=\"567\" referrerpolicy=\"no-referrer\"></p>\n<p>I do not believe the Federal Reserve is that incompetent, that they failed to see what everyone else in the country could see.</p>\n<p><b>So why do both Government and the Fed want inflation to run very high?</b></p>\n<p>The U.S. Government has run up a ton of debt. As a percentage of GDP, the Federal debt is now over 120%. The cost of COVID alone was several times higher than the cost of WWII in today's dollar terms.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/77235df36b3b5931f9c627ee7b76b086\" tg-width=\"1234\" tg-height=\"675\" referrerpolicy=\"no-referrer\"><span>- Source:St. Louis Fed</span></p>\n<ul>\n <li>Politically this is a very unpopular issue to deal with because budget cuts and higher taxes aren't really popular with anyone. While some support for token moves might occasionally gain enough support to pass, comprehensive solutions aren't even seriously discussed.</li>\n <li>To make matters worse, the U.S. Government has massive financial obligations coming up as Medicare and Social Security will both become much more dependent upon general tax funds as they fail to fund themselves.</li>\n <li>So without meaningful budget cuts and/or meaningful tax increases likely off the table in a polarized country, how does the government pay off all that debt?<b>It doesn't</b>.</li>\n</ul>\n<p>The last time the U.S. had debt/GDP of over 100% was in 1946. The U.S. Government had a massive debt of $269 billion. Just by reading that number, you know what happened. What is $269 billion to the U.S. Government today? That is only half of what the government spends on interest payments alone! $269 billion just isn't what it used to be,<b>and that was intentional</b>.</p>\n<p>The U.S. never \"paid\" for WWII - it refinanced the debt, and through inflation, the significance of the debt dissipated quickly, even as the total debt grew.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/52a00344ea3e40046556fe05f16886b1\" tg-width=\"980\" tg-height=\"617\" referrerpolicy=\"no-referrer\"><span>- Source:Financial Times</span></p>\n<p>A significant amount of inflation is the only solution that the U.S. Government has to manage its debts and obligations.</p>\n<p>With debt levels far beyond the pale of productivity levels (i.e., embarrassing debt to GDP ratios), the U.S. and other developed economies are mathematically and factually unable to ever grow their way out of the debt hole they have been digging us into for years.</p>\n<p>It is too late to fix all the past mismanagement. It is also impossible to force new generations to pay for debt accumulated by the older ones by taxing them to death and forcing them to be productive in the labor force well above the age of 75. Not only will it result in political unrest, but there are simply not enough young people to tax due to an aging population, and a wave of baby boomers retiring soon.</p>\n<p>The only way to deal with this black hole is through inflation.</p>\n<p><b>Conclusion</b></p>\n<p>Don't be fooled by Fed Chair Powell's hawkish talk. After all, he has a hearing to keep his job coming up in January. Treasury yields are NOT pointing to a recession and/or deflation. They are telling us that liquidity will remain high and that the treasury market is not buying the hawkish story the Fed is selling.</p>\n<p>We are seeing dynamics that the stock market has not witnessed for over 70 years. The inflation rate will remain above the 10-year Treasury rate for a sustained period of time, creating an environment of high inflation and relatively low-interest rates. Historically, this dynamic has been very beneficial for equity markets!</p>\n<p>Right now, it is a fantastic time to be an investor and the worst time to be sitting on cash. Investors want to be exposed to equities that benefit from high inflation, while also benefiting from low treasury yields.</p>\n<p>My strategy includes investing in:</p>\n<ul>\n <li><b>Value dividend stocks</b>: These are stocks that are valued based on earnings they have today and are paying out generous dividends. When cash is losing its earning power daily, you want cash now, not in a few years!<b>Liberty All-Star Equity Fund</b>(USA), yielding over 10%, is a fantastic CEF to gain broad exposure to the stock market that is overweight on \"value\" strategies.