Thanksgiving has come and gone. While many Americans suffered high food prices and travel costs due to higher gasoline prices, President “Middle Class Joe” Biden was enjoying his Thanksgiving on Nantucket with billionaire David Rubenstein, co-founder of the Carlyle Group private equity firm, at his compound/mansion. After Biden and The Fed have done a “Nantucket Sleigh-ride” on the American middle class. It is only appropriate that Biden and his clan party on Nantucket.
But Americans have a lot to be scared about: inflation (turkey prices were up 24% according to the Farm Bureau and a new COVID outbreak B.1.1.529 — has been identified in South Africa.
Gut-wrenching inflation is already priced in, but yet another COVID outbreak (and the possibility of more economic shutdowns, more vax mandates and more stern lectures from Anthony Fauci) are spooking markets.
Down Futures are down 777 as I write this note.
The 10-year Treasury yield is down 11.2 basis points.
And West Texas Intermediate crude prices are down 6.62%.
Here is a nice sleighride picture. But a Nantucket sleighride is horrific and cruel and I won’t show what it looks like. Call it Biden’s Nantucket Sleighride on the middle class. Also horrific and cruel.
