Oops, Welcome, Welcome back to another minutes. From the Federal Reserve review. Let's see if the Federal Reserve is going to Rug Pole Us today or is NVIDIA going to Rug Pole Us today or are both of them going to Rug Pole Us today? I Have no idea. but we're about to find out what the future holds for us.

Uh, we have the FED minutes coming out within the next Uh? Looks like we've got uh, three minutes to go to Fed minutes. Release A lot of expectations here. Last set of expectations we went through were from City uh, City Group Gave us some good expectations for the FED Uh, mostly. Uh.

Some of the concerns are that the FED may try to revise the minutes. Uh, so that's going to be the biggest thing that we're looking for. is is there going to be any revision? See, the minutes are actually put together? Uh, after the meeting, the meeting happens. they put together a transcript.

But the minutes, which is sort of the summary, can be used as a messaging tool. So because the minutes are put together obviously in the weeks after I mean it's been three weeks since the FED meeting. What can happen is the Fed could say oh, let's prioritize this and not that in our conversation or a discussion of the minutes. Uh, the benefit of that is it gives the FED another messaging tool.

Now remember when the Federal Reserve went into the Uh meeting? uh for uh uh For the Um November 1st Fomc meeting, the Federal Reserve suggested hey, hey hey, we are going to uh, you know, not raising rates right now will be data dependent but yields were higher then they're like Financial conditions have Titans so we don't have to do as much. Well, at the time of that meeting, the 10year treasury was 4.8% and financial conditions were a lot tighter than they are. Now if you look at for example: Goldman Sachs Financial Conditions Index that's just one of the many that fed chare. Jerome Powell references or sometimes uses, the financial conditions have substantially loosened.

Uh, if you're watching on video, what I'll do is I'll put up a screenshot of financial conditions loosening and that is a risk factor for the FED Potentially wanting to give us a hard minutes hit here. Uh, as you can see, here's on screen now is the Financial Conditions index. You see that drop there. So uh, here we go.

We should be uh, out with the minutes Now any second it is Now time Here we go. So it is now 11 even. We are waiting for the minutes to drop. Minutes have not posted yet.

They're usually always on time. That's okay waiting for it to hit the wire right now. Okay, here we go. All everyone on the Fomc saw rates remaining restricted for some time.

Everyone agreed to proceed carefully. They see further tightening if inflation, uh, progress is insufficient. Remember that is different from not having uh, like a you know from a strong economy leading the FED to have to do more. that's different.

You're okay with a strong economy as long as you don't cause inflation, right? It's a very big deal. Thanks Jack for bringing me coffee. Okay, let's go ahead and get the actual minutes up on screen. We've got them here.

Uh, okay and 3 two one there it is. Boom We are live. Thanks again Jack. Okay, we have here.

We go here we go. Staff review of economic Situation data available. Economy expanded at a strong Pace Consumer Price Inflation remained elevated, remained elevated, okay demand, and Supply we're slowly moving back into alignment, easing labor imbalances we're apparent in the wage data. That's what we want.

We want that we don't want a wage price spiral. Okay, so this is good. So far key takeaways that Bloomberg just put together looks like with G GPT probably fed staff expected below potential growth over the next two years roughly flat unemployment rate between now and 2026. All officials supported the decision of holding no dissension.

yet policy makers attributed the rise in bond yields to, uh, persistent changes in financial, uh, conditions. Again, those financial conditions have substantially loosened over the last uh, few days here. Uh, right now. it looks like if we look at sort of the one minute chart of what's going on in the market, nothing is changing.

Policy makers agreed that the Fed was in a position to proceed carefully. We already know that. Uh, okay, let's look at the actual verbiage here. Although total non-ar payroll Rose at a faster Pace in September Unemployment rate unchanged at 38.

We already know that CPI remained elevated, however, continued to show signs of slowing. Okay, good. We like to see that Pce was well below the earlier year levels. Good.