</li>\n <li><b>Companies with Real Estate Assets</b>: Companies with high levels of real assets, like REITs, will see ideal conditions. They will be able to borrow cheap thanks to low interest rates, while inflation will drive up rents and property values. Some of our picks include \"Dividend Aristocrat\" crowns yielding +5%, that are well-positioned to take advantage of these dynamics!</li>\n <li><b>Economically sensitive stocks</b>: The combination of low interest rates and rapid growth means that economically sensitive stocks will run hot. Default rates will remain relatively low as the burden of debt becomes less significant for borrowers, and the excess liquidity in the financial system ensures refinancing will be easy. \"CLO\" funds like <b>Oxford Lane Capital</b>(OXLC) yielding over 12% will thrive in this environment while producing a generous yield for investors.</li>\n <li><b>Energy & Commodities</b>: Energy frequently leads the inflation wave as we pointed out long ago we are entering a commodity supercycle. These companies will benefit from a combination of higher prices, while at the same time being able to access inexpensive debt thanks to low interest rates. And yes, you can get fantastic yield of +8% while investing in commodities. You don't have to worry about price fluctuations, exactly because you are getting paid extremely well to wait!</li>\n</ul>\n<p>I am looking forward for the year 2022 to be a very strong year for equities. I am personally keeping as little cash as possible in my investment account, taking out what I need, and redeploying the rest of my dividends into income investments. The last thing anybody wants is a 6.8% inflation eroding the purchasing power of their hard-earned savings. Being invested in the right stocks which offer both high yield and growth helps you not only to protect your principal, but also increase your net worth in today's difficult environment.</p>\n<p>It is critical that investors are aware of the major macroeconomic forces at play that are impacting the markets so that you can make informed decisions. I write \"Market Outlooks\", similar to the above which I share every Sunday with members of my investment community, to keep focus on the big picture as it evolves. This helps us make adjustments to our portfolio as needed, in a planned and methodical manner.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Big Crash Coming, According To Treasury Yields</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBig Crash Coming, According To Treasury Yields\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-20 16:35 GMT+8 <a href=https://seekingalpha.com/article/4475749-big-crash-coming-according-to-treasury-yields><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nThe long-term Treasury yields (or 10-year yield) remain stubbornly low, signaling a recession or deflation is coming soon.\nDon't misinterpret Treasury yield signals. We are currently seeing ...</p>\n\n<a href=\"https://seekingalpha.com/article/4475749-big-crash-coming-according-to-treasury-yields\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://seekingalpha.com/article/4475749-big-crash-coming-according-to-treasury-yields","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1160299527","content_text":"Summary\n\nThe long-term Treasury yields (or 10-year yield) remain stubbornly low, signaling a recession or deflation is coming soon.\nDon't misinterpret Treasury yield signals. We are currently seeing dynamics that the market has not witnessed for over 70 years.\nHow did the stock markets do historically in periods of high inflation and low interest rates, similar to the one we are seeing today?\nThe Fed already fooled you about inflation this year. Don't be fooled by Powell's hawkish talk.\nThe Fed to remain dovish, inflation running high. How you can profit in the current environment?\n\nWe have consistently been taught that we should always listen to what the Treasury yields are telling us. When inflation is running as high as it is today, you should expect one of two things from the Treasury yields:\n\nLong-term treasury yields (or the 10-year yield) go up along with the inflation rate, which would suggest that the bond markets are pricing in a healthy economy, or\nLong-term treasury yields (or the 10-year yield) remain the same or even go down, which would suggest that that the bond markets are pricing-in an economic recession along with a collapse of inflation.\n\nWith the 10-year yield remaining stubbornly low at 1.5%, many investors believe that they are pointing to a recession (or deflation) next year, whereby we could see a big market crash.