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AmateurI

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2021-07-22

Ok

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2021-06-22

So what does it mean for the market?

Powell Just Launched $2 Trillion In "Heat-Seeking Missiles": Zoltan Explains How The Fed Started The Next Repo Crisis

2021-06-21

Really?

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2021-06-22

Ok

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2021-06-22

Ok

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2021-06-19

Ok

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2021-11-19

Baba down to double digit at this rate! [喷血]

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2021-07-23

Ok

Biden Downplays Inflation, Predicts Businesses Will Be In 'Bind' Over Labor Shortages, Then Has Brain Freeze

2021-07-22

Please like. Thanks

Startup Claims Breakthrough in Long-Duration Batteries

2021-06-22

Oh dear

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2021-06-22

Ok

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2021-06-14

Never stops!

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2021-06-18

Ok

Why Bankers Just Complicated El Salvador’s Bitcoin Plan

2021-06-18

Ok

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2021-06-15

Good

Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets

2021-06-15

Great!

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2021-06-21

Ok

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2021-06-20

Ok

Dow falls more than 500 points to close out its worst week since October

2021-06-21

Interesting article!

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2021-06-21

Ok

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down to double digit&nbsp;at this rate!&nbsp;[喷血]&nbsp;","listText":"Baba down to double digit&nbsp;at this rate!&nbsp;[喷血]&nbsp;","text":"Baba down to double digit at this rate! [喷血]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/876392852","repostId":"2184899191","repostType":2,"isVote":1,"tweetType":1,"viewCount":3077,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":172797856,"gmtCreate":1626993084575,"gmtModify":1631890913913,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569706111463394","idStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/172797856","repostId":"1172546594","repostType":4,"repost":{"id":"1172546594","kind":"news","pubTimestamp":1626963813,"share":"https://www.laohu8.com/m/news/1172546594?lang=&edition=full","pubTime":"2021-07-22 22:23","market":"us","language":"en","title":"Biden Downplays Inflation, Predicts Businesses Will Be In 'Bind' Over Labor Shortages, Then Has Brain Freeze","url":"https://stock-news.laohu8.com/highlight/detail?id=1172546594","media":"zerohedge","summary":"President Joe Biden waved off long-term inflation concerns on Wednesday, telling aCNNtown hall in Ci","content":"<p>President Joe Biden waved off long-term inflation concerns on Wednesday, telling a<i>CNN</i>town hall in Cincinnati that it won't persist as the economy emerges from the pandemic.</p>\n<p><img src=\"https://static.tigerbbs.com/667604940c5d09d04d8141c6810c2609\" tg-width=\"500\" tg-height=\"304\" width=\"100%\" height=\"auto\"></p>\n<p>\"<b>There will be near-term inflation</b>\" because the economy is recovering, he said, adding that 'most economists' think \"it’s highly unlikely that it’s going to be long-term inflation that’s going to get out of hand.\"</p>\n<p><img src=\"https://static.tigerbbs.com/1a683ce14e2b21dab4dac41ad2dcd5ac\" tg-width=\"513\" tg-height=\"507\" width=\"100%\" height=\"auto\">He then cautioned restaurant owners and others in the hospitality sector that recovery may not be swift - telling one restaurant owner that he may be \"in a bind for a while\" because workers are seeking better wages and working conditions, according to<i>Bloomberg</i>.</p>\n<p><b>\"It really is a matter of people deciding now that they have opportunities to do other things</b>,\" he said, adding \"People are looking to make more money and to bargain.\"</p>\n<blockquote>\n <i>Inflation has become a political liability for the White House in recent weeks. The U.S. experienced the largest surge in consumer prices in more than 12 years last month, with a Labor Department gauge rising 5.4% compared to one year ago.</i>\n</blockquote>\n<blockquote>\n <i>“</i>\n <i><b>Inflation is driving the cost of everything through the roof</b></i>\n <i>,” Senate Minority Leader Mitch McConnell of Kentucky said at a news conference Wednesday opposing Democratic calls for Biden’s long-term social spending plan. -Bloomberg</i>\n</blockquote>\n<p>Republicans, meanwhile, largely blame Biden and Democrats for the labor shortages at restaurants and other low-wage businesses<b>because overly-generous pandemic stimulus has removed incentives to get back to work</b>. Biden, in response, suggests these low-margin businesses should simply pay people more - calling rising wages a \"feature' of his economic plans.</p>\n<p><img src=\"https://static.tigerbbs.com/6dd04b1d760874109565cfabae2d919e\" tg-width=\"971\" tg-height=\"559\" width=\"100%\" height=\"auto\"></p>\n<p><b>J</b><b>ob openings continue to hit record highs</b>despite elevated unemployment. According to the report, the hotel and restaurant industries had 1.25 million vacant jobs in May, up from 807,000 in February 2020.</p>\n<p>\"A lot of people who work as waiters and waitresses decided that they don’t want to do that anymore because there’s other opportunities and higher wages, because there’s a lot of openings now and jobs and people are beginning to move,\" said Biden.</p>\n<p><b>Infrastructure, Vaccinations</b></p>\n<p>Biden also expressed confidence that he can still secure the passage of a $1 trillion bipartisan infrastructure package despite GOP lawmakers blocking its first congressional vote on Wednesday - which Biden called \"irrelevant.\"</p>\n<p>\"It’s necessary, I really mean it. It’s going to not only increase job opportunities but increase commerce. It’s a good thing and I think we’re going to get it done,\" he said.</p>\n<p>As the<i>Financial Times</i>notes, \"Although US growth and job creation have jumped since Biden took office in January,<b>the economic outlook has been clouded by the resurgence of coronavirus because of the rapid spread of the contagious Delta variant as well as an unnerving rise in inflation</b>.\"</p>\n<p>Biden also pushed vaccinations, which have slowed in the United States as cases nudge higher. He said they would receive final approval from the Food and Drug Administration soon, and would be available for children under the age of 12.</p>\n<p>\"We have a pandemic for those who haven’t gotten the vaccination. It’s that basic, that simple,\" he said. \"<u><i><b>If you’re vaccinated, you’re not going to be hospitalized</b></i></u>.<i><b>You’re not going to be in an ICU unit. And you are not going to die.</b></i>\"</p>\n<p><b>Except40% of UK hospital admissionsare those who have been vaccinated, while Israel has had even higher numbers</b>, and the most vaccinated countries are experiencing<b>COVID case spikes</b>vs. the least-vaccinated. Meanwhile, over 6,000 people have<i>officially</i>died shortly after receiving the vaccine, according to the&nbsp;CDC.</p>\n<p><img src=\"https://static.tigerbbs.com/174a8c547f5a0be8e7a4018d1d646579\" tg-width=\"916\" tg-height=\"478\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/17e0835984a9d20a1a321432753ad11f\" tg-width=\"521\" tg-height=\"334\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/0d35eded3a3bfac23a186cb7feee6a80\" tg-width=\"516\" tg-height=\"648\" width=\"100%\" height=\"auto\">Biden had an<b>awkward brain freeze</b>during the vaccine Q&amp;A.</p>\n<p><img src=\"https://static.tigerbbs.com/106e46a3028532086fc49841235f2fd1\" tg-width=\"510\" tg-height=\"460\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/83ce29d43f252b5b72c5106e5d5f3652\" tg-width=\"518\" tg-height=\"552\" width=\"100%\" height=\"auto\"></p>\n<p><b>Filibuster</b></p>\n<p>Biden slammed Republican legislators over voting integrity legislation, calling them \"Jim Crow on steroids,\" however<b>he maintained his support for the legislative filibuster</b>.</p>\n<p>\"There’s no reason to protect it other than you’re going to throw the entire Congress into chaos and nothing will get done,\" adding \"Nothing at all will get done.\" He followed up by saying that there was 'too much at stake' to risk that level of 'chaos' that a filibuster fight would ignite.</p>\n<p><img src=\"https://static.tigerbbs.com/76d8c272e874c5a6f1934e8124015d02\" tg-width=\"516\" tg-height=\"641\" width=\"100%\" height=\"auto\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Biden Downplays Inflation, Predicts Businesses Will Be In 'Bind' Over Labor Shortages, Then Has Brain Freeze</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBiden Downplays Inflation, Predicts Businesses Will Be In 'Bind' Over Labor Shortages, Then Has Brain Freeze\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-22 22:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/political/biden-downplays-inflation-predicts-businesses-will-be-bind-over-persistent-labor><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>President Joe Biden waved off long-term inflation concerns on Wednesday, telling aCNNtown hall in Cincinnati that it won't persist as the economy emerges from the pandemic.\n\n\"There will be near-term ...</p>\n\n<a href=\"https://www.zerohedge.com/political/biden-downplays-inflation-predicts-businesses-will-be-bind-over-persistent-labor\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/political/biden-downplays-inflation-predicts-businesses-will-be-bind-over-persistent-labor","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172546594","content_text":"President Joe Biden waved off long-term inflation concerns on Wednesday, telling aCNNtown hall in Cincinnati that it won't persist as the economy emerges from the pandemic.\n\n\"There will be near-term inflation\" because the economy is recovering, he said, adding that 'most economists' think \"it’s highly unlikely that it’s going to be long-term inflation that’s going to get out of hand.\"\nHe then cautioned restaurant owners and others in the hospitality sector that recovery may not be swift - telling one restaurant owner that he may be \"in a bind for a while\" because workers are seeking better wages and working conditions, according toBloomberg.\n\"It really is a matter of people deciding now that they have opportunities to do other things,\" he said, adding \"People are looking to make more money and to bargain.\"\n\nInflation has become a political liability for the White House in recent weeks. The U.S. experienced the largest surge in consumer prices in more than 12 years last month, with a Labor Department gauge rising 5.4% compared to one year ago.\n\n\n“\nInflation is driving the cost of everything through the roof\n,” Senate Minority Leader Mitch McConnell of Kentucky said at a news conference Wednesday opposing Democratic calls for Biden’s long-term social spending plan. -Bloomberg\n\nRepublicans, meanwhile, largely blame Biden and Democrats for the labor shortages at restaurants and other low-wage businessesbecause overly-generous pandemic stimulus has removed incentives to get back to work. Biden, in response, suggests these low-margin businesses should simply pay people more - calling rising wages a \"feature' of his economic plans.\n\nJob openings continue to hit record highsdespite elevated unemployment. According to the report, the hotel and restaurant industries had 1.25 million vacant jobs in May, up from 807,000 in February 2020.\n\"A lot of people who work as waiters and waitresses decided that they don’t want to do that anymore because there’s other opportunities and higher wages, because there’s a lot of openings now and jobs and people are beginning to move,\" said Biden.\nInfrastructure, Vaccinations\nBiden also expressed confidence that he can still secure the passage of a $1 trillion bipartisan infrastructure package despite GOP lawmakers blocking its first congressional vote on Wednesday - which Biden called \"irrelevant.\"\n\"It’s necessary, I really mean it. It’s going to not only increase job opportunities but increase commerce. It’s a good thing and I think we’re going to get it done,\" he said.\nAs theFinancial Timesnotes, \"Although US growth and job creation have jumped since Biden took office in January,the economic outlook has been clouded by the resurgence of coronavirus because of the rapid spread of the contagious Delta variant as well as an unnerving rise in inflation.\"\nBiden also pushed vaccinations, which have slowed in the United States as cases nudge higher. He said they would receive final approval from the Food and Drug Administration soon, and would be available for children under the age of 12.\n\"We have a pandemic for those who haven’t gotten the vaccination. It’s that basic, that simple,\" he said. \"If you’re vaccinated, you’re not going to be hospitalized.You’re not going to be in an ICU unit. And you are not going to die.\"\nExcept40% of UK hospital admissionsare those who have been vaccinated, while Israel has had even higher numbers, and the most vaccinated countries are experiencingCOVID case spikesvs. the least-vaccinated. Meanwhile, over 6,000 people haveofficiallydied shortly after receiving the vaccine, according to the CDC.\nBiden had anawkward brain freezeduring the vaccine Q&A.\n\nFilibuster\nBiden slammed Republican legislators over voting integrity legislation, calling them \"Jim Crow on steroids,\" howeverhe maintained his support for the legislative filibuster.\n\"There’s no reason to protect it other than you’re going to throw the entire Congress into chaos and nothing will get done,\" adding \"Nothing at all will get done.\" He followed up by saying that there was 'too much at stake' to risk that level of 'chaos' that a filibuster fight would ignite.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":2171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172224168,"gmtCreate":1626963386754,"gmtModify":1631890913924,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569706111463394","idStr":"3569706111463394"},"themes":[],"htmlText":"Please like. Thanks","listText":"Please like. Thanks","text":"Please like. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/172224168","repostId":"1110204064","repostType":4,"repost":{"id":"1110204064","kind":"news","pubTimestamp":1626960065,"share":"https://www.laohu8.com/m/news/1110204064?lang=&edition=full","pubTime":"2021-07-22 21:21","market":"us","language":"en","title":"Startup Claims Breakthrough in Long-Duration Batteries","url":"https://stock-news.laohu8.com/highlight/detail?id=1110204064","media":"The Wall Street Journal","summary":"Form Energy’s iron-air batteries could have big ramifications for storing electricity on the power g","content":"<blockquote>\n <b>Form Energy’s iron-air batteries could have big ramifications for storing electricity on the power grid.</b>\n</blockquote>\n<p>A four-year-old startup says it has built an inexpensive battery that can discharge power for days using one of the most common elements on Earth: iron.</p>\n<p>Form Energy Inc.’s batteries are far too heavy for electric cars. But it says they will be capable of solving one of the most elusive problems facing renewable energy: cheaply storing large amounts of electricity to power grids when the sun isn’t shining and wind isn’t blowing.</p>\n<p>The work of the Somerville, Mass., company has long been shrouded in secrecy and nondisclosure agreements. It recently shared its progress with The Wall Street Journal, saying it wants to make regulators and utilities aware that if all continues to go according to plan, its iron-air batteries will be capable of affordable, long-duration power storage by 2025.</p>\n<p>Its backers include Breakthrough Energy Ventures, a climate investment fund whose investors include Microsoft Corp. co-founder Bill Gates and Amazon.com Inc. founderJeff Bezos. Form recently initiated a $200 million funding round, led by a strategic investment from steelmaking giantArcelorMittalSA,MT4.27%one of the world’s leading iron-ore producers.</p>\n<p>Form is preparing to soon be in production of the “kind of battery you need to fully retire thermal assets like coal andnatural gas” power plants, said the company’s chief executive, Mateo Jaramillo, who developed Tesla Inc.’s Powerwall battery and worked on some of its earliest automotive powertrains.</p>\n<p>On a recent tour of Form’s windowless laboratory, Mr. Jaramillo gestured to barrels filled with low-cost iron pellets as its key advantage in therapidly evolving battery space. Its prototype battery, nicknamed Big Jim, is filled with 18,000 pebble-size gray pieces of iron, an abundant, nontoxic and nonflammable mineral.</p>\n<p>For alithium-ion battery cell, the workhorse of electric vehicles and today’s grid-scale batteries, the nickel, cobalt, lithium and manganese minerals used currently cost between $50 and $80 per kilowatt-hour of storage, according to analysts.</p>\n<p>Using iron, Form believes it will spend less than $6 per kilowatt-hour of storage on materials for each cell. Packaging the cells together into a full battery system will raise the price to less than $20 per kilowatt-hour, a level at which academics have said renewables plus storage could fully replace traditional fossil-fuel-burning power plants.