That's a way of starting to kind of declare that Victory right? Uh, suggesting? Oh, look, we are. This is their word, not mine. well below their earlier year levels. Survey measures of medium to longer term inflation expectations remain in the range seen in the decade before the pandemic.

This is. this is a oh, that's that's almost way is saying flexible average inflation targeting right there. Remember the decade before the pandemic, we had about 2.2 to 2.4% inflation expectations and we had 1.7% inflation. Guess where we sit right now with the fiveyear break even 2.3% 2.38% on the 5year forward.

So we are right in line with expectations. That's good. Uh, this is very good. Okay, it's everything's taking longer than we expected, but we're on the right path.

Real exports and Imports of goods Services grew at a robust Pace Remember folks, China and Germany they are exporting deflation to us. deflation is being exported to America This is fantastic. Uh, this is also very good for Tesla Mind you, foreign economic growth remains subdued in the third quarter. Monetary policy restraint weighed on activity abroad, especially in Europe Euro area GDP Registered a small decline.

That's true is about 0.1% Inflation abroad remained elevated. Core inflation continues to ease with a slowing in aggregate demand. Remember the price cuts that we're seeing at Vans at Costco at Levis Uh, Let's see, we have officials saying that tightening in financial conditions that we saw before the meeting Uh, but some of that again has been Unwound since then. Okay, we know that I'm just trying to see if there's any new messaging here.

So far, it doesn't look like they snuck in any kind of revised messaging. Financing conditions continue to tighten further. Financing is different from Financial Conditions: I Know that's weird, but Financial Conditions are stocks, bonds financing conditions. Everything together.

Financing conditions themselves are what does it take for you to get a home loan or like a Sofi loan or whatever right? Market implied path for Fed funds rate through 24 declined slightly. Uh, that's right, because we think we're basically at the top. Broad St Stock price indices declined. Well, since then, they've actually been going up.

Okay, let's keep going here. Conditions: Short-term funding markets remain stable. Rrr Reverse Repo Facility Um has continued to decline over the period. It's the RRP actually get that right? Keep in mind QT A lot of people are really, really afraid of QT quantitive tightening.

We're tightening by about 80 billion a month right now. Max is screaming. Hold on, let me close the door. and uh, that tightening.

I I is going to continue for probably about uh, the next year, but a year from now will be tightened by another $960 billion. Which means all of that reverse repo facility will be empty. Uh, you'll have you'll have completely burned through the reverse repos. Uh and uh.

And that is that sort of uh explosion that we saw starting in about March of 2020 uh to as some of the reserve requirements were changed postco. anyway. Uh, interest rates in commercial industrial loans and small businesses increased, as did loans to households. Rates moved up a broad amount as bonds went up.

Okay, this is looking a little bit in the past because we know we've already Unwound Some of this sloth survey reported this is the loan officer survey. more tightness I Think it's too soon to speculate on like a rocket mortgage to come back. We were talking about that in the course member live stream this morning, mostly because 90% of people have a rate locked in below 4 per. So just because you go from 8% to 6% doesn't mean you're going to get a boom in Boon in refinancing.

Yeah, obviously the some people who unfortunately got rates in 8% they might refinance, but that's a small number of people. So I I It's not the kind of bet I would want to make. Those are the by the way, the kind of questions that I answer in the course member lives. if you're not a course member yet.

Black Friday Sale is on. Go to meetkevin.com to learn more. A lot of different options for you there. Uh, The most frequently cited reasons for tightening in C Andi Commercial uh and lending here include: uh, concerns about economic Outlook less favorable uncertainty Remember what? Best Buy Talked about this morning on the market open live stream channel This morning we were talking about Best Buy lows, both of them seeing less spending Best Buy reporting a S% decline in year-over-year sales in Uh November as well as forecasting worse sales going into Q4 Same thing for lows Abomi did well, but for some reason clothing abomi and and and dicks.

uh, they're doing great, but in terms of electronics and home spending, they're the ones getting whacked and that is going to lead to deflation. We are going to see price decreases in my opinion. Credit remained available for high credit score Borrowers we have leverage in the financial sector was characterized as uh, notable uh, which isn't great seeing leverage at Banks However, still believing in banking stability. okay, fine delinquency rates for non-residential commercial real estate picked up I Believe commercial real estate is probably in a bubble.