\nHowever today, we are seeing a very interesting phenomenon, unseen in modern times. Inflation (as measured by U.S. Personal Consumption Expenditures) is running well above the 10-year Treasury yields, resulting in significant negative \"real yields\"! Take a look at this chart since the year 1990 (or for the past 31 years).\n\nWell, inflation is so high and persistent that even Jay Powell stopped using the word \"transient\",yet the 10-year Treasury yield is around 1.5%. This is confusing many investors who are asking themselves:\n\nAre we heading into a deflationary environment?\nAre we heading into a recession?\n\nThis is a very interesting phenomenon, that we have only seen 3 times in the past 120 years in the United States:\n\nDuring the Civil War\nDuring and after World War I\nDuring and after World War II\n\nThe fourth time is happening right now!\nTreasury yields always tell the right story, but it is people that misinterpret them.\nA Dig Through History\nIt is very easy for us to fall into the trap of assuming things that have been true for 20+ years have been true \"forever\". This is called \"recency bias\", where our perspective of the world is more strongly influenced by things that happened recently than by things that happened long in the past.\nWhen we think of high inflation, most of us jump right to the 1970s when higher inflation led to higher treasury yields,and treasuries almost always had a higher yield than inflation.\nIt's a period that many of us lived through or at least our parents lived through it. So it is a period that is fairly accessible.But has it always been the case?\nNo, it has not - if we dig into history:\n\nSince the mid-1950s, we have seen a few cases when inflation has been higher than the 10-year Treasury rate, but the difference was resolved fairly quickly.\nIf we go further back in history, we have seen cases of inflation spiking up significantly, and the 10-year Treasury remaining low for a long period of time. The \"real yields\" were deeply negative as they are today. The two most obvious cases relate to World War Iand World War II.\n\n-Source Data:rateinflation.comandmultpl.com\nSo what is the common denominator in WWI, WWII, and Today?\n\nIn all cases, for obvious reasons,debt spiked to unusual levels.\nThe Treasury markets are pricing-in continued loose monetary policy. TheGovernment will let inflation take its course to \"deflate\" the national debt\", rather than curb inflation as they have been telling us.\n\nSo it is no wonder that Treasury yields refuse to go higher than they are today! In fact, what treasuries are telling us is exactly what I have been saying over the past several months:\n\nThe Fed cannot and will not hike rates anytime soon. And if they do, it will be an immaterial rate hike that will have an insignificant impact on inflation.\nThe government will continue to ensure there is a high amount of liquidity in the financial system. The Bubble of Liquidity will remain large.\n\nHow Did the Markets Fare During Similar Periods: WWI and WWII\nFor us investors, it is important to not only be aware of what is happening in today's macro-economic situation but to also understand what the likely outcome will be for equities. In this case, we have to go back to the periods of WWI and WWII and see how equities fared during times of very high inflation and very low Treasury yields:\nCase #1: WW I (Bull Market of 1918-1919)\nInflation started picking up significantly in 1917 when the U.S. formally got involved in WWI. Inflation surged up to 18% while the 10-year Treasury rate remained at 4.5%. Inflation remained high through 1919.\nDespite an initial selloff in late 1917, we saw a great Bull Market that ran through 1918 and 1919 and the Dow Jones Industrial Average hit all-time highs.The Bull Market ran up 80% over the course of two years.\n\nThe party came to an abrupt end in 1920 when inflation suddenly became deflation. A few of the most relevant factors impacting the recession in 1920 were:\n\nThe return of troops from WW1: 1920 was characterized by high unemployment rates as troops coming home from war struggled to find work.\nResurgence in the Spanish Flu: The Spanish Flu was particularly brutal the 1919-1920 season, with the death rate approximately doubling.