</p>\n<p>A battery capable of cheaply discharging power for days has been a holy grail in the energy industry, due to the problem that it solves and the potential market it creates.</p>\n<p>Regulators and power companies are under growing pressure to deliver affordable, reliable and carbon-free electricity, as countries world-wide seek to reduce the greenhouse-gas emissions linked to climate change. Most electricity generation delivers two out of three. A long-duration battery could enable renewable energy—wind and solar—to deliver all three.</p>\n<p>The Biden administration is pushing for a carbon-free power grid in the U.S. by 2035, and several states and electric utilities have similar pledges. There is widespread agreement that a combination of wind, solar, geothermal and nuclear power mixed with short-duration lithium-ion batteries can generate 80% of electricity. The final 20% will require some type of multiday storage.</p>\n<p>“That first 80% we know the technology pathway, and it is already cost competitive,” said Jeremiah Baumann, deputy chief of staff at the Energy Department. “We have a good sense of the technology for the final piece. The real question is which technology is going to get its cost down and get into the marketplace.”</p>\n<p>Form’s battery will compete with numerous other approaches in what is becoming a crowded space, as an array of startups race to develop more advanced, cost-effective energy-storage techniques.</p>\n<p>Several companies are heading to market with different battery configurations, such as solid-state designs. Some think pumped water storage or compressed air can be used more widely to bank energy. The European Union is pushing the use of hydrogen to store and generate power.</p>\n<p>Others, meanwhile, are focusing on carbon-capture technology to make gas- and coal-fired power plants emission-free, which would reduce the need for storing energy.</p>\n<p>Form Energy’s iron-air battery breathes in oxygen and converts iron to rust, then turns the rust back into iron and breathes out oxygen, discharging and charging the battery in the process.</p>\n<p>“There is a Cambrian explosion of new storage technologies and in a Darwinian sense, they are not all going to survive. But the prize is huge both for investors and for society,” says Ramez Naam, a clean-energy investor who isn’t involved with Form Energy.</p>\n<p>Previous high-profile effortsto develop better batterieshave arced from hope and hype to bankruptcy. But since Form was created in 2017, it has attracted speculation and intrigue within the industry due to the track records of its founders. They include Mr. Jaramillo and Yet-Ming Chiang, a professor at the Massachusetts Institute of Technology who co-founded A123 Systems Inc., a lithium-battery pioneer.</p>\n<p>Mr. Jaramillo earned degrees in economics and a master’s degree from the Yale Divinity School before switching to a career developing new batteries. After more than seven years at Tesla, he left in 2016 to pursue what he called “The Next Thing” on his LinkedIn page. He didn’t provide any details, but he wanted to build an inexpensive battery for the grid. He was close to signing a funding sheet for a new company when Mr. Chiang called him.</p>\n<p>Mr. Chiang arrived at MIT as an undergraduate and joined the faculty less than a decade later. He started working on a long-duration battery in 2012 as part of a Energy Department collaboration. In 2017, he was also working on long-duration batteries and he and Mr. Jaramillo decided to together create Form Energy.</p>\n<p>They recruited other battery-industry veterans. “The founding team has 100 years of battery experience,” says Mr. Chiang. “We’re the alumni of a generation of failed battery companies who all came back for more.”</p>\n<p>In early 2018, they began small-scale tests, the Ph.D. material scientist’s version of a middle-school science fair’s potato battery, using small pieces of metal wrapped in hardware-store hose clamps at the bottom of translucent measuring cups. Form tested different configurations: sulfur-iron, sulfur-air, sulfur-manganese and iron-air. By the end of the year, iron-air looked the most promising.</p>\n<p>In 2020, as work was moving quickly, Form caught a break. It needed a critical battery component called a cathode that was impermeable to water but breathed oxygen, like a Gore-Tex jacket. An Arizona battery company, NantEnergy Inc., had spent a decade building such a membrane for a zinc-air battery. Owner Patrick Soon-Shiong, a billionaire biotechnology entrepreneur who owns the Los Angeles Times, wound down operations last year to focus on other investments.</p>\n<p>Form bought its patents as well as its inventory of thousands of cathodes, which sit in cardboard boxes in a corner of the company’s building. “Having this piece nailed down allowed us to hit the accelerator,” said Mr. Jaramillo.</p>\n<p>Late last summer, Form built a one-meter-tall (roughly 3.3-foot-tall) battery it called Slim Jim because it had the dimensions of a trash can of the same name. Earlier this year, it built Big Jim, a full-scale one-meter-by-one-meter battery cell. If it works as expected, 20 of these cells will be grouped in a battery. Thousands of these batteries will be strung together, filling entire warehouses and storing weeks’ worth of electricity. It could take days to fully charge these battery systems, but the batteries can discharge electricity for 150 hours at a stretch.</p>\n<p>In 2023, Form plans to deploy a one-megawatt battery capable of discharging continuously for more than six days and says it is in talks with several utilities about battery deployments.</p>\n<p>Mr. Chiang, who is the company’s chief science officer, said the challenge was to figure out how to make a battery using iron, air and a water-based electrolyte.</p>\n<p>“Chefs will tell you it is harder to make an excellent dish with common ingredients,” he said.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Startup Claims Breakthrough in Long-Duration Batteries</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStartup Claims Breakthrough in Long-Duration Batteries\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-22 21:21 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/startup-claims-breakthrough-in-long-duration-batteries-11626946330?mod=hp_lead_pos7><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Form Energy’s iron-air batteries could have big ramifications for storing electricity on the power grid.\n\nA four-year-old startup says it has built an inexpensive battery that can discharge power for ...</p>\n\n<a href=\"https://www.wsj.com/articles/startup-claims-breakthrough-in-long-duration-batteries-11626946330?mod=hp_lead_pos7\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/startup-claims-breakthrough-in-long-duration-batteries-11626946330?mod=hp_lead_pos7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110204064","content_text":"Form Energy’s iron-air batteries could have big ramifications for storing electricity on the power grid.\n\nA four-year-old startup says it has built an inexpensive battery that can discharge power for days using one of the most common elements on Earth: iron.\nForm Energy Inc.’s batteries are far too heavy for electric cars. But it says they will be capable of solving one of the most elusive problems facing renewable energy: cheaply storing large amounts of electricity to power grids when the sun isn’t shining and wind isn’t blowing.\nThe work of the Somerville, Mass., company has long been shrouded in secrecy and nondisclosure agreements. It recently shared its progress with The Wall Street Journal, saying it wants to make regulators and utilities aware that if all continues to go according to plan, its iron-air batteries will be capable of affordable, long-duration power storage by 2025.\nIts backers include Breakthrough Energy Ventures, a climate investment fund whose investors include Microsoft Corp. co-founder Bill Gates and Amazon.com Inc. founderJeff Bezos. Form recently initiated a $200 million funding round, led by a strategic investment from steelmaking giantArcelorMittalSA,MT4.27%one of the world’s leading iron-ore producers.\nForm is preparing to soon be in production of the “kind of battery you need to fully retire thermal assets like coal andnatural gas” power plants, said the company’s chief executive, Mateo Jaramillo, who developed Tesla Inc.’s Powerwall battery and worked on some of its earliest automotive powertrains.\nOn a recent tour of Form’s windowless laboratory, Mr. Jaramillo gestured to barrels filled with low-cost iron pellets as its key advantage in therapidly evolving battery space. Its prototype battery, nicknamed Big Jim, is filled with 18,000 pebble-size gray pieces of iron, an abundant, nontoxic and nonflammable mineral.\nFor alithium-ion battery cell, the workhorse of electric vehicles and today’s grid-scale batteries, the nickel, cobalt, lithium and manganese minerals used currently cost between $50 and $80 per kilowatt-hour of storage, according to analysts.\nUsing iron, Form believes it will spend less than $6 per kilowatt-hour of storage on materials for each cell. Packaging the cells together into a full battery system will raise the price to less than $20 per kilowatt-hour, a level at which academics have said renewables plus storage could fully replace traditional fossil-fuel-burning power plants.\nA battery capable of cheaply discharging power for days has been a holy grail in the energy industry, due to the problem that it solves and the potential market it creates.\nRegulators and power companies are under growing pressure to deliver affordable, reliable and carbon-free electricity, as countries world-wide seek to reduce the greenhouse-gas emissions linked to climate change. Most electricity generation delivers two out of three. A long-duration battery could enable renewable energy—wind and solar—to deliver all three.\nThe Biden administration is pushing for a carbon-free power grid in the U.S. by 2035, and several states and electric utilities have similar pledges. There is widespread agreement that a combination of wind, solar, geothermal and nuclear power mixed with short-duration lithium-ion batteries can generate 80% of electricity. The final 20% will require some type of multiday storage.\n“That first 80% we know the technology pathway, and it is already cost competitive,” said Jeremiah Baumann, deputy chief of staff at the Energy Department. “We have a good sense of the technology for the final piece. The real question is which technology is going to get its cost down and get into the marketplace.”\nForm’s battery will compete with numerous other approaches in what is becoming a crowded space, as an array of startups race to develop more advanced, cost-effective energy-storage techniques.\nSeveral companies are heading to market with different battery configurations, such as solid-state designs. Some think pumped water storage or compressed air can be used more widely to bank energy. The European Union is pushing the use of hydrogen to store and generate power.\nOthers, meanwhile, are focusing on carbon-capture technology to make gas- and coal-fired power plants emission-free, which would reduce the need for storing energy.\nForm Energy’s iron-air battery breathes in oxygen and converts iron to rust, then turns the rust back into iron and breathes out oxygen, discharging and charging the battery in the process.\n“There is a Cambrian explosion of new storage technologies and in a Darwinian sense, they are not all going to survive. But the prize is huge both for investors and for society,” says Ramez Naam, a clean-energy investor who isn’t involved with Form Energy.\nPrevious high-profile effortsto develop better batterieshave arced from hope and hype to bankruptcy. But since Form was created in 2017, it has attracted speculation and intrigue within the industry due to the track records of its founders. They include Mr. Jaramillo and Yet-Ming Chiang, a professor at the Massachusetts Institute of Technology who co-founded A123 Systems Inc., a lithium-battery pioneer.\nMr. Jaramillo earned degrees in economics and a master’s degree from the Yale Divinity School before switching to a career developing new batteries. After more than seven years at Tesla, he left in 2016 to pursue what he called “The Next Thing” on his LinkedIn page. He didn’t provide any details, but he wanted to build an inexpensive battery for the grid. He was close to signing a funding sheet for a new company when Mr. Chiang called him.\nMr. Chiang arrived at MIT as an undergraduate and joined the faculty less than a decade later. He started working on a long-duration battery in 2012 as part of a Energy Department collaboration. In 2017, he was also working on long-duration batteries and he and Mr. Jaramillo decided to together create Form Energy.\nThey recruited other battery-industry veterans. “The founding team has 100 years of battery experience,” says Mr. Chiang. “We’re the alumni of a generation of failed battery companies who all came back for more.”\nIn early 2018, they began small-scale tests, the Ph.D. material scientist’s version of a middle-school science fair’s potato battery, using small pieces of metal wrapped in hardware-store hose clamps at the bottom of translucent measuring cups. Form tested different configurations: sulfur-iron, sulfur-air, sulfur-manganese and iron-air. By the end of the year, iron-air looked the most promising.\nIn 2020, as work was moving quickly, Form caught a break. It needed a critical battery component called a cathode that was impermeable to water but breathed oxygen, like a Gore-Tex jacket. An Arizona battery company, NantEnergy Inc., had spent a decade building such a membrane for a zinc-air battery. Owner Patrick Soon-Shiong, a billionaire biotechnology entrepreneur who owns the Los Angeles Times, wound down operations last year to focus on other investments.\nForm bought its patents as well as its inventory of thousands of cathodes, which sit in cardboard boxes in a corner of the company’s building. “Having this piece nailed down allowed us to hit the accelerator,” said Mr. Jaramillo.\nLate last summer, Form built a one-meter-tall (roughly 3.3-foot-tall) battery it called Slim Jim because it had the dimensions of a trash can of the same name. Earlier this year, it built Big Jim, a full-scale one-meter-by-one-meter battery cell. If it works as expected, 20 of these cells will be grouped in a battery. Thousands of these batteries will be strung together, filling entire warehouses and storing weeks’ worth of electricity. It could take days to fully charge these battery systems, but the batteries can discharge electricity for 150 hours at a stretch.\nIn 2023, Form plans to deploy a one-megawatt battery capable of discharging continuously for more than six days and says it is in talks with several utilities about battery deployments.\nMr. Chiang, who is the company’s chief science officer, said the challenge was to figure out how to make a battery using iron, air and a water-based electrolyte.\n“Chefs will tell you it is harder to make an excellent dish with common ingredients,” he said.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1410,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172225860,"gmtCreate":1626963355251,"gmtModify":1631890913937,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569706111463394","idStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/172225860","repostId":"1107511555","repostType":4,"isVote":1,"tweetType":1,"viewCount":1592,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120139593,"gmtCreate":1624313071212,"gmtModify":1631890913950,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569706111463394","idStr":"3569706111463394"},"themes":[],"htmlText":"Oh dear","listText":"Oh dear","text":"Oh dear","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/120139593","repostId":"1155858890","repostType":4,"isVote":1,"tweetType":1,"viewCount":2097,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120130217,"gmtCreate":1624312998939,"gmtModify":1631890913965,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569706111463394","idStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/120130217","repostId":"1186997776","repostType":4,"isVote":1,"tweetType":1,"viewCount":2100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120130817,"gmtCreate":1624312977839,"gmtModify":1631890913977,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569706111463394","idStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/120130817","repostId":"1127414335","repostType":4,"isVote":1,"tweetType":1,"viewCount":2226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120197500,"gmtCreate":1624312925900,"gmtModify":1631890913990,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569706111463394","idStr":"3569706111463394"},"themes":[],"htmlText":"So what does it mean for the market?","listText":"So what does it mean for the market?","text":"So what does it mean for the market?