That is a problem for commercial real. estate. However, that will will destroy Equity well before it affects Banks Because that's the debt portion, right? You have to go through a 40% decline in equity first before you start hurting debt policy makers saw the inflation risk. Weighted to the upside, that's fine.

Only a few participants said that QT could continue after the FED starts cut cutting rates. This will be a big debate coming up. Can you start cutting rates at the same time as conducting QT without causing any kind of uh, screw up for uh for markets here? Uh, QQQ has basically been flat during this uh readout so far. It looks like the 10year treasury is up about one basis point.

So also pretty well, uh, consistent with expectations here. Pce inflation projected to move lower in the coming years. Uh, as coming years golly, everything takes longer eh uh as Supply and labor move back into balance to Trend back to 2% That's fine. H Additional monetary Po policy tightening that would be necessary by would be necessitated by higher or more persistent inflation.

That's what would what it would take. Notice they've separated from this idea that we just want the economy to be weaker I think they've realized they've done enough damage to the economy and now's just the time to relax and watch inflation Trend down. If it pops back up again, then you hike again. But Market Mar are not pricing in another rate increase we're starting to price in Cuts now of about a 25% chance we start getting Cuts As early as March participants judge, the current stance of monetary policy was restrictive.

The question is what is quote unquote sufficiently restrictive? That's the debate on the verbiage. Participants noted inflation had moderated. participants continued to view the potential for below potential growth. Look at that change in verbiage here.

Uh, this is the same thing we saw Jome Powell talk about last time. Rather than talking about below Trend growth, we're talking about below potential growth now. Kind of flip-flopping on our definitions there. Several participants added that delinquencies on auto loans and credit cards had risen for household.

We're starting to get more of that anecdotal Insight that. hey, you know the FED actually does affect people's livelihoods and you really do have an opportunity here to screw things up. Uh, keep in mind wow, dude. Dick Sporting Good was up 10% this morning.

It's only up 3.7 7% right now. So Dicks basically just crashed by about 7% and open doors already down 7% on the day. Very interesting. Tesla's still holding on to some gains here at about 2.4% up.

That's because all the other loser uh, Automotive manufacturers have no PP at all. Tesla's the only one with the Pp. It might be a shrinking PP but that dang thing's still pretty dang large. That leftover pricing power.

You know, people like man, stop. you got too much pricing power. You have to start walking that back a little Tesla You're making everyone else look bad business. Fixed investment was flat in the third quarter.

Yeah, yeah, that. that also hurts companies like Enas. uh in commercial installs. and so does it for Tesla for commercial installs.

Business contacts reported that cost increases could not be easily passed to customers. Thank God This is what we want. We want businesses to go. Damn it.

we can't raise prices anymore because that's how you start getting deflation. Businesses like: Best Buy Lowe's Costco Levis Vans All of them the grocery stores, the restaurants. all of them are going to have to start cutting prices substantially. The only space you're not seeing price Cuts is in Aerospace Aerospace and skiing.

Those two things two things that happen to really bother me. But anyway, participants observed that the labor market remained tight. Payroll growth was unexpectedly strong in September and Unemployment uh remained low. Nevertheless, participants assessed that labor Supply and labor demand were continuing to come into better balance.

Measures of Labor Supply moved up. That's fine. Participation up availability of child care is up, which allows more people to participate in the economy and get a job at work. Uh, wages are still rising at levels above those generally deemed consistent with 3% inflation.