\nThe Gold Standard: In 1920, the dollar was still linked to gold. Deflation expectations were high, as people anticipated a wave of redemptions to reduce the monetary supply.\nRising Interest Rates: The Fed hiked rates in an effort to fight inflation from December 1919 through June 1920, from 4.75% to 7%.\n\nCase #2: WW2 (Bull Market 1942-1956)\nFrom 1942-1956, we can see several periods where inflation significantly exceeded the 10-year Treasury rate. Over this 14-year period, inflation averaged over 4%, while the 10-year Treasury rate averaged 2.5%. Meanwhile, the DJIA averaged +11% per year. I believe this is the most comparable period to our situation today.\nThe DJIA gained 120% from 1942-1946, even as inflation outpaced the 10-year Treasury rate for three of those years.\n\nThe \"bear\" market from 1947-1948 is perhaps better termed a \"consolidation\" as it was a 25% pullback before the market continued to new heights.The market climbed up another 230% from 1949-1956 even as inflation rose to 7.9% in 1951 and the 10-year Treasury stayed around 2.5%.By 1953, inflation had slowed down.\n\nThe combination of high inflation and low Treasury Rates proved very beneficial for equity holders. The period was characterized by low unemployment (below 5% from 1942 on) and economic growth as the U.S. economy ran hot in the wake of WWII.\nThe Great Inflation Lie: The Fed Won't Stop Inflation\nAs recently as June, the Federal Reserve was projecting a PCE inflation rate of 3.4% for 2021. Three months later it hiked that projection up to 4.2% for 2021. One month after their meeting, PCE inflation was 5%.\nEarlier this year, I highlighted what I termed as \"The Great Inflation Lie\". Either the Federal Reserve is incompetent with projections that aren't even in the ballpark of reality, or it is intentionally being misleading. When random average Joes are being surveyed and are more accurate than the Federal Reserve with their projections, something is wrong.\n\nI do not believe the Federal Reserve is that incompetent, that they failed to see what everyone else in the country could see.\nSo why do both Government and the Fed want inflation to run very high?\nThe U.S. Government has run up a ton of debt. As a percentage of GDP, the Federal debt is now over 120%. The cost of COVID alone was several times higher than the cost of WWII in today's dollar terms.\n- Source:St. Louis Fed\n\nPolitically this is a very unpopular issue to deal with because budget cuts and higher taxes aren't really popular with anyone. While some support for token moves might occasionally gain enough support to pass, comprehensive solutions aren't even seriously discussed.\nTo make matters worse, the U.S. Government has massive financial obligations coming up as Medicare and Social Security will both become much more dependent upon general tax funds as they fail to fund themselves.\nSo without meaningful budget cuts and/or meaningful tax increases likely off the table in a polarized country, how does the government pay off all that debt?It doesn't.\n\nThe last time the U.S. had debt/GDP of over 100% was in 1946. The U.S. Government had a massive debt of $269 billion. Just by reading that number, you know what happened. What is $269 billion to the U.S. Government today? That is only half of what the government spends on interest payments alone! $269 billion just isn't what it used to be,and that was intentional.\nThe U.S. never \"paid\" for WWII - it refinanced the debt, and through inflation, the significance of the debt dissipated quickly, even as the total debt grew.\n- Source:Financial Times\nA significant amount of inflation is the only solution that the U.S. Government has to manage its debts and obligations.\nWith debt levels far beyond the pale of productivity levels (i.e., embarrassing debt to GDP ratios), the U.S. and other developed economies are mathematically and factually unable to ever grow their way out of the debt hole they have been digging us into for years.\nIt is too late to fix all the past mismanagement. It is also impossible to force new generations to pay for debt accumulated by the older ones by taxing them to death and forcing them to be productive in the labor force well above the age of 75. Not only will it result in political unrest, but there are simply not enough young people to tax due to an aging population, and a wave of baby boomers retiring soon.\nThe only way to deal with this black hole is through inflation.