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/120197500","repostId":"1146982088","repostType":4,"repost":{"id":"1146982088","kind":"news","pubTimestamp":1624259620,"share":"https://www.laohu8.com/m/news/1146982088?lang=&edition=full","pubTime":"2021-06-21 15:13","market":"us","language":"en","title":"Powell Just Launched $2 Trillion In \"Heat-Seeking Missiles\": Zoltan Explains How The Fed Started The Next Repo Crisis","url":"https://stock-news.laohu8.com/highlight/detail?id=1146982088","media":"zerohedge","summary":"Last week, amid thefire and brimstone surroundingthe market's shocked response to the Fed's unexpect","content":"<p>Last week, amid thefire and brimstone surroundingthe market's shocked response to the Fed's unexpected hawkish pivot, we noted that there were two tangible, if less noted changes: the Fed adjusted the two key \"administered\" rates, raising both the IOER and RRP rates by 5 basis points (as correctly predicted by Bank of America, JPMorgan, Wrightson, Deutsche Bank and Wells Fargo while Citi, Oxford Economics, Jefferies, Credit Suisse, Standard Chartered, BMO were wrong in predicting no rate change), in an effort to push the Effective Fed Funds rate higher and away from its imminent rendezvous with 0%.</p>\n<p><img src=\"https://static.tigerbbs.com/31e3c93e7ae558cd9f2fdb7e4a2769f1\" tg-width=\"500\" tg-height=\"377\">What does this mean? As Curvature Securities repo guru,Scott Skyrm wrote last week, \"clearly the Fed intends to move overnight rates above zero and drain the RRP&nbsp; facility of cash.\" Unfortunately, the end result would be precisely the opposite of what the Fed had wanted to achieve.</p>\n<p>But what does this really mean for overnight rates and RRP volume? As Skyrm further noted, the increase in the IOER should pull the daily fed funds rate 5 basis points higher and, in turn, put upward pressure on Repo GC. Combined with the 5 basis point increase in RRP, GC should move a solid 5 basis points higher, which it has.</p>\n<p><img src=\"https://static.tigerbbs.com/e8b99df7af1731b4bdcbcf072dcf39ce\" tg-width=\"500\" tg-height=\"272\">The problem, as Skyrm warned, is that the Fed's technical adjustment would do nothing to ease the RRP volume:</p>\n<blockquote>\n When market Repo rates were at 0% and the RRP rate was at zero, ~$500 billion went into the RRP. Well, if both market Repo rates and the RRP rate are 5 basis points higher, there's no reason to pull cash out of the RRP. For example, if GC rates moved to .05% and the RRP rate stayed at zero, investor preferences to invest at a higher rate would remove cash from the RRP.\n</blockquote>\n<p>Bottom line: with both market rates and RRP at .05%, there's really no economic incentive for cash investors to move cash to the Repo market. Or, as we summarized, \"<i>the Fed's rate change may have zero impact on the Fed's reverse repo facility, or the record half a trillion in cash parked there.\"</i></p>\n<p>In retrospect, boy was that an understatement, because just one day later the already record usage of the Fed's Reverse Repo facility spiked by a record 50%, exploding to a staggering $756 billion (it closed Friday at $747 billion) as the GSEs.</p>\n<p><img src=\"https://static.tigerbbs.com/0fba18d7808300abc3bdf4ffaa3d5fb6\" tg-width=\"500\" tg-height=\"273\">Needless to say, flooding the Fed's RRP facility and sterilizing reserves is hardly what the Fed had intended, and as Credit Suisse's own repo guru (and former NY Fed staffer) Zoltan Pozsar wrote in his post-mortem, \"<b>the re-priced RRP facility will become a problem for the banking system fast:</b><b><u>the banking system is going from being asset constrained (deposits flooding in, but nowhere to lend them but to the Fed), to being liability constrained (deposits slipping away and nowhere to replace them but in the money market</u></b><b>).\"</b></p>\n<p>What he means by that is that whereas previously the RRP rate of 0.00% did not<i>reward</i>allocation of inert, excess reserves but merely provided a place to park them, now that the Fed is providing a generous yield pick up compared to rates offered by trillions in Bills, we are about to see a sea-change in the overnight, money-market, as trillions in capital reallocate away from traditional investments and into the the Fed's RRP.</p>\n<p>In other words, as Pozsar puts it, \"the RRP facility started to sterilize reserves... with more to come.\" And just as Deutsche Bank explained why the Fed's signaling was an r* policy error, to Pozsar, the Fed<i><b>also</b></i>made a policy error - only this time with its technical rates - by steriling reserves because \"it’s one thing to raise the rate on the RRP facility when an increase was not strictly speaking necessary, and it’s another to raise it “unduly” high – as one money fund manager put it, “<b>yesterday we could not even get a basis points a year; to get endless paper at five basis points from the most trusted counterparty is a dream come true.\"</b></p>\n<p>He's right: while 0bps may have been viewed by many as too low, it was hardly catastrophic for now (Credit Suisse was one of those predicting no administered rate hike),<b>5bps is too generous</b>, according to Pozsar who warns that the new reverse repo rate<b>will upset the state of \"singularity\"</b>and \"like heat-seeking missiles, money market investors move hundreds of billions, making sharp, 90º turns hunting for even a basis point of yield at the zero bound –<b>at 5 bps, money funds have an incentive to trade out of all their Treasury bills and park cash at the RRP facility.\"</b></p>\n<p>Indeed, as shown below, bills yield less than 5 bps out to 6 months,<b>and money funds have over $2 trillion of bills.</b>They got an the incentive to sell, while others have the incentive to buy: institutions whose deposits have been “tolerated” by banks until now earning zero interest have an incentive to harvest the 0-5 bps range the bill curve has to offer. Putting your cash at a basis point in bills is better than deposits at zero.<b>So the sterilization of reserves begins, and so the o/n RRP facility turns from a largely passive tool that provided an interest rate floor to the deposits that large banks have been pushing away, into an active tool that \"sucks\" the deposits away that banks decided to retain.</b></p>\n<p><img src=\"https://static.tigerbbs.com/bf593f7b1d2d665f39384ed6a998d3bf\" tg-width=\"500\" tg-height=\"403\">To help readers visualize what is going on, the Credit Suisse strategist suggest the following \"extreme\" thought experiment: most of the “Covid-19” deposits currently with banks go into the bill market where rates are better. Money funds sell bills to institutional investors that currently keep their cash at banks, and money funds swap bills for o/n RRPs. Said (somewhat) simply, while previously the Fed provided banks with a convenient place to park reserves, it now will actively drain reserves to the point where we may end up with another 2019-style repo crisis, as most financial institutions suddenly find themsleves with<i><b>too few</b></i>intraday reserves, forcing them to use the Fed's other funding facilities (such as FX swap lines) to remain consistently solvent.</p>\n<p>This process is not overnight. It will take a few weeks to observe the fallout from the Fed's reserve sterilization.</p>\n<p>And here is why the problem is similar to the repo crisis of 2019: soon we will find that while cash-rich banks can handle the outflows,<b>some bond-heavy banks cannot.</b>As a result, Zoltan predicts that next \"we will notice that some banks (those who can<i><b>not</b></i>handle outflows) are borrowing advances from FHLBs, and cash-rich banks stop lending in the FX swap market as the RRP facility pulled reserves away from them and the Fed has to re-start the FX swap lines to offset.\"</p>\n<p>Bottom line:<i><b>whereas previously we saw Libor-OIS collapse, this key funding spread will have to widen from here, unless the Fed lowers the o/n RRP rate again back to where it was before.</b></i></p>\n<p>Or, as Zoltan summarizes, \"It’s either quantities or prices\" - indeed,<b>in 2019 the Fed chose prices over quantities, which backfired, and led to the repo crisis which ended the Fed's hiking cycle and started \"NOT QE.\"</b>While the Fed redeemed itself in February, when it expanded the usage of the RRP without making it liability-constrained as it chose quantities over prices - which worked well - last Wednesday,<b>the Fed turned “unlimited” quantities into “money for free” and started to sterilize reserves.</b></p>\n<p>Bottom line: \"we are witnessing the dealer of last resort (DoLR) learning the art of dealing, making unforced errors – if the Fed sterilizes with an overpriced o/n RRP facility, it has to be ready to add liquidity via the swap lines…\"</p>\n<p>Translation:&nbsp;<b>by paying trillions in reserves 5bps, the Fed just planted the seeds of the next liquidity crisis.</b></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Powell Just Launched $2 Trillion In \"Heat-Seeking Missiles\": Zoltan Explains How The Fed Started The Next Repo Crisis</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPowell Just Launched $2 Trillion In \"Heat-Seeking Missiles\": Zoltan Explains How The Fed Started The Next Repo Crisis\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-21 15:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/powell-just-launched-2-trillion-heat-seeking-missiles-zoltan-explains-how-fed-started-next><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last week, amid thefire and brimstone surroundingthe market's shocked response to the Fed's unexpected hawkish pivot, we noted that there were two tangible, if less noted changes: the Fed adjusted the...</p>\n\n<a href=\"https://www.zerohedge.com/markets/powell-just-launched-2-trillion-heat-seeking-missiles-zoltan-explains-how-fed-started-next\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/powell-just-launched-2-trillion-heat-seeking-missiles-zoltan-explains-how-fed-started-next","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146982088","content_text":"Last week, amid thefire and brimstone surroundingthe market's shocked response to the Fed's unexpected hawkish pivot, we noted that there were two tangible, if less noted changes: the Fed adjusted the two key \"administered\" rates, raising both the IOER and RRP rates by 5 basis points (as correctly predicted by Bank of America, JPMorgan, Wrightson, Deutsche Bank and Wells Fargo while Citi, Oxford Economics, Jefferies, Credit Suisse, Standard Chartered, BMO were wrong in predicting no rate change), in an effort to push the Effective Fed Funds rate higher and away from its imminent rendezvous with 0%.\nWhat does this mean? As Curvature Securities repo guru,Scott Skyrm wrote last week, \"clearly the Fed intends to move overnight rates above zero and drain the RRP  facility of cash.\" Unfortunately, the end result would be precisely the opposite of what the Fed had wanted to achieve.\nBut what does this really mean for overnight rates and RRP volume? As Skyrm further noted, the increase in the IOER should pull the daily fed funds rate 5 basis points higher and, in turn, put upward pressure on Repo GC. Combined with the 5 basis point increase in RRP, GC should move a solid 5 basis points higher, which it has.\nThe problem, as Skyrm warned, is that the Fed's technical adjustment would do nothing to ease the RRP volume:\n\n When market Repo rates were at 0% and the RRP rate was at zero, ~$500 billion went into the RRP. Well, if both market Repo rates and the RRP rate are 5 basis points higher, there's no reason to pull cash out of the RRP. For example, if GC rates moved to .05% and the RRP rate stayed at zero, investor preferences to invest at a higher rate would remove cash from the RRP.\n\nBottom line: with both market rates and RRP at .05%, there's really no economic incentive for cash investors to move cash to the Repo market. Or, as we summarized, \"the Fed's rate change may have zero impact on the Fed's reverse repo facility, or the record half a trillion in cash parked there.\"\nIn retrospect, boy was that an understatement, because just one day later the already record usage of the Fed's Reverse Repo facility spiked by a record 50%, exploding to a staggering $756 billion (it closed Friday at $747 billion) as the GSEs.\nNeedless to say, flooding the Fed's RRP facility and sterilizing reserves is hardly what the Fed had intended, and as Credit Suisse's own repo guru (and former NY Fed staffer) Zoltan Pozsar wrote in his post-mortem, \"the re-priced RRP facility will become a problem for the banking system fast:the banking system is going from being asset constrained (deposits flooding in, but nowhere to lend them but to the Fed), to being liability constrained (deposits slipping away and nowhere to replace them but in the money market).\"\nWhat he means by that is that whereas previously the RRP rate of 0.00% did notrewardallocation of inert, excess reserves but merely provided a place to park them, now that the Fed is providing a generous yield pick up compared to rates offered by trillions in Bills, we are about to see a sea-change in the overnight, money-market, as trillions in capital reallocate away from traditional investments and into the the Fed's RRP.\nIn other words, as Pozsar puts it, \"the RRP facility started to sterilize reserves... with more to come.\" And just as Deutsche Bank explained why the Fed's signaling was an r* policy error, to Pozsar, the Fedalsomade a policy error - only this time with its technical rates - by steriling reserves because \"it’s one thing to raise the rate on the RRP facility when an increase was not strictly speaking necessary, and it’s another to raise it “unduly” high – as one money fund manager put it, “yesterday we could not even get a basis points a year; to get endless paper at five basis points from the most trusted counterparty is a dream come true.\"\nHe's right: while 0bps may have been viewed by many as too low, it was hardly catastrophic for now (Credit Suisse was one of those predicting no administered rate hike),5bps is too generous, according to Pozsar who warns that the new reverse repo ratewill upset the state of \"singularity\"and \"like heat-seeking missiles, money market investors move hundreds of billions, making sharp, 90º turns hunting for even a basis point of yield at the zero bound –at 5 bps, money funds have an incentive to trade out of all their Treasury bills and park cash at the RRP facility.\"\nIndeed, as shown below, bills yield less than 5 bps out to 6 months,and money funds have over $2 trillion of bills.They got an the incentive to sell, while others have the incentive to buy: institutions whose deposits have been “tolerated” by banks until now earning zero interest have an incentive to harvest the 0-5 bps range the bill curve has to offer. Putting your cash at a basis point in bills is better than deposits at zero.So the sterilization of reserves begins, and so the o/n RRP facility turns from a largely passive tool that provided an interest rate floor to the deposits that large banks have been pushing away, into an active tool that \"sucks\" the deposits away that banks decided to retain.\nTo help readers visualize what is going on, the Credit Suisse strategist suggest the following \"extreme\" thought experiment: most of the “Covid-19” deposits currently with banks go into the bill market where rates are better. Money funds sell bills to institutional investors that currently keep their cash at banks, and money funds swap bills for o/n RRPs. Said (somewhat) simply, while previously the Fed provided banks with a convenient place to park reserves, it now will actively drain reserves to the point where we may end up with another 2019-style repo crisis, as most financial institutions suddenly find themsleves withtoo fewintraday reserves, forcing them to use the Fed's other funding facilities (such as FX swap lines) to remain consistently solvent.\nThis process is not overnight. It will take a few weeks to observe the fallout from the Fed's reserve sterilization.\nAnd here is why the problem is similar to the repo crisis of 2019: soon we will find that while cash-rich banks can handle the outflows,some bond-heavy banks cannot.As a result, Zoltan predicts that next \"we will notice that some banks (those who cannothandle outflows) are borrowing advances from FHLBs, and cash-rich banks stop lending in the FX swap market as the RRP facility pulled reserves away from them and the Fed has to re-start the FX swap lines to offset.\"\nBottom line:whereas previously we saw Libor-OIS collapse, this key funding spread will have to widen from here, unless the Fed lowers the o/n RRP rate again back to where it was before.\nOr, as Zoltan summarizes, \"It’s either quantities or prices\" - indeed,in 2019 the Fed chose prices over quantities, which backfired, and led to the repo crisis which ended the Fed's hiking cycle and started \"NOT QE.\"While the Fed redeemed itself in February, when it expanded the usage of the RRP without making it liability-constrained as it chose quantities over prices - which worked well - last Wednesday,the Fed turned “unlimited” quantities into “money for free” and started to sterilize reserves.\nBottom line: \"we are witnessing the dealer of last resort (DoLR) learning the art of dealing, making unforced errors – if the Fed sterilizes with an overpriced o/n RRP facility, it has to be ready to add liquidity via the swap lines…\"\nTranslation: by paying trillions in reserves 5bps, the Fed just planted the seeds of the next liquidity crisis.