I Don't know if that's true. Uh I Want to take a look at that? like if we go to our BLS data which the BL the last BLS data which came out after these minutes came out on the 3. Okay, so if I look at average average hourly earnings. We had a survey of 3% month over month we came in at 0.

2% month over month this month .2% is absolutely consistent with 2% inflation because uh. 0 2% is 2.4% wage growth. You know what's actually consistent with 2% inflation? 2% inflation equals because the wages has to translate through the economy. 3% wage growth? You're you're okay having 3% uh wage growth to be consistent with 2% inflation.

And as of the last Labor report, we're at 2.4% So you I'm not particularly seeing that year-over-year we are elevated. Though year-over-year we're at 4.1 so we're still kind of working down to that 3% but we are on a monthly basis. Getting there. participants also noted that there's been limited progress bringing inflation down in core.

Services X Housing This takes time you really have to, you know, get a substantial amount of additional labor available. So I don't know if that's going to require unemployment. If we start getting waves of unemployment. That's when we have a very bad economy.

That's when the bearers will be right and justified in shorting and selling the crap out of this. Market If we do not get rapid unemployment, the bearers will be woefully wrong. It's Very. It's very simple.

That's what is what comes down to unemployment stays this strong. It doesn't matter if year-over-year we're negative .1% in GDP and we're technically at a recession for two quarters, That does not matter. Unemployment drives everything and that because that could drive real fear. But we're not saying it yet.

But again, the problem is unemployment is lagging substantially like six to 12 months of a lagger. So uh, you know both options are a reality. Many participants observed that a range of measures suggested that the rise in long-term yield have been driven primarily or substantially by uh rise in in recent Uh term premiums on treasuries. Basically, people aren't interested in buying treasuries because Bill Akman was shorting them The Big Short on treasuries.

really manipulated the treasuries market and kind of did some of the Fed's work for them. Okay, so uh, obviously no indicator here in this so far that the FED is done. But let's be real. Markets are pricing in that the FED is done, the Fed's basically done.

This is. this is pretty. This is almost consensus at this point that the Federal Reserve is done. uh.

I will also by the way, be covering the Nvidia earnings and earnings call. It will not be on this channel. it will be on Meet Kevin Live. That's where we do Market Open and close.

So if you ever want to come for the bell, I do the Bell exclusively over there. Market Open and live. Uh, that's in every morning the market is open uh 5:30 a.m. or 5:25 a.m.

and uh I will do closes when I feel like it. Yeah, so but anyway, you can get that on me. Kevin Live Channel it's link down below. Uh.

Downside risk, Participant Side of the possibility that affects on households and businesses of C cumulative policy tightening and Tighter Financial conditions could be larger than expected. Oh, here we go here we go. Hold on a second Downside: Risk participants cited that the effects of cumulative tightening could be larger than expected. Oh, kind of like inflation was larger and longer lasting than expected.

Huh? Could weigh on household spending more than previously expected? This is so doish, how are you going to get a hike out of them? You know what? the chance of a hike in December is the December 13th Meeting: 0 2% Folks: 0 2% You want to know what the odds of a hike in January are 2.1% You want to know what the odds of a hike in March are 1 4% With now a 31.4% chance of I cut in March Oh man. clearly I need some more coffee. Holy smokes, I'm dying over here. No energy left.

Upside risk to inflation? they're GNA leave that verbiage in there. This is such nonsense. Let me quickly see what the the suits are saying. Uh okay.

S&P barely budges S&P Dro from overbought levels just by about 20 basis points. Big deal Small businesses get a mention for their difficulty getting a loan. Smaller firms are finding it harder obtaining credit. Yeah, no duh.

Fed policy makers cited the fiscal Outlook as the leading reason for the rise in yields. That's the debt problem. Uh, which. there are bearers who say that the longer term Fiscal instability in America will lead yields to be higher for much longer.