\nConclusion\nDon't be fooled by Fed Chair Powell's hawkish talk. After all, he has a hearing to keep his job coming up in January. Treasury yields are NOT pointing to a recession and/or deflation. They are telling us that liquidity will remain high and that the treasury market is not buying the hawkish story the Fed is selling.\nWe are seeing dynamics that the stock market has not witnessed for over 70 years. The inflation rate will remain above the 10-year Treasury rate for a sustained period of time, creating an environment of high inflation and relatively low-interest rates. Historically, this dynamic has been very beneficial for equity markets!\nRight now, it is a fantastic time to be an investor and the worst time to be sitting on cash. Investors want to be exposed to equities that benefit from high inflation, while also benefiting from low treasury yields.\nMy strategy includes investing in:\n\nValue dividend stocks: These are stocks that are valued based on earnings they have today and are paying out generous dividends. When cash is losing its earning power daily, you want cash now, not in a few years!Liberty All-Star Equity Fund(USA), yielding over 10%, is a fantastic CEF to gain broad exposure to the stock market that is overweight on \"value\" strategies.\nCompanies with Real Estate Assets: Companies with high levels of real assets, like REITs, will see ideal conditions. They will be able to borrow cheap thanks to low interest rates, while inflation will drive up rents and property values. Some of our picks include \"Dividend Aristocrat\" crowns yielding +5%, that are well-positioned to take advantage of these dynamics!\nEconomically sensitive stocks: The combination of low interest rates and rapid growth means that economically sensitive stocks will run hot. Default rates will remain relatively low as the burden of debt becomes less significant for borrowers, and the excess liquidity in the financial system ensures refinancing will be easy. \"CLO\" funds like Oxford Lane Capital(OXLC) yielding over 12% will thrive in this environment while producing a generous yield for investors.\nEnergy & Commodities: Energy frequently leads the inflation wave as we pointed out long ago we are entering a commodity supercycle. These companies will benefit from a combination of higher prices, while at the same time being able to access inexpensive debt thanks to low interest rates. And yes, you can get fantastic yield of +8% while investing in commodities. You don't have to worry about price fluctuations, exactly because you are getting paid extremely well to wait!\n\nI am looking forward for the year 2022 to be a very strong year for equities. I am personally keeping as little cash as possible in my investment account, taking out what I need, and redeploying the rest of my dividends into income investments. The last thing anybody wants is a 6.8% inflation eroding the purchasing power of their hard-earned savings. Being invested in the right stocks which offer both high yield and growth helps you not only to protect your principal, but also increase your net worth in today's difficult environment.\nIt is critical that investors are aware of the major macroeconomic forces at play that are impacting the markets so that you can make informed decisions. I write \"Market Outlooks\", similar to the above which I share every Sunday with members of my investment community, to keep focus on the big picture as it evolves. This helps us make adjustments to our portfolio as needed, in a planned and methodical manner.","news_type":1},"isVote":1,"tweetType":1,"viewCount":182,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175288454,"gmtCreate":1627034649578,"gmtModify":1703482896143,"author":{"id":"3570871821702189","authorId":"3570871821702189","name":"Donnietan42","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570871821702189","authorIdStr":"3570871821702189"},"themes":[],"htmlText":"Yes!","listText":"Yes!","text":"Yes!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/175288454","repostId":"1164478982","repostType":4,"repost":{"id":"1164478982","pubTimestamp":1626995319,"share":"https://ttm.financial/m/news/1164478982?lang=&edition=fundamental","pubTime":"2021-07-23 07:08","market":"us","language":"en","title":"Wall Street ekes out gains, led by tech, growth stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=1164478982","media":"Reuters","summary":"NEW YORK - Big tech helped Wall Street inch up to a higher close on Thursday, modestly building on a two-day rally as lackluster economic data and mixed corporate earnings prompted a pivot back to growth stocks.A pull-back in economically sensitive cyclicals kept the S&P 500’s and the blue-chip Dow’s gains muted, while small-caps underperformed their larger rivals.