Insights and Market Comments
PRESENTATION OFFERING Early birding has suddenly returned this winter as a major focus of the forest economy.
A key trade unionist narrowly rejected a contract yesterday coming close to passage in September after President Biden balked at the talks. This latest snag raises the threat of a walk early on Dec. 5 when the current cools off
A blowout in the heart of the holiday season could cost the economy $2 billion a day, according to most estimates, as it cripples coal shipments, including most railcars, and jeopardizes agricultural trade. Another major transportation player, the trucking industry, has been hit hard in recent weeks by soaring diesel fuel prices.
It’s probably – AWAY FROM SOMETHING
– That Congress will intervene next month, but lawmakers don’t return from the Thanksgiving break until November 29, facing a full plate of economic issues.
YESTERDAY’S VOTE is close – one union was confirmed in September, another union narrowly rejected it – so a compromise is theoretically in the offing. But the unions are bitterly resisting plans for industrial and other non-salary workers
benefits It becomes a very generous part of the salary.
A PENDING PAYMENT will give embattled workers a 24% pay increase for more than five years, their biggest hike in 40 years. This includes an average of $16,000 in immediate pay. Unions will also maintain their platinum health package with only a 15% premium contribution, reports the Wall Street Journal.
THE FED’S DILEMMA? This winter blow could create a huge headache for the Federal Reserve; up to 700,000 workers in the full industry and federal sectors could be out of work. Would this lead to slower GDP growth, or an inflationary spike like the trucking industry wage hikes? Either way, this could produce an unpleasant start to the new year.
* * * *
The most polarizing PERSON in Washington? High on the list is über-regulator Gary Gensler, head of the Securities and Exchange Commission. A long article in this morning’s Politico concludes that Wall Street and Republicans are preparing to fight against his proposals, with some Democrats criticizing Gensler’s role in the financial services industry.
The SEC is pursuing new rules that would force companies to disclose their carbon “footprints,” and Gensler wants to fundamentally revamp the inner workings of the stock market, starting with much greater transparency. He has been warning about crypto currencies for a long time, and the collapse of FTX as a focus – ironically – on why he did not break aggressively against the industry.
GENSLER’S DETRIERS IN THE MICE STREET are preparing him to claim too much of his authority when House Republicans hold hearings on a plan next year to provide support for a section of the economy.
The POLITICAL article – here is a longer summary – is a definite read because it will be a regulatory system in the coming year. That Gensler reminds us of a favorite cliché: if you want a Munich friend, get a dog.
The opinions expressed in this blog are those of the author and do not necessarily represent the opinions, funds or investment strategies of AGF, its subsidiaries or any of its affiliated companies.
The opinions expressed in this blog are provided as a source of general information based on information available to the public and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculations or static beliefs about future events, such as market or economic, company or security performance, or other projections represent the opinions of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these comments at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change, and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained therein. Any financial projections are based on the author’s opinion and should not be considered an endorsement. Forward-looking statements and opinions may be affected by changing financial conditions and are subject to a number of uncertainties that could cause results to differ materially from those in the forward-looking statements. The information contained in this article is intended to provide you with general information related to the political and economic environment in the United States of America. It is not intended to be a comprehensive investment plan with individual circumstances.
AGF Investments is a group of wholly-owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. Subsidiaries included in AGF Investments, AGF Investments Inc. (AGFI), AGF Investments Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF Advisors International Company Limited (AGFIA). AGFA and AGFUS advisors are registered in the US AGFI is registered as a portfolio manager by the Canadian securities commission. AGFIA is regulated by the Central Bank of Ireland and is registered with the Australian Securities & Investments Commission. The subsidiaries that make up AGF’s investments manage a variety of mandates in equity, fixed income and equities.
About AGF Management Limited
Founded in 1957, AGF Management Limited (AGF) is an independent and globally diversified asset management firm. AGF’s training approach is focused on delivering excellence in investment management through fundamental, quantitative, alternative and network businesses that provide an exceptional client experience. AGF’s investment solutions range extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, wealth funds and endowments and foundations.
For further information, please visit AGF.com.
©2022 AGF Management Limited. All rights reserved.