I Agree that our deficit problems are highly unstable, but I Don't think that is going to actually be what drives yields higher for very, very long. I I Think rates are high now and they will come almost straight down over the next year. Almost certainly in my opinion. Hashtag not guarantee.

By the way, shout out to the Meet Kevin Politics Channel This morning I went through Donald Trump's immigration plan and his Mass deportation intense City plan. So if you want to see a summary of that, just a quick 17-minute breakdown, watch it on 2x. just type into YouTube Meet Kevin Politics Donald Trump Uh you. You're not going to see it on the main Channel and keeping the politics away because of what you all have requested I'm listening to the audience I've also started bringing back the archive videos so you can start seeing those as well.

They'll all be back soon. A potential for broadening of armed conflict was seen as presenting an upside risk to inflation. In their discussion of financial stability, participants observed that the banking system was sound and resilient. That's fantastic.

Uh, we we with the FED with the FED bailout facility. We don't actually expect, uh, that you're going to have a banking crisis again. It's possible, but it just seems unlikely with the Fed's uh, Bank term funding program, Many participants also commented on the risks associated with a potential sharp decline in commercial real estate valuations, which could adversely affect Banks. Remember, the way debt works on real estate is: you have to burn the equity down first.

Then you start hurting debt. So you got to go through about 40% of equity first on the offices. Now if the Office Buildings sell for 30 cents on the dollar, that's when the banks start getting hurt. Uh, okay.

Several participants noted that potential cyber. oh, they're just mentioning it here. They're not saying how bad it could be, they're just paying attention to cyber risks. commercial real estate risk.

Well, that's boring. Okay, uh. Data Data Data Participants expected the data arriving in the coming months would clarify the extent to which de disinflation was continuing. Some policy makers have argued that the FED needs to mainly focus on inflation Data Correct.

Uh. However, joblessness Rose to a two-year high of 3.9% in October Okay, line from the staff section is important. The increase in longer term yields appears to be mostly attributed to higher term premiums. We read that I'm looking at what Wall Street is saying and obviously the notes here at the same time.

Just take a deep breath for once in a while amid these economic conditions, all participants judged it appropriate to maintain so you still have consensus. No dissension, yet carefully proceed. Participants expected the data arriving in coming months would help clarify. There it is.

That's what. Wall Street Just said. Participants noted the importance of communicating clearly. Big deal.

That's just because they don't want people to go YOLO Again, let's be real. It's going to be a volatile V V-shaped recovery. It's that's simple and and I want you to remember this because I see the comments okay I understand I I want to hear you and I want you to have my perspective on what you are saying I see the comments of people like Kevin but Kevin but Kevin We are basically almost at alltime highs on the Q's okay, the Q's alltime high was 403. we're sitting at 387.

Okay, let's do some quick math here. Let me do some quick math. Okay, 403 divided by 388. That puts you oop sorry.

The other way around, 388 divided by 403 puts you at about 3.8% from all-time highs on the Queue. But wait a minute. If you now inflation adjust at 18% to 403, you are actually 19% away from all-time highs inflation adjusted. So inflation adjusted the cues should probably be 475 which puts you right about here.

And then people are gonna look and go. Oh damn, this is actually starting to look like a volatile Nike Swoosh Damn it. Kevin Damn it, it's okay. I Still love everyone, but with inflation still, well, the committee's longer run a goal.

We see upside risk. Okay, this is redundant committee policy actions. We've already gone through the committee policy actions members agreed in assessing the appropriate stance and voluntary policy, we' continue monitoring I Want to see if they said the word recession in here at all. Recent indicators suggest economic activity expanded to strong Pace Banking systems sound resilient, blahy blah blahy.

That was the statement We already know that. Let's look for some key words. Let's look for the word recession. No word recession.

Give me some words. Give me some words in the chat. Please give me me some words we should look for. Okay, we have two mentions of the word disinflation disinflation as upside risk to inflation.