“The market is flip-flopping between the view that economic growth has almost peaked so you need to buy stocks that manufacture thei","content":"<p>NEW YORK (Reuters) - Big tech helped Wall Street inch up to a higher close on Thursday, modestly building on a two-day rally as lackluster economic data and mixed corporate earnings prompted a pivot back to growth stocks.</p>\n<p>A pull-back in economically sensitive cyclicals kept the S&P 500’s and the blue-chip Dow’s gains muted, while small-caps underperformed their larger rivals.</p>\n<p>But megacap tech and tech-adjacent stocks, such as Microsoft Corp, Amazon.com, Apple Inc, <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc and Alphabet Inc, rose ahead of their quarterly results next week, putting the Nasdaq out front.</p>\n<p>All three major U.S. stock indexes ended the session within 1% of their record closing highs.</p>\n<p>Growth stocks, which outperformed throughout the health crisis, were back in favor, gaining 0.8%, while the value index slipped by 0.5%.</p>\n<p>“The market is flip-flopping between the view that economic growth has almost peaked so you need to buy stocks that manufacture their own growth like tech names, versus the view that economic growth will continue and you want to own cyclicals and value names,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York.</p>\n<p>The number of U.S. workers filing first-time applications for unemployment benefits spiked unexpectedly to 419,000 last week, a two-month high, according to the Labor Department.</p>\n<p>Market participants are closely watching labor market indicators for hints as to when the Federal Reserve, expected to convene next week for its two-day monetary policy meeting, will begin discussions about hiking key interest rates from near zero.</p>\n<p>“The jobless data today didn’t have a meaningful impact on markets or the economic outlook,” Carter added. “It’s now all about how much longer the Fed will tolerate low rates. The Fed seems to be favoring its full employment mandate more than its price stability mandate.”</p>\n<p>“Accordingly, the upcoming Fed meeting could be impactful,” Carter said.</p>\n<p>Benchmark Treasury yields eased after the bid at the largest-ever TIPS auction touched a record low, pressuring rate sensitive banks.</p>\n<p>The Dow Jones Industrial Average rose 25.35 points, or 0.07%, to 34,823.35, the S&P 500 gained 8.79 points, or 0.20%, to 4,367.48 and the Nasdaq Composite added 52.64 points, or 0.36%, to 14,684.60.</p>\n<p>Of the 11 major sectors of the S&P 500, tech was shining brightest, gaining 0.7%. Energy stocks suffered the largest percentage drop.</p>\n<p>The second-quarter reporting season barreled ahead at full-throttle, with 104 of the companies in the S&P 500 having reported. Of those, 88% have beaten consensus estimates, according to Refinitiv.</p>\n<p>Drugmaker Biogen Inc gained 1.1% after hiking its full-year revenue guidance, while Domino’s Pizza Inc surged 14.6% to an all-time high on the heels of its quarterly report.</p>\n<p>Southwest Airlines Co posted a bigger-than-expected quarterly loss, sending its stock down 3.5%, and American Airlines Group Inc dipped 1.1% even after reporting a quarterly profit.</p>\n<p>The S&P 1500 Airlines index ended the session off 1.7%.</p>\n<p>Shares of Texas Instruments Inc slid 5.3% after its current-quarter revenue forecast cast concerns as to whether the company will be able to meet spiking demand in the face of a global semiconductor shortage.</p>\n<p>The Philadelphia SE Semiconductor index ended the session down 0.9%.</p>\n<p>Chipmaker Intel Corp slipped more than 1% in extended trading after the chipmaker posted results and raised its annual revenue forecast.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 1.82-to-1 ratio; on Nasdaq, a 1.90-to-1 ratio favored decliners.</p>\n<p>The S&P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 54 new lows.</p>\n<p>Volume on U.S. exchanges was 8.25 billion shares, compared with the 10.12 billion average over the last 20 trading days.