1) Terrible pictures emerge from Eastern Kentucky flood area.
2) Personal Consumption Expenditures a primary Federal Reserve Inflation gage rose 6.8% last month.
It was the biggest 12 month rise since 1982.
2A) Excluding Food and Energy, the PCE increased 4.8% up .1% from May but off the high of 5.3% hit in February.
2B) Production constraints will keep oil prices high for the foreseeable future.
2C) Inflation is a much bigger concern for the Fed versus Recession
3) Senator Sinema has not responded yet to the Manchin-Schumer bill. She previously was against taxing carried interest. Reports indicate she does
not want that in the bill and she wants to give Republicans time for Amendments.
The Chamber of Commerce and numerous other organizations speak out AGAINST the bill.
Inflation Reduction Act – The name is a joke, no they are serious.
4) Gallup Poll has Biden at 38% an All time low down from 41% one month ago.
4A) Rasmussen poll provides better news with Biden at 42%.
4B) The Generic Ballot has Republicans up by 1%
5) The Misery Index which combines Inflation and Unemployment is forecasting a 30-40 seat House Pick up by Republicans.
We are more cautious in the range of 15-20.
5A) 45% of Americans blame Biden for Inflation
6) Both Biden and Trump are at 35% Approval on whether they should run in 2024.
7) A veteran Chicago prosecutor resigned citing zero confidence in District Attorney Kim Fox while number of arrests in the city are at a 20 year low,
despite the rise in crime. 48 shot over the weekend through Saturday.
8) Biden has a rebound of Covid with no symptoms. Will isolate for 5 days.
9) Pelosi trip to include Taiwan visit on Tuesday.
10) Primaries in Arizona, Missouri, Washington and Michigan tomorrow.
11) Basketball legend Bill Russell dies at 88.