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":2502,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120194620,"gmtCreate":1624312869260,"gmtModify":1631890914004,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569706111463394","idStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/120194620","repostId":"2145084835","repostType":4,"isVote":1,"tweetType":1,"viewCount":1734,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164254313,"gmtCreate":1624213108632,"gmtModify":1631890914015,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569706111463394","idStr":"3569706111463394"},"themes":[],"htmlText":"Interesting article!","listText":"Interesting article!","text":"Interesting article!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/164254313","repostId":"1161408410","repostType":4,"isVote":1,"tweetType":1,"viewCount":1976,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164256313,"gmtCreate":1624212286532,"gmtModify":1631890914026,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569706111463394","idStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/164256313","repostId":"1161408410","repostType":4,"isVote":1,"tweetType":1,"viewCount":445,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164256058,"gmtCreate":1624212227074,"gmtModify":1634009438000,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569706111463394","idStr":"3569706111463394"},"themes":[],"htmlText":"Really?","listText":"Really?","text":"Really?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/164256058","repostId":"1113942445","repostType":4,"isVote":1,"tweetType":1,"viewCount":343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164258207,"gmtCreate":1624212150509,"gmtModify":1634009438471,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569706111463394","idStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/164258207","repostId":"2145704114","repostType":2,"isVote":1,"tweetType":1,"viewCount":477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165858109,"gmtCreate":1624118786601,"gmtModify":1634010541295,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569706111463394","idStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/165858109","repostId":"1138062216","repostType":4,"isVote":1,"tweetType":1,"viewCount":290,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165851824,"gmtCreate":1624118732468,"gmtModify":1634010541988,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569706111463394","idStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/165851824","repostId":"1156696708","repostType":4,"repost":{"id":"1156696708","kind":"news","pubTimestamp":1624063306,"share":"https://www.laohu8.com/m/news/1156696708?lang=&edition=full","pubTime":"2021-06-19 08:41","market":"us","language":"en","title":"Dow falls more than 500 points to close out its worst week since October","url":"https://stock-news.laohu8.com/highlight/detail?id=1156696708","media":"cnbc","summary":"Stocks fell on Friday, with theDow Jones Industrial Averageposting its worst weekly loss since Octob","content":"<div>\n<p>Stocks fell on Friday, with theDow Jones Industrial Averageposting its worst weekly loss since October, as traders worried the Federal Reserve could start raising rates sooner than expected.\nThe blue-...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/17/stock-market-futures-open-to-close-news.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dow falls more than 500 points to close out its worst week since October</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDow falls more than 500 points to close out its worst week since October\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-19 08:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/17/stock-market-futures-open-to-close-news.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks fell on Friday, with theDow Jones Industrial Averageposting its worst weekly loss since October, as traders worried the Federal Reserve could start raising rates sooner than expected.\nThe blue-...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/17/stock-market-futures-open-to-close-news.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.cnbc.com/2021/06/17/stock-market-futures-open-to-close-news.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1156696708","content_text":"Stocks fell on Friday, with theDow Jones Industrial Averageposting its worst weekly loss since October, as traders worried the Federal Reserve could start raising rates sooner than expected.\nThe blue-chip average dropped 533.37 points, or 1.6%, to 33,290.08. TheS&P 500slid 1.3% to 4,166.45. Both the Dow and S&P 500 hit their session lows in the final minutes of trading and closed around those levels. TheNasdaq Compositeclosed 0.9% lower at 14,030.38. Economic comeback plays led the market losses.\nFor the week, the 30-stock Dow lost 3.5%. The S&P 500 and Nasdaq were down by 1.9% and 0.2%, respectively, week to date.\nSt. Louis Federal Reserve President Jim Bullardtold CNBC's \"Squawk Box\"on Friday it was natural for the Fed to tilt a little \"hawkish\" this week and that the first rate increase from the central bank would likely come in 2022. His comments came after the Fed on Wednesday added two rate hikes to its 2023 forecast and increased its inflation projection for the year, putting pressure on stock prices.\n\"The fear held by some investors is that if the Fed tightens policy sooner than expected to help cool inflationary pressures, this could weigh on future economic growth,\" Truist Advisory Services chief market strategist Keith Lerner said in a note. To be sure, he added it would be premature to give up on the so-called value trade right now.\nPockets of the market most sensitive to the economic rebound led the sell-off this week. The S&P 500 energy sector and industrials dropped 5.2% and 3.8%, respectively, for the week. Financials and materials meanwhile, lost more than 6% each. These groups had been market leaders this year on the back of the economic reopening.\nThe decline in stocks came as the Fed's actions caused a drastic flattening of the so-called Treasury yield curve. This means the yields of shorter-duration Treasurys — like the 2-year note — rose while longer-duration yields like the benchmark 10-year declined. The retreat in long-dated bond yields reflects less optimism toward economic growth, while the jump in short-end yields shows the expectations of the Fed raising rates.\nThis phenomenon hurt bank stocks particularly as their earnings could take a hit when the spread between short-term and long-term rates narrows. Bank of America and JPMorgan Chase shares on Friday lost more than 2% each. Citigroup fell by 1.8%, posting its 12th straight daily decline.\nFed Chairman Jerome Powell said Wednesday that officials have discussed tapering bond buying and would at some point begin slowing the asset purchases.\n\"This week's first whiff of an eventual change in Fed policy was a reminder that emergency monetary conditions and the free-money era will ultimately end,\" strategists at MRB Partners wrote in a note. \"We expect a series of incremental retreats from the Fed's benign inflation outlook in the coming months.\"\nCommodity prices were underpressure this weekas China attempted to cool rising prices and as the U.S. dollar strengthens. Copper, gold and platinum fell once again on Friday.\nFriday also coincided with the quarterly \"quadruple witching\" in which options and futures on indexes and equities expire. This event may have contributed to more volatile trading during the session.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":422,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162171287,"gmtCreate":1624052031449,"gmtModify":1634023599713,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569706111463394","idStr":"3569706111463394"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/162171287","repostId":"1167804746","repostType":4,"isVote":1,"tweetType":1,"viewCount":507,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162179181,"gmtCreate":1624051680043,"gmtModify":1634023601691,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569706111463394","idStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/162179181","repostId":"1138062216","repostType":4,"isVote":1,"tweetType":1,"viewCount":720,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168137321,"gmtCreate":1623963482063,"gmtModify":1634025252759,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569706111463394","idStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168137321","repostId":"2144690742","repostType":4,"repost":{"id":"2144690742","kind":"news","pubTimestamp":1623942044,"share":"https://www.laohu8.com/m/news/2144690742?lang=&edition=full","pubTime":"2021-06-17 23:00","market":"us","language":"en","title":"Column: The FDA's hasty approval of a new Alzheimer's drug is looking worse than ever","url":"https://stock-news.laohu8.com/highlight/detail?id=2144690742","media":"LA Times","summary":"The FDA's decision on Aduhelm sets up a healthcare spending crisis. \nFollowing a year in which the F","content":"<p><img src=\"https://static.tigerbbs.com/5a6526be3c93006ee9d37664f7f4650b\" tg-width=\"840\" tg-height=\"560\" referrerpolicy=\"no-referrer\">The FDA's decision on Aduhelm sets up a healthcare spending crisis.&nbsp;</p>\n<p>Following a year in which the Food and Drug Administration meekly allowed President Trump to denigrate its integrity and undermine its judgment, it wasn't clear that the agency could fall even lower in public and professional esteem.</p>\n<p>It's clear now. The FDA's widely criticized decision on June 7 to approve the new Alzheimer's drug Aduhelm despite a nearly complete absence of evidence that it works is looking worse and worse with every day that passes.</p>\n<p>The latest data point underscoring the disastrous consequences of the FDA approval is related to the sky-high average price of $56,000 a year for the drug set by its U.S. manufacturer, Biogen.</p>\n<blockquote>\n The limited evidence for the efficacy of Aduhelm raises the question of whether its large impact on health spending is justified.\n</blockquote>\n<p>Altarum consultants</p>\n<p>According to a report by the nonprofit healthcare consulting organization Altarum, if the drug is prescribed for only 1 million patients a year — the low end of Biogen's marketing expectations — by the mid-2020s it will account for more than 1% of all national health spending. In 2025, for instance, when total spending is expected to reach abut $5.3 trillion, $57 billion of that will be spent on Aduhelm.</p>\n<p>The drug will increase all prescription drug spending by 8% and non-retail drug spending — that is, for drugs that have to be administered in hospitals or doctors' offices — by 25%. If the patient caseload doubles, so will those figures. And the FDA's approval would allow Aduhelm to be prescribed for any of the nation's Alzheimer's patients, who currently number more than 6 million.</p>\n<p>That will impose higher costs on 56 million Americans enrolled in Medicare Part B even if they don't suffer from Alzheimer's, the Kaiser Family Foundation observes. That's because Medicare is required by law to cover all prescription medicines approved by the FDA. Part B premiums rise with Medicare's expenses, so the higher spending on Adulhelm will hit all premium payers in the pocketbook.</p>\n<p>If 1 million Part B members take Aduhelm, the program's 80% share of the drug's cost would come to nearly $45 billion, or well more than the $37 billion Medicare paid for all Part B drugs in 2019.</p>\n<p>Many Medicare patients taking the drug will be hard-pressed to afford it, KFF notes. Their 20%, uncapped share of Part B drug and services costs would mean an average bill of $11,200 per year for the drug. That's almost 40% of the $29,650 median income of Medicare Part B members.</p>\n<p>It gets worse. Altarum's estimates don't encompass the ancillary costs that will be associated with taking Aduhelm. Because the clinical trials revealed that about 30% of patients receiving a high dose of the drug experienced brain swelling, patients will have to undergo regular MRI tests to watch out for this dangerous side effect. They'll have to pay their share of that, too.</p>\n<p>This isn't the first time that a new drug has threatened to break the national healthcare bank. The best comparison may be the hepatitis-C drugs Sovaldi and Harvoni, which were priced by their developer, Gilead, at $84,000 and nearly $100,000 per year, respectively.</p>\n<p>Those drugs drove annual growth in retail prescription spending from 2.2% in 2013 to 13.5% in 2014, after their introduction, Altarum says.</p>\n<p>But there are differences. Sovaldi and Harvoni cured more than 90% of hepatitis-C patients after a single round of treatment, so the spending on any patient lasted less than a year; measuring their cost against the cost of treating hepatitis-C patients indefinitely made the cost-benefit balance obvious. Indeed, by 2016, when most patients had been treated, the prescription growth rate fell back to 1.7%,</p>\n<p>But Aduhelm is neither a cure nor a <a href=\"https://laohu8.com/S/AONE\">one</a>-time treatment. \"Aduhelm is to be administered repeatedly throughout the patient’s lifetime or until the patient and his or her physician elect to discontinue treatment,\" Altarum explains. \"The resultant growth in spending will therefore be sustained for the foreseeable future.\"</p>\n<p>The organization's bottom line: \"The limited evidence for the efficacy of Aduhelm raises the question of whether its large impact on health spending is justified.\"</p>\n<p>As bad as the FDA's decision is looking today, it didn't start out as a widely praised action, either. As we reported last week, <a href=\"https://laohu8.com/S/AONE.U\">one</a> member of the FDA scientific advisory committee that had examined results from the drug's clinical trials pronounced the action \"probably the worst drug approval decision in recent U.S. history” in a letter resigning from the committee.</p>\n<p>The 11-member committee had advised almost unanimously against the approval. <a href=\"https://laohu8.com/S/TWOA.U\">Two</a> other members also resigned after the FDA ignored the panel's recommendation.</p>\n<p>Alzheimer's specialists are concerned about the FDA decision for more than financial reasons. They fear that the existence of a drug with the FDA's imprimatur, as questionable as it is, will interfere with efforts to develop and test other treatments that may turn out to be more promising.</p>\n<p>Patients may be reluctant to enroll in trials of alternative drugs instead of taking Aduhelm, for example. And researchers trying to recruit trial subjects will have to reject anyone who has been treated with Aduhelm, because it will be difficult, if not impossible, to determine whether a given result is due to Aduhelm or the new drug.</p>\n<p>The longest-lasting effect, however, may be on the FDA's reputation for imposing rigorous safety and efficacy standards. The pharmaceutical industry has long groused about the agency's painstaking approval process, even though it has given the American drug market an image as the safest in the world.</p>\n<p>The drugmakers have consistently pushed for faster approvals and the acceptance of ever more sketchy evidence from clinical trials.</p>\n<p>Aaron S. Kesselheim, the Harvard professor who delivered that damning judgment about the FDA approval before resigning from its advisory panel, has called for the creation of a new agency to oversee drug approvals, presumably inoculated from pressure from Big Pharma.</p>\n<p>The FDA's approval of a high-priced, apparently low-value drug that will yield billions of dollars in profits for its manufacturer may even spur Congress finally to take America's drug-price crisis in hand and find a solution. That could be the silver lining around the cloud of the FDA's action.</p>\n<p>But it will be a shame that an agency that reigned as a bulwark against unsafe and ineffective drugs since its founding in 1906 had to fall so low to achieve that goal.</p>\n<p>This story originally appeared in Los Angeles Times.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Column: The FDA's hasty approval of a new Alzheimer's drug is looking worse than ever</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nColumn: The FDA's hasty approval of a new Alzheimer's drug is looking worse than ever\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-17 23:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/column-fdas-hasty-approval-alzheimers-144244083.html><strong>LA Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The FDA's decision on Aduhelm sets up a healthcare spending crisis. \nFollowing a year in which the Food and Drug Administration meekly allowed President Trump to denigrate its integrity and undermine ...</p>\n\n<a href=\"https://finance.yahoo.com/news/column-fdas-hasty-approval-alzheimers-144244083.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BIIB":"渤健公司"},"source_url":"https://finance.yahoo.com/news/column-fdas-hasty-approval-alzheimers-144244083.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2144690742","content_text":"The FDA's decision on Aduhelm sets up a healthcare spending crisis. \nFollowing a year in which the Food and Drug Administration meekly allowed President Trump to denigrate its integrity and undermine its judgment, it wasn't clear that the agency could fall even lower in public and professional esteem.