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Markets took worse-than-expected inflation news in stride this week, as a much- anticipated IPO came to market. As always, we don’t know if we’re climbing the wall of worry or driving off a cliff. We are content to stick to our knitting, finding winning franchises over the long term.
99rises performance: Our three main long-short blocks are flat to up in 2023 after outperforming the Nasdaq 100 Index by 23-38% in 2022.
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Economy & Markets
Still going.
Up, Up, and Away
Releases from the Bureau of Labor Statistics showed inflation remains stubbornly higher than hoped. The Consumer Price Index showed prices increased 3.7% year over year, slightly above expectations of 3.6%. Prices excluding food and energy rose 4.3%. Producer prices increased 1.6%, higher than consensus of 1.3%. Excluding food and energy, prices rose 2.2%.
Our take: We have long said that the inflation fight is far from over.
Still Working
Initial jobless claims were below expectations, clocking in at 220,000, up slightly from 217,000 last week. Expectations were for new filings of 225,000.
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