Taco Tuesday

In this buzz:❗Devastation in Turkey and Syria; Chipotle, Softbank, Hertz, BP earnings reports today; J.Powell and the Economic Club of Washington; State of the Union; Some meme stocks and more …

Chipotle…
… announces earnings today, smack dab in the middle of its self-declared “burrito season”, along with SoftBank, Hertz, BP and others.

But…
… the big news today will be J. Powell’s address to the Economic Club of Washington. Fed watchers will be hanging on every one of JP’s words for clues on how much longer the Fed will continue to raise rates. Is the elusive soft-landing possible? That’s the debate.

Treasury Secretary Janet Yellen…
… is optimistic that a recession can be avoided while others, like Fed Governor Neel Kashkari are sticking to their guns that the Fed hasn’t beaten inflation yet and there are still higher rates, perhaps Fed Funds at 6%, ahead.

Also speaking today is President Biden…
… who delivers his state of the union address against:
– the backdrop of the debt ceiling battle,
– a possible recession and
– concerns about China spy efforts.
On the plus side, he gets to talk about the robust employment data and gas prices have come off their highs.

Turkey and Syria
The death toll in Turkey (Turkiye) and Syria from a pair of twin earthquakes continues to climb as rescue efforts continue. Estimates top 5000 dead with many more still missing after these tragic events.

Meme stocks…
… had a great day yesterday. Bed Bath and Beyond, Game Stop and AMC were all higher on the day even as the broader market lost ground. Diamond hands boys, diamond hands.