\nIt's clear now. The FDA's widely criticized decision on June 7 to approve the new Alzheimer's drug Aduhelm despite a nearly complete absence of evidence that it works is looking worse and worse with every day that passes.\nThe latest data point underscoring the disastrous consequences of the FDA approval is related to the sky-high average price of $56,000 a year for the drug set by its U.S. manufacturer, Biogen.\n\n The limited evidence for the efficacy of Aduhelm raises the question of whether its large impact on health spending is justified.\n\nAltarum consultants\nAccording to a report by the nonprofit healthcare consulting organization Altarum, if the drug is prescribed for only 1 million patients a year — the low end of Biogen's marketing expectations — by the mid-2020s it will account for more than 1% of all national health spending. In 2025, for instance, when total spending is expected to reach abut $5.3 trillion, $57 billion of that will be spent on Aduhelm.\nThe drug will increase all prescription drug spending by 8% and non-retail drug spending — that is, for drugs that have to be administered in hospitals or doctors' offices — by 25%. If the patient caseload doubles, so will those figures. And the FDA's approval would allow Aduhelm to be prescribed for any of the nation's Alzheimer's patients, who currently number more than 6 million.\nThat will impose higher costs on 56 million Americans enrolled in Medicare Part B even if they don't suffer from Alzheimer's, the Kaiser Family Foundation observes. That's because Medicare is required by law to cover all prescription medicines approved by the FDA. Part B premiums rise with Medicare's expenses, so the higher spending on Adulhelm will hit all premium payers in the pocketbook.\nIf 1 million Part B members take Aduhelm, the program's 80% share of the drug's cost would come to nearly $45 billion, or well more than the $37 billion Medicare paid for all Part B drugs in 2019.\nMany Medicare patients taking the drug will be hard-pressed to afford it, KFF notes. Their 20%, uncapped share of Part B drug and services costs would mean an average bill of $11,200 per year for the drug. That's almost 40% of the $29,650 median income of Medicare Part B members.\nIt gets worse. Altarum's estimates don't encompass the ancillary costs that will be associated with taking Aduhelm. Because the clinical trials revealed that about 30% of patients receiving a high dose of the drug experienced brain swelling, patients will have to undergo regular MRI tests to watch out for this dangerous side effect. They'll have to pay their share of that, too.\nThis isn't the first time that a new drug has threatened to break the national healthcare bank. The best comparison may be the hepatitis-C drugs Sovaldi and Harvoni, which were priced by their developer, Gilead, at $84,000 and nearly $100,000 per year, respectively.\nThose drugs drove annual growth in retail prescription spending from 2.2% in 2013 to 13.5% in 2014, after their introduction, Altarum says.\nBut there are differences. Sovaldi and Harvoni cured more than 90% of hepatitis-C patients after a single round of treatment, so the spending on any patient lasted less than a year; measuring their cost against the cost of treating hepatitis-C patients indefinitely made the cost-benefit balance obvious. Indeed, by 2016, when most patients had been treated, the prescription growth rate fell back to 1.7%,\nBut Aduhelm is neither a cure nor a one-time treatment. \"Aduhelm is to be administered repeatedly throughout the patient’s lifetime or until the patient and his or her physician elect to discontinue treatment,\" Altarum explains. \"The resultant growth in spending will therefore be sustained for the foreseeable future.\"\nThe organization's bottom line: \"The limited evidence for the efficacy of Aduhelm raises the question of whether its large impact on health spending is justified.\"\nAs bad as the FDA's decision is looking today, it didn't start out as a widely praised action, either. As we reported last week, one member of the FDA scientific advisory committee that had examined results from the drug's clinical trials pronounced the action \"probably the worst drug approval decision in recent U.S. history” in a letter resigning from the committee.\nThe 11-member committee had advised almost unanimously against the approval. Two other members also resigned after the FDA ignored the panel's recommendation.\nAlzheimer's specialists are concerned about the FDA decision for more than financial reasons. They fear that the existence of a drug with the FDA's imprimatur, as questionable as it is, will interfere with efforts to develop and test other treatments that may turn out to be more promising.\nPatients may be reluctant to enroll in trials of alternative drugs instead of taking Aduhelm, for example. And researchers trying to recruit trial subjects will have to reject anyone who has been treated with Aduhelm, because it will be difficult, if not impossible, to determine whether a given result is due to Aduhelm or the new drug.\nThe longest-lasting effect, however, may be on the FDA's reputation for imposing rigorous safety and efficacy standards. The pharmaceutical industry has long groused about the agency's painstaking approval process, even though it has given the American drug market an image as the safest in the world.\nThe drugmakers have consistently pushed for faster approvals and the acceptance of ever more sketchy evidence from clinical trials.\nAaron S. Kesselheim, the Harvard professor who delivered that damning judgment about the FDA approval before resigning from its advisory panel, has called for the creation of a new agency to oversee drug approvals, presumably inoculated from pressure from Big Pharma.\nThe FDA's approval of a high-priced, apparently low-value drug that will yield billions of dollars in profits for its manufacturer may even spur Congress finally to take America's drug-price crisis in hand and find a solution. That could be the silver lining around the cloud of the FDA's action.\nBut it will be a shame that an agency that reigned as a bulwark against unsafe and ineffective drugs since its founding in 1906 had to fall so low to achieve that goal.\nThis story originally appeared in Los Angeles Times.","news_type":1,"symbols_score_info":{"BIIB":0.9}},"isVote":1,"tweetType":1,"viewCount":333,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168134424,"gmtCreate":1623963258668,"gmtModify":1634025252881,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569706111463394","idStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/168134424","repostId":"1108846547","repostType":4,"repost":{"id":"1108846547","kind":"news","pubTimestamp":1623943021,"share":"https://www.laohu8.com/m/news/1108846547?lang=&edition=full","pubTime":"2021-06-17 23:17","market":"us","language":"en","title":"Why Bankers Just Complicated El Salvador’s Bitcoin Plan","url":"https://stock-news.laohu8.com/highlight/detail?id=1108846547","media":"investorplace","summary":"The price ofBitcoin(CCC:BTC-USD) slipped to below $39,000 on Thursday after the World Bank refused E","content":"<p>The price of<b>Bitcoin</b>(CCC:<b><u>BTC-USD</u></b>) slipped to below $39,000 on Thursday after the World Bank refused El Salvador’s request to help with the implementation of the cryptocurrency as a legal tender. The value of BTC has depreciated about 0.4% in the last 24 hours.</p>\n<p>Last week, the Latin American country’s president, Nayib Bukele, tweeted a reveal of his El Salvador Bitcoin plan :</p>\n<p>He deflected concerns about the cryptocurrency’s environmental impact with another tweet that indicated the country would use clean energy for mining:</p>\n<blockquote>\n “Our engineers just informed me that they dug a new well, that will provide approximately 95MW of 100% clean, 0 emissions geothermal energy from our volcanosStarting to design a full#Bitcoinmining hub around it.”\n</blockquote>\n<p>Yet that wasn’t enough to prevent theWorld Bank crypto kibosh. The lender said it could not assist El Salvador’s Bitcoin plan due to the environmental impact of mining and transparency challenges. “We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes,” a spokesperson for the international lender told<i>Reuters</i>.</p>\n<p>“While the government did approach us for assistance on Bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings.”</p>\n<p>El Salvador Bitcoin Plan Would Be a First</p>\n<p>El Salvador is looking to offermore financial freedomto citizens who might not have access to traditional financial services. That makes sense as&nbsp;only 30% of citizens have access to such services. Folks there won’t have to use a government wallet to hold BTC. And while all businesses will have to accept Bitcoin, they won’t necessarily have to hold onto it.</p>\n<p>What else is inthe El Salvador Bitcoin plan, which makes the country the first in the world to accept the cryptocurrency as legal tender?</p>\n<ul>\n <li>The government is setting up a fund that will allow businesses to exchange BTC for U.S. dollars.</li>\n <li>This fund will hold $150 million and will regularly sell Bitcoin to replenish its resources.</li>\n <li>In addition to all of this, Bukele also revealed that investing in the economy of El Salvador can grant a person citizenship.</li>\n <li>He said that anyone that invests 3 BTC, or about $117,0000 as of this writing, into the economy will obtain citizenship in the country.</li>\n</ul>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Bankers Just Complicated El Salvador’s Bitcoin Plan</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Bankers Just Complicated El Salvador’s Bitcoin Plan\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-17 23:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2021/06/world-bank-crypto-news-why-bankers-just-complicated-el-salvadors-bitcoin-plan/><strong>investorplace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The price ofBitcoin(CCC:BTC-USD) slipped to below $39,000 on Thursday after the World Bank refused El Salvador’s request to help with the implementation of the cryptocurrency as a legal tender. The ...</p>\n\n<a href=\"https://investorplace.com/2021/06/world-bank-crypto-news-why-bankers-just-complicated-el-salvadors-bitcoin-plan/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust ETF"},"source_url":"https://investorplace.com/2021/06/world-bank-crypto-news-why-bankers-just-complicated-el-salvadors-bitcoin-plan/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108846547","content_text":"The price ofBitcoin(CCC:BTC-USD) slipped to below $39,000 on Thursday after the World Bank refused El Salvador’s request to help with the implementation of the cryptocurrency as a legal tender. The value of BTC has depreciated about 0.4% in the last 24 hours.\nLast week, the Latin American country’s president, Nayib Bukele, tweeted a reveal of his El Salvador Bitcoin plan :\nHe deflected concerns about the cryptocurrency’s environmental impact with another tweet that indicated the country would use clean energy for mining:\n\n “Our engineers just informed me that they dug a new well, that will provide approximately 95MW of 100% clean, 0 emissions geothermal energy from our volcanosStarting to design a full#Bitcoinmining hub around it.”\n\nYet that wasn’t enough to prevent theWorld Bank crypto kibosh. The lender said it could not assist El Salvador’s Bitcoin plan due to the environmental impact of mining and transparency challenges. “We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes,” a spokesperson for the international lender toldReuters.\n“While the government did approach us for assistance on Bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings.”\nEl Salvador Bitcoin Plan Would Be a First\nEl Salvador is looking to offermore financial freedomto citizens who might not have access to traditional financial services. That makes sense as only 30% of citizens have access to such services. Folks there won’t have to use a government wallet to hold BTC. And while all businesses will have to accept Bitcoin, they won’t necessarily have to hold onto it.\nWhat else is inthe El Salvador Bitcoin plan, which makes the country the first in the world to accept the cryptocurrency as legal tender?\n\nThe government is setting up a fund that will allow businesses to exchange BTC for U.S. dollars.\nThis fund will hold $150 million and will regularly sell Bitcoin to replenish its resources.\nIn addition to all of this, Bukele also revealed that investing in the economy of El Salvador can grant a person citizenship.\nHe said that anyone that invests 3 BTC, or about $117,0000 as of this writing, into the economy will obtain citizenship in the country.","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168341325,"gmtCreate":1623954318767,"gmtModify":1634025284061,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569706111463394","idStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168341325","repostId":"1117650695","repostType":2,"isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":172225860,"gmtCreate":1626963355251,"gmtModify":1631890913937,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569706111463394","authorIdStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/172225860","repostId":"1107511555","repostType":4,"isVote":1,"tweetType":1,"viewCount":1592,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120197500,"gmtCreate":1624312925900,"gmtModify":1631890913990,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569706111463394","authorIdStr":"3569706111463394"},"themes":[],"htmlText":"So what does it mean for the market?","listText":"So what does it mean for the market?","text":"So what does it mean for the market?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/120197500","repostId":"1146982088","repostType":4,"repost":{"id":"1146982088","kind":"news","pubTimestamp":1624259620,"share":"https://www.laohu8.com/m/news/1146982088?lang=&edition=full","pubTime":"2021-06-21 15:13","market":"us","language":"en","title":"Powell Just Launched $2 Trillion In \"Heat-Seeking Missiles\": Zoltan Explains How The Fed Started The Next Repo Crisis","url":"https://stock-news.laohu8.com/highlight/detail?id=1146982088","media":"zerohedge","summary":"Last week, amid thefire and brimstone surroundingthe market's shocked response to the Fed's unexpect","content":"<p>Last week, amid thefire and brimstone surroundingthe market's shocked response to the Fed's unexpected hawkish pivot, we noted that there were two tangible, if less noted changes: the Fed adjusted the two key \"administered\" rates, raising both the IOER and RRP rates by 5 basis points (as correctly predicted by Bank of America, JPMorgan, Wrightson, Deutsche Bank and Wells Fargo while Citi, Oxford Economics, Jefferies, Credit Suisse, Standard Chartered, BMO were wrong in predicting no rate change), in an effort to push the Effective Fed Funds rate higher and away from its imminent rendezvous with 0%.</p>\n<p><img src=\"https://static.tigerbbs.com/31e3c93e7ae558cd9f2fdb7e4a2769f1\" tg-width=\"500\" tg-height=\"377\">What does this mean? As Curvature Securities repo guru,Scott Skyrm wrote last week, \"clearly the Fed intends to move overnight rates above zero and drain the RRP&nbsp; facility of cash.\" Unfortunately, the end result would be precisely the opposite of what the Fed had wanted to achieve.</p>\n<p>But what does this really mean for overnight rates and RRP volume? As Skyrm further noted, the increase in the IOER should pull the daily fed funds rate 5 basis points higher and, in turn, put upward pressure on Repo GC. Combined with the 5 basis point increase in RRP, GC should move a solid 5 basis points higher, which it has.</p>\n<p><img src=\"https://static.tigerbbs.com/e8b99df7af1731b4bdcbcf072dcf39ce\" tg-width=\"500\" tg-height=\"272\">The problem, as Skyrm warned, is that the Fed's technical adjustment would do nothing to ease the RRP volume:</p>\n<blockquote>\n When market Repo rates were at 0% and the RRP rate was at zero, ~$500 billion went into the RRP. Well, if both market Repo rates and the RRP rate are 5 basis points higher, there's no reason to pull cash out of the RRP. For example, if GC rates moved to .05% and the RRP rate stayed at zero, investor preferences to invest at a higher rate would remove cash from the RRP.\n</blockquote>\n<p>Bottom line: with both market rates and RRP at .05%, there's really no economic incentive for cash investors to move cash to the Repo market. Or, as we summarized, \"<i>the Fed's rate change may have zero impact on the Fed's reverse repo facility, or the record half a trillion in cash parked there.\"</i></p>\n<p>In retrospect, boy was that an understatement, because just one day later the already record usage of the Fed's Reverse Repo facility spiked by a record 50%, exploding to a staggering $756 billion (it closed Friday at $747 billion) as the GSEs.</p>\n<p><img src=\"https://static.tigerbbs.com/0fba18d7808300abc3bdf4ffaa3d5fb6\" tg-width=\"500\" tg-height=\"273\">Needless to say, flooding the Fed's RRP facility and sterilizing reserves is hardly what the Fed had intended, and as Credit Suisse's own repo guru (and former NY Fed staffer) Zoltan Pozsar wrote in his post-mortem, \"<b>the re-priced RRP facility will become a problem for the banking system fast:</b><b><u>the banking system is going from being asset constrained (deposits flooding in, but nowhere to lend them but to the Fed), to being liability constrained (deposits slipping away and nowhere to replace them but in the money market</u></b><b>).