Uh, part. participants cited the possibility of progress on deflation, stalling, or inflation reaccelerating because of momentum and economic activity I Don't see it. but whatever. Uh, that's that's a risk they're paying attention to.

They're not saying that's happening. Disinflation process. Transitory tacos. Okay.

I don't think I'm going to see any of those. Uh, I'm just going to search the word trans. Okay, okay. I got four hits for Trans.

All of them relate to transactions. Nope. Okay, no transitory. Okay, no trans stagnation.

Dude, they're not gonna say that word. no. uh. quantitive.

Okay, nope. Quantitive doesn't show up. Uh, how about um, let's see here. China China I Shouldn't say that.

although GDP growth in China uh improved in the third quarter supported by an increase in industrial production Chinese retail sales continue to be held back by low consumer confidence. Uh, this is old data because the Chinese data that came out like right after this meeting basically suggested that manufacturing is in a recession in China Uh I Hope that's not offensive I Like the Chinese the Chinese are good people I Just think the CCP is a little loony. although did announce a little bit more support this. um, uh, this week here.

Uh, sufficiently restrictive. Yeah, I Didn't see them use the word sufficiently. But let me see. Oh, oh, here we go.

Okay, yep, there it is. Good call. good call. I Like that.

Shout out to Vince Vince if you're Italian awesome if you're not still awesome. Good job. With inflation still high, Most foreign central banks uh, while keeping their policy rates unchanged, indicated intentions to hold rates at restrictively sufficiently restrictive levels. We need to reduce inflation by being sufficiently restrictive, keeping restrictively uh, uh, restrictive.

Uh. participants contined to judge that it was critical that The Stance of monetary policy be kept sufficiently restrictive. Okay, Uh. participants noted that further tightening of monetary policy would be appropriate if the incoming inflation data was bad.

Basically, fine, free. Palestine Nope, Nope, nope, that's not in there middle. E talk is in there Hunter Biden's laptop. Oh okay, let's let's see.

Uh Hunter Hunter No, okay, no no Hunter Uh, let's see You know they they are so careful to talk about election stuff. but I'll type it in. Uh, nope. no election.

uh. Electric vehicles I Don't think the word vehicle is mentioned here. No, it's not. Some of these are just silly.

but they're also kind of funny. Uh. Israel Oh, the armed conflict between Israel and Hamas left a net imprint, limited net imprint on foreign financial markets. Basically, nothing has occurred.

However, it could cause volatility. Uh, Bitcoin Yeah right. Mention a crypto hasn't been mentioned. Bitcoin hasn't been mentioned.

Uh, okay. okay. Moon Moon I'm searching for Moon and this is what JP Pal says, just close the door, close the door. All right.

let's see what the rest of the suits are saying. We're done searching that there's nothing there. Good job for Binance getting busted. Freaking scam.

just like FTX Both were fraud. Much discuss Bas but I already made a video on that. You can watch that video. much Basis trade.

Can't talk correctly here. The much discussed basis trade in treasuries by headed fund hedge funds got a ition? This is basically the the the nonsense speculation that's been going on in treasuries. Not much really about China Here we already command F that on inflation, the FED may be signaling that it's likely done with rates. Participants noted that inflation had moderated.

Yes, we know they're done with rates. bro. come on man. Look, the FED had a chance here to go bearish.

They did not. They refused to. Uh. all they said was pound tier and Tesla to go.

Oh wait P oh oh oh oh. lost the lead. oh uh in other news. um wow.

Okay, well uh Nvidia earnings today. I'll be again covering that on the meek Kevin Live Channel Make sure you're there. Uh, want to be clear in the future? hopefully the near-term future. What I'm going to do is have the meetkevin' app which you can download in the Apple and Android App Stores Uh, give you access to all the videos and text based summaries uh of the videos just to make your life as easy as possible when it comes to finance.

So stay tuned, stay subbed. Uh, you know I I I know I know sometimes it seems like Kevin can be volatile. just know everything is entirely under control. Well I'll put it this way, everything's not always under control.