</p>","source":"lsy1601381805984","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street ekes out gains, led by tech, growth stocks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street ekes out gains, led by tech, growth stocks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-23 07:08 GMT+8 <a href=https://www.reuters.com/article/usa-stocks/us-stocks-wall-street-ekes-out-gains-led-by-tech-growth-stocks-idUSL1N2OY2HH><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - Big tech helped Wall Street inch up to a higher close on Thursday, modestly building on a two-day rally as lackluster economic data and mixed corporate earnings prompted a pivot ...</p>\n\n<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-wall-street-ekes-out-gains-led-by-tech-growth-stocks-idUSL1N2OY2HH\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-wall-street-ekes-out-gains-led-by-tech-growth-stocks-idUSL1N2OY2HH","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164478982","content_text":"NEW YORK (Reuters) - Big tech helped Wall Street inch up to a higher close on Thursday, modestly building on a two-day rally as lackluster economic data and mixed corporate earnings prompted a pivot back to growth stocks.\nA pull-back in economically sensitive cyclicals kept the S&P 500’s and the blue-chip Dow’s gains muted, while small-caps underperformed their larger rivals.\nBut megacap tech and tech-adjacent stocks, such as Microsoft Corp, Amazon.com, Apple Inc, Facebook Inc and Alphabet Inc, rose ahead of their quarterly results next week, putting the Nasdaq out front.\nAll three major U.S. stock indexes ended the session within 1% of their record closing highs.\nGrowth stocks, which outperformed throughout the health crisis, were back in favor, gaining 0.8%, while the value index slipped by 0.5%.\n“The market is flip-flopping between the view that economic growth has almost peaked so you need to buy stocks that manufacture their own growth like tech names, versus the view that economic growth will continue and you want to own cyclicals and value names,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York.\nThe number of U.S. workers filing first-time applications for unemployment benefits spiked unexpectedly to 419,000 last week, a two-month high, according to the Labor Department.\nMarket participants are closely watching labor market indicators for hints as to when the Federal Reserve, expected to convene next week for its two-day monetary policy meeting, will begin discussions about hiking key interest rates from near zero.\n“The jobless data today didn’t have a meaningful impact on markets or the economic outlook,” Carter added. “It’s now all about how much longer the Fed will tolerate low rates. The Fed seems to be favoring its full employment mandate more than its price stability mandate.”\n“Accordingly, the upcoming Fed meeting could be impactful,” Carter said.\nBenchmark Treasury yields eased after the bid at the largest-ever TIPS auction touched a record low, pressuring rate sensitive banks.\nThe Dow Jones Industrial Average rose 25.35 points, or 0.07%, to 34,823.35, the S&P 500 gained 8.79 points, or 0.20%, to 4,367.48 and the Nasdaq Composite added 52.64 points, or 0.36%, to 14,684.60.\nOf the 11 major sectors of the S&P 500, tech was shining brightest, gaining 0.7%. Energy stocks suffered the largest percentage drop.\nThe second-quarter reporting season barreled ahead at full-throttle, with 104 of the companies in the S&P 500 having reported. Of those, 88% have beaten consensus estimates, according to Refinitiv.\nDrugmaker Biogen Inc gained 1.1% after hiking its full-year revenue guidance, while Domino’s Pizza Inc surged 14.6% to an all-time high on the heels of its quarterly report.\nSouthwest Airlines Co posted a bigger-than-expected quarterly loss, sending its stock down 3.5%, and American Airlines Group Inc dipped 1.1% even after reporting a quarterly profit.\nThe S&P 1500 Airlines index ended the session off 1.7%.\nShares of Texas Instruments Inc slid 5.3% after its current-quarter revenue forecast cast concerns as to whether the company will be able to meet spiking demand in the face of a global semiconductor shortage.\nThe Philadelphia SE Semiconductor index ended the session down 0.9%.\nChipmaker Intel Corp slipped more than 1% in extended trading after the chipmaker posted results and raised its annual revenue forecast.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.82-to-1 ratio; on Nasdaq, a 1.90-to-1 ratio favored decliners.\nThe S&P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 54 new lows.