\"</b></p>\n<p>What he means by that is that whereas previously the RRP rate of 0.00% did not<i>reward</i>allocation of inert, excess reserves but merely provided a place to park them, now that the Fed is providing a generous yield pick up compared to rates offered by trillions in Bills, we are about to see a sea-change in the overnight, money-market, as trillions in capital reallocate away from traditional investments and into the the Fed's RRP.</p>\n<p>In other words, as Pozsar puts it, \"the RRP facility started to sterilize reserves... with more to come.\" And just as Deutsche Bank explained why the Fed's signaling was an r* policy error, to Pozsar, the Fed<i><b>also</b></i>made a policy error - only this time with its technical rates - by steriling reserves because \"it’s one thing to raise the rate on the RRP facility when an increase was not strictly speaking necessary, and it’s another to raise it “unduly” high – as one money fund manager put it, “<b>yesterday we could not even get a basis points a year; to get endless paper at five basis points from the most trusted counterparty is a dream come true.\"</b></p>\n<p>He's right: while 0bps may have been viewed by many as too low, it was hardly catastrophic for now (Credit Suisse was one of those predicting no administered rate hike),<b>5bps is too generous</b>, according to Pozsar who warns that the new reverse repo rate<b>will upset the state of \"singularity\"</b>and \"like heat-seeking missiles, money market investors move hundreds of billions, making sharp, 90º turns hunting for even a basis point of yield at the zero bound –<b>at 5 bps, money funds have an incentive to trade out of all their Treasury bills and park cash at the RRP facility.\"</b></p>\n<p>Indeed, as shown below, bills yield less than 5 bps out to 6 months,<b>and money funds have over $2 trillion of bills.</b>They got an the incentive to sell, while others have the incentive to buy: institutions whose deposits have been “tolerated” by banks until now earning zero interest have an incentive to harvest the 0-5 bps range the bill curve has to offer. Putting your cash at a basis point in bills is better than deposits at zero.<b>So the sterilization of reserves begins, and so the o/n RRP facility turns from a largely passive tool that provided an interest rate floor to the deposits that large banks have been pushing away, into an active tool that \"sucks\" the deposits away that banks decided to retain.</b></p>\n<p><img src=\"https://static.tigerbbs.com/bf593f7b1d2d665f39384ed6a998d3bf\" tg-width=\"500\" tg-height=\"403\">To help readers visualize what is going on, the Credit Suisse strategist suggest the following \"extreme\" thought experiment: most of the “Covid-19” deposits currently with banks go into the bill market where rates are better. Money funds sell bills to institutional investors that currently keep their cash at banks, and money funds swap bills for o/n RRPs. Said (somewhat) simply, while previously the Fed provided banks with a convenient place to park reserves, it now will actively drain reserves to the point where we may end up with another 2019-style repo crisis, as most financial institutions suddenly find themsleves with<i><b>too few</b></i>intraday reserves, forcing them to use the Fed's other funding facilities (such as FX swap lines) to remain consistently solvent.</p>\n<p>This process is not overnight. It will take a few weeks to observe the fallout from the Fed's reserve sterilization.</p>\n<p>And here is why the problem is similar to the repo crisis of 2019: soon we will find that while cash-rich banks can handle the outflows,<b>some bond-heavy banks cannot.</b>As a result, Zoltan predicts that next \"we will notice that some banks (those who can<i><b>not</b></i>handle outflows) are borrowing advances from FHLBs, and cash-rich banks stop lending in the FX swap market as the RRP facility pulled reserves away from them and the Fed has to re-start the FX swap lines to offset.\"</p>\n<p>Bottom line:<i><b>whereas previously we saw Libor-OIS collapse, this key funding spread will have to widen from here, unless the Fed lowers the o/n RRP rate again back to where it was before.</b></i></p>\n<p>Or, as Zoltan summarizes, \"It’s either quantities or prices\" - indeed,<b>in 2019 the Fed chose prices over quantities, which backfired, and led to the repo crisis which ended the Fed's hiking cycle and started \"NOT QE.\"</b>While the Fed redeemed itself in February, when it expanded the usage of the RRP without making it liability-constrained as it chose quantities over prices - which worked well - last Wednesday,<b>the Fed turned “unlimited” quantities into “money for free” and started to sterilize reserves.</b></p>\n<p>Bottom line: \"we are witnessing the dealer of last resort (DoLR) learning the art of dealing, making unforced errors – if the Fed sterilizes with an overpriced o/n RRP facility, it has to be ready to add liquidity via the swap lines…\"</p>\n<p>Translation:&nbsp;<b>by paying trillions in reserves 5bps, the Fed just planted the seeds of the next liquidity crisis.</b></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Powell Just Launched $2 Trillion In \"Heat-Seeking Missiles\": Zoltan Explains How The Fed Started The Next Repo Crisis</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPowell Just Launched $2 Trillion In \"Heat-Seeking Missiles\": Zoltan Explains How The Fed Started The Next Repo Crisis\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-21 15:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/powell-just-launched-2-trillion-heat-seeking-missiles-zoltan-explains-how-fed-started-next><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last week, amid thefire and brimstone surroundingthe market's shocked response to the Fed's unexpected hawkish pivot, we noted that there were two tangible, if less noted changes: the Fed adjusted the...</p>\n\n<a href=\"https://www.zerohedge.com/markets/powell-just-launched-2-trillion-heat-seeking-missiles-zoltan-explains-how-fed-started-next\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/powell-just-launched-2-trillion-heat-seeking-missiles-zoltan-explains-how-fed-started-next","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146982088","content_text":"Last week, amid thefire and brimstone surroundingthe market's shocked response to the Fed's unexpected hawkish pivot, we noted that there were two tangible, if less noted changes: the Fed adjusted the two key \"administered\" rates, raising both the IOER and RRP rates by 5 basis points (as correctly predicted by Bank of America, JPMorgan, Wrightson, Deutsche Bank and Wells Fargo while Citi, Oxford Economics, Jefferies, Credit Suisse, Standard Chartered, BMO were wrong in predicting no rate change), in an effort to push the Effective Fed Funds rate higher and away from its imminent rendezvous with 0%.\nWhat does this mean? As Curvature Securities repo guru,Scott Skyrm wrote last week, \"clearly the Fed intends to move overnight rates above zero and drain the RRP  facility of cash.\" Unfortunately, the end result would be precisely the opposite of what the Fed had wanted to achieve.\nBut what does this really mean for overnight rates and RRP volume? As Skyrm further noted, the increase in the IOER should pull the daily fed funds rate 5 basis points higher and, in turn, put upward pressure on Repo GC. Combined with the 5 basis point increase in RRP, GC should move a solid 5 basis points higher, which it has.\nThe problem, as Skyrm warned, is that the Fed's technical adjustment would do nothing to ease the RRP volume:\n\n When market Repo rates were at 0% and the RRP rate was at zero, ~$500 billion went into the RRP. Well, if both market Repo rates and the RRP rate are 5 basis points higher, there's no reason to pull cash out of the RRP. For example, if GC rates moved to .05% and the RRP rate stayed at zero, investor preferences to invest at a higher rate would remove cash from the RRP.\n\nBottom line: with both market rates and RRP at .05%, there's really no economic incentive for cash investors to move cash to the Repo market. Or, as we summarized, \"the Fed's rate change may have zero impact on the Fed's reverse repo facility, or the record half a trillion in cash parked there.\"\nIn retrospect, boy was that an understatement, because just one day later the already record usage of the Fed's Reverse Repo facility spiked by a record 50%, exploding to a staggering $756 billion (it closed Friday at $747 billion) as the GSEs.\nNeedless to say, flooding the Fed's RRP facility and sterilizing reserves is hardly what the Fed had intended, and as Credit Suisse's own repo guru (and former NY Fed staffer) Zoltan Pozsar wrote in his post-mortem, \"the re-priced RRP facility will become a problem for the banking system fast:the banking system is going from being asset constrained (deposits flooding in, but nowhere to lend them but to the Fed), to being liability constrained (deposits slipping away and nowhere to replace them but in the money market).\"\nWhat he means by that is that whereas previously the RRP rate of 0.00% did notrewardallocation of inert, excess reserves but merely provided a place to park them, now that the Fed is providing a generous yield pick up compared to rates offered by trillions in Bills, we are about to see a sea-change in the overnight, money-market, as trillions in capital reallocate away from traditional investments and into the the Fed's RRP.\nIn other words, as Pozsar puts it, \"the RRP facility started to sterilize reserves... with more to come.\" And just as Deutsche Bank explained why the Fed's signaling was an r* policy error, to Pozsar, the Fedalsomade a policy error - only this time with its technical rates - by steriling reserves because \"it’s one thing to raise the rate on the RRP facility when an increase was not strictly speaking necessary, and it’s another to raise it “unduly” high – as one money fund manager put it, “yesterday we could not even get a basis points a year; to get endless paper at five basis points from the most trusted counterparty is a dream come true.\"\nHe's right: while 0bps may have been viewed by many as too low, it was hardly catastrophic for now (Credit Suisse was one of those predicting no administered rate hike),5bps is too generous, according to Pozsar who warns that the new reverse repo ratewill upset the state of \"singularity\"and \"like heat-seeking missiles, money market investors move hundreds of billions, making sharp, 90º turns hunting for even a basis point of yield at the zero bound –at 5 bps, money funds have an incentive to trade out of all their Treasury bills and park cash at the RRP facility.\"\nIndeed, as shown below, bills yield less than 5 bps out to 6 months,and money funds have over $2 trillion of bills.They got an the incentive to sell, while others have the incentive to buy: institutions whose deposits have been “tolerated” by banks until now earning zero interest have an incentive to harvest the 0-5 bps range the bill curve has to offer. Putting your cash at a basis point in bills is better than deposits at zero.So the sterilization of reserves begins, and so the o/n RRP facility turns from a largely passive tool that provided an interest rate floor to the deposits that large banks have been pushing away, into an active tool that \"sucks\" the deposits away that banks decided to retain.\nTo help readers visualize what is going on, the Credit Suisse strategist suggest the following \"extreme\" thought experiment: most of the “Covid-19” deposits currently with banks go into the bill market where rates are better. Money funds sell bills to institutional investors that currently keep their cash at banks, and money funds swap bills for o/n RRPs. Said (somewhat) simply, while previously the Fed provided banks with a convenient place to park reserves, it now will actively drain reserves to the point where we may end up with another 2019-style repo crisis, as most financial institutions suddenly find themsleves withtoo fewintraday reserves, forcing them to use the Fed's other funding facilities (such as FX swap lines) to remain consistently solvent.\nThis process is not overnight. It will take a few weeks to observe the fallout from the Fed's reserve sterilization.\nAnd here is why the problem is similar to the repo crisis of 2019: soon we will find that while cash-rich banks can handle the outflows,some bond-heavy banks cannot.As a result, Zoltan predicts that next \"we will notice that some banks (those who cannothandle outflows) are borrowing advances from FHLBs, and cash-rich banks stop lending in the FX swap market as the RRP facility pulled reserves away from them and the Fed has to re-start the FX swap lines to offset.\"\nBottom line:whereas previously we saw Libor-OIS collapse, this key funding spread will have to widen from here, unless the Fed lowers the o/n RRP rate again back to where it was before.\nOr, as Zoltan summarizes, \"It’s either quantities or prices\" - indeed,in 2019 the Fed chose prices over quantities, which backfired, and led to the repo crisis which ended the Fed's hiking cycle and started \"NOT QE.\"While the Fed redeemed itself in February, when it expanded the usage of the RRP without making it liability-constrained as it chose quantities over prices - which worked well - last Wednesday,the Fed turned “unlimited” quantities into “money for free” and started to sterilize reserves.\nBottom line: \"we are witnessing the dealer of last resort (DoLR) learning the art of dealing, making unforced errors – if the Fed sterilizes with an overpriced o/n RRP facility, it has to be ready to add liquidity via the swap lines…\"\nTranslation: by paying trillions in reserves 5bps, the Fed just planted the seeds of the next liquidity crisis.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":2502,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164256058,"gmtCreate":1624212227074,"gmtModify":1634009438000,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569706111463394","authorIdStr":"3569706111463394"},"themes":[],"htmlText":"Really?","listText":"Really?","text":"Really?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/164256058","repostId":"1113942445","repostType":4,"isVote":1,"tweetType":1,"viewCount":343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120194620,"gmtCreate":1624312869260,"gmtModify":1631890914004,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569706111463394","authorIdStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/120194620","repostId":"2145084835","repostType":4,"isVote":1,"tweetType":1,"viewCount":1734,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120130817,"gmtCreate":1624312977839,"gmtModify":1631890913977,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569706111463394","authorIdStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/120130817","repostId":"1127414335","repostType":4,"isVote":1,"tweetType":1,"viewCount":2226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162179181,"gmtCreate":1624051680043,"gmtModify":1634023601691,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569706111463394","authorIdStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/162179181","repostId":"1138062216","repostType":4,"isVote":1,"tweetType":1,"viewCount":720,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":876392852,"gmtCreate":1637257670819,"gmtModify":1637257670819,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569706111463394","authorIdStr":"3569706111463394"},"themes":[],"htmlText":"Baba down to double digit&nbsp;at this rate!&nbsp;[喷血]&nbsp;","listText":"Baba down to double digit&nbsp;at this rate!&nbsp;[喷血]&nbsp;","text":"Baba down to double digit at this rate! [喷血]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/876392852","repostId":"2184899191","repostType":2,"isVote":1,"tweetType":1,"viewCount":3077,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":172797856,"gmtCreate":1626993084575,"gmtModify":1631890913913,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569706111463394","authorIdStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/172797856","repostId":"1172546594","repostType":4,"repost":{"id":"1172546594","kind":"news","pubTimestamp":1626963813,"share":"https://www.laohu8.com/m/news/1172546594?lang=&edition=full","pubTime":"2021-07-22 22:23","market":"us","language":"en","title":"Biden Downplays Inflation, Predicts Businesses Will Be In 'Bind' Over Labor Shortages, Then Has Brain Freeze","url":"https://stock-news.laohu8.com/highlight/detail?id=1172546594","media":"zerohedge","summary":"President Joe Biden waved off long-term inflation concerns on Wednesday, telling aCNNtown hall in Ci","content":"<p>President Joe Biden waved off long-term inflation concerns on Wednesday, telling a<i>CNN</i>town hall in Cincinnati that it won't persist as the economy emerges from the pandemic.</p>\n<p><img src=\"https://static.tigerbbs.com/667604940c5d09d04d8141c6810c2609\" tg-width=\"500\" tg-height=\"304\" width=\"100%\" height=\"auto\"></p>\n<p>\"<b>There will be near-term inflation</b>\" because the economy is recovering, he said, adding that 'most economists' think \"it’s highly unlikely that it’s going to be long-term inflation that’s going to get out of hand.