I'm not GNA lie uh but I am doing my best with everything that uh, we are doing. So uh I think we're doing a great job. Uh, again, the Nvidia earning will be covered. uh on the meet Kevin live Channel When I close out this live stream you are going to get.

uh actually. uh, maybe not yet. Okay, well I I'll keep doing what I can. but anyway, uh okay, let me see here.

let me see what else the suits are saying quickly. I want to see if Nick T tweeted anything before we wrap up over here. So let's go to Nick T quickly Nicky T What do you have to say? You must say something Okay, Niik T Niki T What? What? bro, Where? Where's Nick T Is he on vacation? What the hell is this? No tweets from Nick T Since November 16th I've been freaking deprived. There's been so much going on too.

This is absolutely ridiculous. Uh, whatever. Whatever. Uh, what are you gonna do? All right? So let's see here.

Let's see here. Let's see. Let's see. let's see what else.

Um, okay. well I'm trying to see what people are saying on the internet. Uh, now we've got wall Street's comments. We've got my comments on the minutes and what we want next is let's see here.

let's get notifications here. Okay, a few participants commented business contacts had reported that cost increases could not be passed to consider consumers. We covered that already. That I think is an understated, very big deal.

Uh, as soon as businesses start rolling over and realizing they can't keep raising prices. Uh, that's when. uh, people, uh, you know when you start seeing price Cuts Oh, which reminds me. uh.

the Black Friday sale is available on Meetkevin.com Okay, let's see what else here. Hawkish Fomc minutes. These were not hawkish. These were very neutral.

Tesla is the most heavily shorted stock amongst hedge funds and we already knew that. Uh, it's also very stupid. These hedge funds are going to get burned to the favor of actively managed ETFs in my opinion. Oh dang it now.

I Have to press the button. Okay, I'm gonna press the button while I keep getting more insights. So we get this out of the way. Even though I'm a licensed financial adviser, real estate broker, and becoming a stock broker, this video is neither personalized Financial Advice nor real estate advice for you.

It is not tax, legal, or otherwise personalized advice tailor to you. This video provides generalized perspective, information and commentary. Any third party content I Show should not be deemed endorsed by me. This video is not and shall never be deemed reasonably sufficient information for the purpose of evaluating a security or investment decision.

Any links or promoted products or either paid affiliations or products or Services which we may benefit from I personally operate and actively manage ETF and hold long positions in various Securities potentially including those mentioned in this video. However, I have no relationship to any issuers other than House Act nor am I presently acting as Market maker. Okay, so Rivan and Paler both down 6% today I Wonder why? Uh I mean I Know Paler is down because the hype of the contract they were expecting ended and and so then they go down. Okay I mean that's like by the rumors H The news.

We've heard this a million times before. Rivan Rivan. Rivan. Rivan Rivian's product Chief Development Officer moving to role of executive VP Okay Rivian CEO Assuming responsibility for all product functions.

What announces changes in product organization? Okay, that's interesting. Uh, that does imply some stress and some potential control. that's probably why, but that's the only news I See here Inv V has become pretty volatile ubiquities moving with business spending. and so as Bill.com ubiquity and Bill.com I don't think will recover until.

uh, business spending recovers with lower interest rates. So I think there's time to sort of build positions in that? Which is what I'm doing I have exposure to them. Uh, trade desk? Uh, same thing although more medium and large businesses Nvidia Earnings come up in an hour and 50 minutes. I'll be covering them live on the me live Channel Inas sitting at only down half a percent today.

Not bad. Recovered off the bottom pretty nicely. Tesla's still holding on to that 2.5% Dix gave up. Look at that man.

Dix was up 10% and just gave it up. Gave it up anyway. All right, Is that enough? Okay, go press the redirect link now to make sure you are at my Nvidia earnings call coverage. See you there Bye.