\nVolume on U.S. exchanges was 8.25 billion shares, compared with the 10.12 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":224,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143797589,"gmtCreate":1625816134241,"gmtModify":1703749121142,"author":{"id":"3570871821702189","authorId":"3570871821702189","name":"Donnietan42","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570871821702189","authorIdStr":"3570871821702189"},"themes":[],"htmlText":"[Cry] ","listText":"[Cry] ","text":"[Cry]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/143797589","repostId":"2150320772","repostType":4,"repost":{"id":"2150320772","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1625811863,"share":"https://ttm.financial/m/news/2150320772?lang=&edition=fundamental","pubTime":"2021-07-09 14:24","market":"us","language":"en","title":"China's auto sales down 12.4% in June - industry association","url":"https://stock-news.laohu8.com/highlight/detail?id=2150320772","media":"Reuters","summary":"BEIJING, July 9 (Reuters) - Auto sales in China, the world's biggest car market, fell 12.4% in June ","content":"<p>BEIJING, July 9 (Reuters) - Auto sales in China, the world's biggest car market, fell 12.4% in June from the corresponding month a year earlier, industry data showed on Friday.</p>\n<p>Overall sales stood at 2.02 million vehicles in June, data from the China Association of Automobile Manufacturers (CAAM) showed.</p>\n<p>The country sold 12.89 million vehicles between January and June, up 25.6% from year-ago levels.</p>\n<p>Sales of new energy vehicles (NEVs) including battery-powered electric vehicles, plug-in petrol-electric hybrids, and hydrogen fuel-cell vehicles maintained their strong momentum, jumping 139.3%, with 256,000 units sold last month.</p>\n<p>NEV makers such as Nio Inc, Xpeng Inc, and BYD are expanding manufacturing capacity in China, encouraged by the government's promotion of greener vehicles to cut pollution.</p>\n<p>Tesla Inc sold 33,155 China-manufactured electric cars in June.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China's auto sales down 12.4% in June - industry association</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina's auto sales down 12.4% in June - industry association\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-09 14:24</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>BEIJING, July 9 (Reuters) - Auto sales in China, the world's biggest car market, fell 12.4% in June from the corresponding month a year earlier, industry data showed on Friday.</p>\n<p>Overall sales stood at 2.02 million vehicles in June, data from the China Association of Automobile Manufacturers (CAAM) showed.</p>\n<p>The country sold 12.89 million vehicles between January and June, up 25.6% from year-ago levels.</p>\n<p>Sales of new energy vehicles (NEVs) including battery-powered electric vehicles, plug-in petrol-electric hybrids, and hydrogen fuel-cell vehicles maintained their strong momentum, jumping 139.3%, with 256,000 units sold last month.</p>\n<p>NEV makers such as Nio Inc, Xpeng Inc, and BYD are expanding manufacturing capacity in China, encouraged by the government's promotion of greener vehicles to cut pollution.</p>\n<p>Tesla Inc sold 33,155 China-manufactured electric cars in June.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09868":"小鹏汽车-W","TSLA":"特斯拉","NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2150320772","content_text":"BEIJING, July 9 (Reuters) - Auto sales in China, the world's biggest car market, fell 12.4% in June from the corresponding month a year earlier, industry data showed on Friday.\nOverall sales stood at 2.02 million vehicles in June, data from the China Association of Automobile Manufacturers (CAAM) showed.\nThe country sold 12.89 million vehicles between January and June, up 25.6% from year-ago levels.\nSales of new energy vehicles (NEVs) including battery-powered electric vehicles, plug-in petrol-electric hybrids, and hydrogen fuel-cell vehicles maintained their strong momentum, jumping 139.3%, with 256,000 units sold last month.\nNEV makers such as Nio Inc, Xpeng Inc, and BYD are expanding manufacturing capacity in China, encouraged by the government's promotion of greener vehicles to cut pollution.\nTesla Inc sold 33,155 China-manufactured electric cars in June.","news_type":1},"isVote":1,"tweetType":1,"viewCount":166,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