\"</p>\n<p><img src=\"https://static.tigerbbs.com/1a683ce14e2b21dab4dac41ad2dcd5ac\" tg-width=\"513\" tg-height=\"507\" width=\"100%\" height=\"auto\">He then cautioned restaurant owners and others in the hospitality sector that recovery may not be swift - telling one restaurant owner that he may be \"in a bind for a while\" because workers are seeking better wages and working conditions, according to<i>Bloomberg</i>.</p>\n<p><b>\"It really is a matter of people deciding now that they have opportunities to do other things</b>,\" he said, adding \"People are looking to make more money and to bargain.\"</p>\n<blockquote>\n <i>Inflation has become a political liability for the White House in recent weeks. The U.S. experienced the largest surge in consumer prices in more than 12 years last month, with a Labor Department gauge rising 5.4% compared to one year ago.</i>\n</blockquote>\n<blockquote>\n <i>“</i>\n <i><b>Inflation is driving the cost of everything through the roof</b></i>\n <i>,” Senate Minority Leader Mitch McConnell of Kentucky said at a news conference Wednesday opposing Democratic calls for Biden’s long-term social spending plan. -Bloomberg</i>\n</blockquote>\n<p>Republicans, meanwhile, largely blame Biden and Democrats for the labor shortages at restaurants and other low-wage businesses<b>because overly-generous pandemic stimulus has removed incentives to get back to work</b>. Biden, in response, suggests these low-margin businesses should simply pay people more - calling rising wages a \"feature' of his economic plans.</p>\n<p><img src=\"https://static.tigerbbs.com/6dd04b1d760874109565cfabae2d919e\" tg-width=\"971\" tg-height=\"559\" width=\"100%\" height=\"auto\"></p>\n<p><b>J</b><b>ob openings continue to hit record highs</b>despite elevated unemployment. According to the report, the hotel and restaurant industries had 1.25 million vacant jobs in May, up from 807,000 in February 2020.</p>\n<p>\"A lot of people who work as waiters and waitresses decided that they don’t want to do that anymore because there’s other opportunities and higher wages, because there’s a lot of openings now and jobs and people are beginning to move,\" said Biden.</p>\n<p><b>Infrastructure, Vaccinations</b></p>\n<p>Biden also expressed confidence that he can still secure the passage of a $1 trillion bipartisan infrastructure package despite GOP lawmakers blocking its first congressional vote on Wednesday - which Biden called \"irrelevant.\"</p>\n<p>\"It’s necessary, I really mean it. It’s going to not only increase job opportunities but increase commerce. It’s a good thing and I think we’re going to get it done,\" he said.</p>\n<p>As the<i>Financial Times</i>notes, \"Although US growth and job creation have jumped since Biden took office in January,<b>the economic outlook has been clouded by the resurgence of coronavirus because of the rapid spread of the contagious Delta variant as well as an unnerving rise in inflation</b>.\"</p>\n<p>Biden also pushed vaccinations, which have slowed in the United States as cases nudge higher. He said they would receive final approval from the Food and Drug Administration soon, and would be available for children under the age of 12.</p>\n<p>\"We have a pandemic for those who haven’t gotten the vaccination. It’s that basic, that simple,\" he said. \"<u><i><b>If you’re vaccinated, you’re not going to be hospitalized</b></i></u>.<i><b>You’re not going to be in an ICU unit. And you are not going to die.</b></i>\"</p>\n<p><b>Except40% of UK hospital admissionsare those who have been vaccinated, while Israel has had even higher numbers</b>, and the most vaccinated countries are experiencing<b>COVID case spikes</b>vs. the least-vaccinated. Meanwhile, over 6,000 people have<i>officially</i>died shortly after receiving the vaccine, according to the&nbsp;CDC.</p>\n<p><img src=\"https://static.tigerbbs.com/174a8c547f5a0be8e7a4018d1d646579\" tg-width=\"916\" tg-height=\"478\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/17e0835984a9d20a1a321432753ad11f\" tg-width=\"521\" tg-height=\"334\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/0d35eded3a3bfac23a186cb7feee6a80\" tg-width=\"516\" tg-height=\"648\" width=\"100%\" height=\"auto\">Biden had an<b>awkward brain freeze</b>during the vaccine Q&amp;A.</p>\n<p><img src=\"https://static.tigerbbs.com/106e46a3028532086fc49841235f2fd1\" tg-width=\"510\" tg-height=\"460\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/83ce29d43f252b5b72c5106e5d5f3652\" tg-width=\"518\" tg-height=\"552\" width=\"100%\" height=\"auto\"></p>\n<p><b>Filibuster</b></p>\n<p>Biden slammed Republican legislators over voting integrity legislation, calling them \"Jim Crow on steroids,\" however<b>he maintained his support for the legislative filibuster</b>.</p>\n<p>\"There’s no reason to protect it other than you’re going to throw the entire Congress into chaos and nothing will get done,\" adding \"Nothing at all will get done.\" He followed up by saying that there was 'too much at stake' to risk that level of 'chaos' that a filibuster fight would ignite.</p>\n<p><img src=\"https://static.tigerbbs.com/76d8c272e874c5a6f1934e8124015d02\" tg-width=\"516\" tg-height=\"641\" width=\"100%\" height=\"auto\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Biden Downplays Inflation, Predicts Businesses Will Be In 'Bind' Over Labor Shortages, Then Has Brain Freeze</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBiden Downplays Inflation, Predicts Businesses Will Be In 'Bind' Over Labor Shortages, Then Has Brain Freeze\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-22 22:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/political/biden-downplays-inflation-predicts-businesses-will-be-bind-over-persistent-labor><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>President Joe Biden waved off long-term inflation concerns on Wednesday, telling aCNNtown hall in Cincinnati that it won't persist as the economy emerges from the pandemic.\n\n\"There will be near-term ...</p>\n\n<a href=\"https://www.zerohedge.com/political/biden-downplays-inflation-predicts-businesses-will-be-bind-over-persistent-labor\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/political/biden-downplays-inflation-predicts-businesses-will-be-bind-over-persistent-labor","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172546594","content_text":"President Joe Biden waved off long-term inflation concerns on Wednesday, telling aCNNtown hall in Cincinnati that it won't persist as the economy emerges from the pandemic.\n\n\"There will be near-term inflation\" because the economy is recovering, he said, adding that 'most economists' think \"it’s highly unlikely that it’s going to be long-term inflation that’s going to get out of hand.\"\nHe then cautioned restaurant owners and others in the hospitality sector that recovery may not be swift - telling one restaurant owner that he may be \"in a bind for a while\" because workers are seeking better wages and working conditions, according toBloomberg.\n\"It really is a matter of people deciding now that they have opportunities to do other things,\" he said, adding \"People are looking to make more money and to bargain.\"\n\nInflation has become a political liability for the White House in recent weeks. The U.S. experienced the largest surge in consumer prices in more than 12 years last month, with a Labor Department gauge rising 5.4% compared to one year ago.\n\n\n“\nInflation is driving the cost of everything through the roof\n,” Senate Minority Leader Mitch McConnell of Kentucky said at a news conference Wednesday opposing Democratic calls for Biden’s long-term social spending plan. -Bloomberg\n\nRepublicans, meanwhile, largely blame Biden and Democrats for the labor shortages at restaurants and other low-wage businessesbecause overly-generous pandemic stimulus has removed incentives to get back to work. Biden, in response, suggests these low-margin businesses should simply pay people more - calling rising wages a \"feature' of his economic plans.\n\nJob openings continue to hit record highsdespite elevated unemployment. According to the report, the hotel and restaurant industries had 1.25 million vacant jobs in May, up from 807,000 in February 2020.\n\"A lot of people who work as waiters and waitresses decided that they don’t want to do that anymore because there’s other opportunities and higher wages, because there’s a lot of openings now and jobs and people are beginning to move,\" said Biden.\nInfrastructure, Vaccinations\nBiden also expressed confidence that he can still secure the passage of a $1 trillion bipartisan infrastructure package despite GOP lawmakers blocking its first congressional vote on Wednesday - which Biden called \"irrelevant.\"\n\"It’s necessary, I really mean it. It’s going to not only increase job opportunities but increase commerce. It’s a good thing and I think we’re going to get it done,\" he said.\nAs theFinancial Timesnotes, \"Although US growth and job creation have jumped since Biden took office in January,the economic outlook has been clouded by the resurgence of coronavirus because of the rapid spread of the contagious Delta variant as well as an unnerving rise in inflation.\"\nBiden also pushed vaccinations, which have slowed in the United States as cases nudge higher. He said they would receive final approval from the Food and Drug Administration soon, and would be available for children under the age of 12.\n\"We have a pandemic for those who haven’t gotten the vaccination. It’s that basic, that simple,\" he said. \"If you’re vaccinated, you’re not going to be hospitalized.You’re not going to be in an ICU unit. And you are not going to die.\"\nExcept40% of UK hospital admissionsare those who have been vaccinated, while Israel has had even higher numbers, and the most vaccinated countries are experiencingCOVID case spikesvs. the least-vaccinated. Meanwhile, over 6,000 people haveofficiallydied shortly after receiving the vaccine, according to the CDC.\nBiden had anawkward brain freezeduring the vaccine Q&A.\n\nFilibuster\nBiden slammed Republican legislators over voting integrity legislation, calling them \"Jim Crow on steroids,\" howeverhe maintained his support for the legislative filibuster.\n\"There’s no reason to protect it other than you’re going to throw the entire Congress into chaos and nothing will get done,\" adding \"Nothing at all will get done.\" He followed up by saying that there was 'too much at stake' to risk that level of 'chaos' that a filibuster fight would ignite.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":2171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172224168,"gmtCreate":1626963386754,"gmtModify":1631890913924,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569706111463394","authorIdStr":"3569706111463394"},"themes":[],"htmlText":"Please like. Thanks","listText":"Please like. Thanks","text":"Please like. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/172224168","repostId":"1110204064","repostType":4,"repost":{"id":"1110204064","kind":"news","pubTimestamp":1626960065,"share":"https://www.laohu8.com/m/news/1110204064?lang=&edition=full","pubTime":"2021-07-22 21:21","market":"us","language":"en","title":"Startup Claims Breakthrough in Long-Duration Batteries","url":"https://stock-news.laohu8.com/highlight/detail?id=1110204064","media":"The Wall Street Journal","summary":"Form Energy’s iron-air batteries could have big ramifications for storing electricity on the power g","content":"<blockquote>\n <b>Form Energy’s iron-air batteries could have big ramifications for storing electricity on the power grid.</b>\n</blockquote>\n<p>A four-year-old startup says it has built an inexpensive battery that can discharge power for days using one of the most common elements on Earth: iron.</p>\n<p>Form Energy Inc.’s batteries are far too heavy for electric cars. But it says they will be capable of solving one of the most elusive problems facing renewable energy: cheaply storing large amounts of electricity to power grids when the sun isn’t shining and wind isn’t blowing.</p>\n<p>The work of the Somerville, Mass., company has long been shrouded in secrecy and nondisclosure agreements. It recently shared its progress with The Wall Street Journal, saying it wants to make regulators and utilities aware that if all continues to go according to plan, its iron-air batteries will be capable of affordable, long-duration power storage by 2025.</p>\n<p>Its backers include Breakthrough Energy Ventures, a climate investment fund whose investors include Microsoft Corp. co-founder Bill Gates and Amazon.com Inc. founderJeff Bezos. Form recently initiated a $200 million funding round, led by a strategic investment from steelmaking giantArcelorMittalSA,MT4.27%one of the world’s leading iron-ore producers.</p>\n<p>Form is preparing to soon be in production of the “kind of battery you need to fully retire thermal assets like coal andnatural gas” power plants, said the company’s chief executive, Mateo Jaramillo, who developed Tesla Inc.’s Powerwall battery and worked on some of its earliest automotive powertrains.</p>\n<p>On a recent tour of Form’s windowless laboratory, Mr. Jaramillo gestured to barrels filled with low-cost iron pellets as its key advantage in therapidly evolving battery space. Its prototype battery, nicknamed Big Jim, is filled with 18,000 pebble-size gray pieces of iron, an abundant, nontoxic and nonflammable mineral.</p>\n<p>For alithium-ion battery cell, the workhorse of electric vehicles and today’s grid-scale batteries, the nickel, cobalt, lithium and manganese minerals used currently cost between $50 and $80 per kilowatt-hour of storage, according to analysts.</p>\n<p>Using iron, Form believes it will spend less than $6 per kilowatt-hour of storage on materials for each cell. Packaging the cells together into a full battery system will raise the price to less than $20 per kilowatt-hour, a level at which academics have said renewables plus storage could fully replace traditional fossil-fuel-burning power plants.</p>\n<p>A battery capable of cheaply discharging power for days has been a holy grail in the energy industry, due to the problem that it solves and the potential market it creates.</p>\n<p>Regulators and power companies are under growing pressure to deliver affordable, reliable and carbon-free electricity, as countries world-wide seek to reduce the greenhouse-gas emissions linked to climate change. Most electricity generation delivers two out of three. A long-duration battery could enable renewable energy—wind and solar—to deliver all three.</p>\n<p>The Biden administration is pushing for a carbon-free power grid in the U.S. by 2035, and several states and electric utilities have similar pledges. There is widespread agreement that a combination of wind, solar, geothermal and nuclear power mixed with short-duration lithium-ion batteries can generate 80% of electricity. The final 20% will require some type of multiday storage.</p>\n<p>“That first 80% we know the technology pathway, and it is already cost competitive,” said Jeremiah Baumann, deputy chief of staff at the Energy Department. “We have a good sense of the technology for the final piece. The real question is which technology is going to get its cost down and get into the marketplace.”</p>\n<p>Form’s battery will compete with numerous other approaches in what is becoming a crowded space, as an array of startups race to develop more advanced, cost-effective energy-storage techniques.</p>\n<p>Several companies are heading to market with different battery configurations, such as solid-state designs. Some think pumped water storage or compressed air can be used more widely to bank energy. The European Union is pushing the use of hydrogen to store and generate power.</p>\n<p>Others, meanwhile, are focusing on carbon-capture technology to make gas- and coal-fired power plants emission-free, which would reduce the need for storing energy.</p>\n<p>Form Energy’s iron-air battery breathes in oxygen and converts iron to rust, then turns the rust back into iron and breathes out oxygen, discharging and charging the battery in the process.</p>\n<p>“There is a Cambrian explosion of new storage technologies and in a Darwinian sense, they are not all going to survive. But the prize is huge both for investors and for society,” says Ramez Naam, a clean-energy investor who isn’t involved with Form Energy.</p>\n<p>Previous high-profile effortsto develop better batterieshave arced from hope and hype to bankruptcy. But since Form was created in 2017, it has attracted speculation and intrigue within the industry due to the track records of its founders. They include Mr. Jaramillo and Yet-Ming Chiang, a professor at the Massachusetts Institute of Technology who co-founded A123 Systems Inc., a lithium-battery pioneer.</p>\n<p>Mr. Jaramillo earned degrees in economics and a master’s degree from the Yale Divinity School before switching to a career developing new batteries. After more than seven years at Tesla, he left in 2016 to pursue what he called “The Next Thing” on his LinkedIn page. He didn’t provide any details, but he wanted to build an inexpensive battery for the grid. He was close to signing a funding sheet for a new company when Mr. Chiang called him.</p>\n<p>Mr. Chiang arrived at MIT as an undergraduate and joined the faculty less than a decade later. He started working on a long-duration battery in 2012 as part of a Energy Department collaboration. In 2017, he was also working on long-duration batteries and he and Mr. Jaramillo decided to together create Form Energy.</p>\n<p>They recruited other battery-industry veterans. “The founding team has 100 years of battery experience,” says Mr. Chiang. “We’re the alumni of a generation of failed battery companies who all came back for more.”</p>\n<p>In early 2018, they began small-scale tests, the Ph.D. material scientist’s version of a middle-school science fair’s potato battery, using small pieces of metal wrapped in hardware-store hose clamps at the bottom of translucent measuring cups. Form tested different configurations: sulfur-iron, sulfur-air, sulfur-manganese and iron-air. By the end of the year, iron-air looked the most promising.</p>\n<p>In 2020, as work was moving quickly, Form caught a break. It needed a critical battery component called a cathode that was impermeable to water but breathed oxygen, like a Gore-Tex jacket. An Arizona battery company, NantEnergy Inc., had spent a decade building such a membrane for a zinc-air battery. Owner Patrick Soon-Shiong, a billionaire biotechnology entrepreneur who owns the Los Angeles Times, wound down operations last year to focus on other investments.</p>\n<p>Form bought its patents as well as its inventory of thousands of cathodes, which sit in cardboard boxes in a corner of the company’s building. “Having this piece nailed down allowed us to hit the accelerator,” said Mr. Jaramillo.</p>\n<p>Late last summer, Form built a one-meter-tall (roughly 3.3-foot-tall) battery it called Slim Jim because it had the dimensions of a trash can of the same name. Earlier this year, it built Big Jim, a full-scale one-meter-by-one-meter battery cell. If it works as expected, 20 of these cells will be grouped in a battery. Thousands of these batteries will be strung together, filling entire warehouses and storing weeks’ worth of electricity. It could take days to fully charge these battery systems, but the batteries can discharge electricity for 150 hours at a stretch.</p>\n<p>In 2023, Form plans to deploy a one-megawatt battery capable of discharging continuously for more than six days and says it is in talks with several utilities about battery deployments.</p>\n<p>Mr. Chiang, who is the company’s chief science officer, said the challenge was to figure out how to make a battery using iron, air and a water-based electrolyte.</p>\n<p>“Chefs will tell you it is harder to make an excellent dish with common ingredients,” he said.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Startup Claims Breakthrough in Long-Duration Batteries</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStartup Claims Breakthrough in Long-Duration Batteries\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-22 21:21 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/startup-claims-breakthrough-in-long-duration-batteries-11626946330?mod=hp_lead_pos7><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Form Energy’s iron-air batteries could have big ramifications for storing electricity on the power grid.\n\nA four-year-old startup says it has built an inexpensive battery that can discharge power for ...</p>\n\n<a href=\"https://www.wsj.com/articles/startup-claims-breakthrough-in-long-duration-batteries-11626946330?mod=hp_lead_pos7\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/startup-claims-breakthrough-in-long-duration-batteries-11626946330?mod=hp_lead_pos7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110204064","content_text":"Form Energy’s iron-air batteries could have big ramifications for storing electricity on the power grid.\n\nA four-year-old startup says it has built an inexpensive battery that can discharge power for days using one of the most common elements on Earth: iron.\nForm Energy Inc.’s batteries are far too heavy for electric cars. But it says they will be capable of solving one of the most elusive problems facing renewable energy: cheaply storing large amounts of electricity to power grids when the sun isn’t shining and wind isn’t blowing.\nThe work of the Somerville, Mass., company has long been shrouded in secrecy and nondisclosure agreements. It recently shared its progress with The Wall Street Journal, saying it wants to make regulators and utilities aware that if all continues to go according to plan, its iron-air batteries will be capable of affordable, long-duration power storage by 2025.\nIts backers include Breakthrough Energy Ventures, a climate investment fund whose investors include Microsoft Corp. co-founder Bill Gates and Amazon.com Inc. founderJeff Bezos. Form recently initiated a $200 million funding round, led by a strategic investment from steelmaking giantArcelorMittalSA,MT4.27%one of the world’s leading iron-ore producers.\nForm is preparing to soon be in production of the “kind of battery you need to fully retire thermal assets like coal andnatural gas” power plants, said the company’s chief executive, Mateo Jaramillo, who developed Tesla Inc.’s Powerwall battery and worked on some of its earliest automotive powertrains.\nOn a recent tour of Form’s windowless laboratory, Mr. Jaramillo gestured to barrels filled with low-cost iron pellets as its key advantage in therapidly evolving battery space. Its prototype battery, nicknamed Big Jim, is filled with 18,000 pebble-size gray pieces of iron, an abundant, nontoxic and nonflammable mineral.\nFor alithium-ion battery cell, the workhorse of electric vehicles and today’s grid-scale batteries, the nickel, cobalt, lithium and manganese minerals used currently cost between $50 and $80 per kilowatt-hour of storage, according to analysts.\nUsing iron, Form believes it will spend less than $6 per kilowatt-hour of storage on materials for each cell. Packaging the cells together into a full battery system will raise the price to less than $20 per kilowatt-hour, a level at which academics have said renewables plus storage could fully replace traditional fossil-fuel-burning power plants.\nA battery capable of cheaply discharging power for days has been a holy grail in the energy industry, due to the problem that it solves and the potential market it creates.\nRegulators and power companies are under growing pressure to deliver affordable, reliable and carbon-free electricity, as countries world-wide seek to reduce the greenhouse-gas emissions linked to climate change. Most electricity generation delivers two out of three. A long-duration battery could enable renewable energy—wind and solar—to deliver all three.\nThe Biden administration is pushing for a carbon-free power grid in the U.S. by 2035, and several states and electric utilities have similar pledges. There is widespread agreement that a combination of wind, solar, geothermal and nuclear power mixed with short-duration lithium-ion batteries can generate 80% of electricity. The final 20% will require some type of multiday storage.\n“That first 80% we know the technology pathway, and it is already cost competitive,” said Jeremiah Baumann, deputy chief of staff at the Energy Department. “We have a good sense of the technology for the final piece. The real question is which technology is going to get its cost down and get into the marketplace.”\nForm’s battery will compete with numerous other approaches in what is becoming a crowded space, as an array of startups race to develop more advanced, cost-effective energy-storage techniques.\nSeveral companies are heading to market with different battery configurations, such as solid-state designs. Some think pumped water storage or compressed air can be used more widely to bank energy. The European Union is pushing the use of hydrogen to store and generate power.\nOthers, meanwhile, are focusing on carbon-capture technology to make gas- and coal-fired power plants emission-free, which would reduce the need for storing energy.\nForm Energy’s iron-air battery breathes in oxygen and converts iron to rust, then turns the rust back into iron and breathes out oxygen, discharging and charging the battery in the process.\n“There is a Cambrian explosion of new storage technologies and in a Darwinian sense, they are not all going to survive. But the prize is huge both for investors and for society,” says Ramez Naam, a clean-energy investor who isn’t involved with Form Energy.\nPrevious high-profile effortsto develop better batterieshave arced from hope and hype to bankruptcy. But since Form was created in 2017, it has attracted speculation and intrigue within the industry due to the track records of its founders. They include Mr. Jaramillo and Yet-Ming Chiang, a professor at the Massachusetts Institute of Technology who co-founded A123 Systems Inc., a lithium-battery pioneer.\nMr. Jaramillo earned degrees in economics and a master’s degree from the Yale Divinity School before switching to a career developing new batteries. After more than seven years at Tesla, he left in 2016 to pursue what he called “The Next Thing” on his LinkedIn page. He didn’t provide any details, but he wanted to build an inexpensive battery for the grid. He was close to signing a funding sheet for a new company when Mr. Chiang called him.\nMr. Chiang arrived at MIT as an undergraduate and joined the faculty less than a decade later. He started working on a long-duration battery in 2012 as part of a Energy Department collaboration. In 2017, he was also working on long-duration batteries and he and Mr. Jaramillo decided to together create Form Energy.\nThey recruited other battery-industry veterans. “The founding team has 100 years of battery experience,” says Mr. Chiang. “We’re the alumni of a generation of failed battery companies who all came back for more.”\nIn early 2018, they began small-scale tests, the Ph.D. material scientist’s version of a middle-school science fair’s potato battery, using small pieces of metal wrapped in hardware-store hose clamps at the bottom of translucent measuring cups. Form tested different configurations: sulfur-iron, sulfur-air, sulfur-manganese and iron-air. By the end of the year, iron-air looked the most promising.\nIn 2020, as work was moving quickly, Form caught a break. It needed a critical battery component called a cathode that was impermeable to water but breathed oxygen, like a Gore-Tex jacket. An Arizona battery company, NantEnergy Inc., had spent a decade building such a membrane for a zinc-air battery. Owner Patrick Soon-Shiong, a billionaire biotechnology entrepreneur who owns the Los Angeles Times, wound down operations last year to focus on other investments.\nForm bought its patents as well as its inventory of thousands of cathodes, which sit in cardboard boxes in a corner of the company’s building. “Having this piece nailed down allowed us to hit the accelerator,” said Mr. Jaramillo.\nLate last summer, Form built a one-meter-tall (roughly 3.3-foot-tall) battery it called Slim Jim because it had the dimensions of a trash can of the same name. Earlier this year, it built Big Jim, a full-scale one-meter-by-one-meter battery cell. If it works as expected, 20 of these cells will be grouped in a battery. Thousands of these batteries will be strung together, filling entire warehouses and storing weeks’ worth of electricity. It could take days to fully charge these battery systems, but the batteries can discharge electricity for 150 hours at a stretch.\nIn 2023, Form plans to deploy a one-megawatt battery capable of discharging continuously for more than six days and says it is in talks with several utilities about battery deployments.\nMr. Chiang, who is the company’s chief science officer, said the challenge was to figure out how to make a battery using iron, air and a water-based electrolyte.\n“Chefs will tell you it is harder to make an excellent dish with common ingredients,” he said.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1410,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120139593,"gmtCreate":1624313071212,"gmtModify":1631890913950,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569706111463394","authorIdStr":"3569706111463394"},"themes":[],"htmlText":"Oh dear","listText":"Oh dear","text":"Oh dear","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/120139593","repostId":"1155858890","repostType":4,"isVote":1,"tweetType":1,"viewCount":2097,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120130217,"gmtCreate":1624312998939,"gmtModify":1631890913965,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569706111463394","authorIdStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/120130217","repostId":"1186997776","repostType":4,"isVote":1,"tweetType":1,"viewCount":2100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185586088,"gmtCreate":1623660219544,"gmtModify":1634030524796,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569706111463394","authorIdStr":"3569706111463394"},"themes":[],"htmlText":"Never stops!","listText":"Never stops!","text":"Never stops!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/185586088","repostId":"1149751729","repostType":4,"isVote":1,"tweetType":1,"viewCount":270,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168134424,"gmtCreate":1623963258668,"gmtModify":1634025252881,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569706111463394","authorIdStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/168134424","repostId":"1108846547","repostType":4,"repost":{"id":"1108846547","kind":"news","pubTimestamp":1623943021,"share":"https://www.laohu8.com/m/news/1108846547?lang=&edition=full","pubTime":"2021-06-17 23:17","market":"us","language":"en","title":"Why Bankers Just Complicated El Salvador’s Bitcoin Plan","url":"https://stock-news.laohu8.com/highlight/detail?id=1108846547","media":"investorplace","summary":"The price ofBitcoin(CCC:BTC-USD) slipped to below $39,000 on Thursday after the World Bank refused E","content":"<p>The price of<b>Bitcoin</b>(CCC:<b><u>BTC-USD</u></b>) slipped to below $39,000 on Thursday after the World Bank refused El Salvador’s request to help with the implementation of the cryptocurrency as a legal tender. The value of BTC has depreciated about 0.4% in the last 24 hours.</p>\n<p>Last week, the Latin American country’s president, Nayib Bukele, tweeted a reveal of his El Salvador Bitcoin plan :</p>\n<p>He deflected concerns about the cryptocurrency’s environmental impact with another tweet that indicated the country would use clean energy for mining:</p>\n<blockquote>\n “Our engineers just informed me that they dug a new well, that will provide approximately 95MW of 100% clean, 0 emissions geothermal energy from our volcanosStarting to design a full#Bitcoinmining hub around it.”\n</blockquote>\n<p>Yet that wasn’t enough to prevent theWorld Bank crypto kibosh. The lender said it could not assist El Salvador’s Bitcoin plan due to the environmental impact of mining and transparency challenges. “We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes,” a spokesperson for the international lender told<i>Reuters</i>.</p>\n<p>“While the government did approach us for assistance on Bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings.”</p>\n<p>El Salvador Bitcoin Plan Would Be a First</p>\n<p>El Salvador is looking to offermore financial freedomto citizens who might not have access to traditional financial services. That makes sense as&nbsp;only 30% of citizens have access to such services. Folks there won’t have to use a government wallet to hold BTC. And while all businesses will have to accept Bitcoin, they won’t necessarily have to hold onto it.</p>\n<p>What else is inthe El Salvador Bitcoin plan, which makes the country the first in the world to accept the cryptocurrency as legal tender?</p>\n<ul>\n <li>The government is setting up a fund that will allow businesses to exchange BTC for U.S. dollars.</li>\n <li>This fund will hold $150 million and will regularly sell Bitcoin to replenish its resources.</li>\n <li>In addition to all of this, Bukele also revealed that investing in the economy of El Salvador can grant a person citizenship.</li>\n <li>He said that anyone that invests 3 BTC, or about $117,0000 as of this writing, into the economy will obtain citizenship in the country.</li>\n</ul>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Bankers Just Complicated El Salvador’s Bitcoin Plan</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Bankers Just Complicated El Salvador’s Bitcoin Plan\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-17 23:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2021/06/world-bank-crypto-news-why-bankers-just-complicated-el-salvadors-bitcoin-plan/><strong>investorplace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The price ofBitcoin(CCC:BTC-USD) slipped to below $39,000 on Thursday after the World Bank refused El Salvador’s request to help with the implementation of the cryptocurrency as a legal tender. The ...</p>\n\n<a href=\"https://investorplace.com/2021/06/world-bank-crypto-news-why-bankers-just-complicated-el-salvadors-bitcoin-plan/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust ETF"},"source_url":"https://investorplace.com/2021/06/world-bank-crypto-news-why-bankers-just-complicated-el-salvadors-bitcoin-plan/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108846547","content_text":"The price ofBitcoin(CCC:BTC-USD) slipped to below $39,000 on Thursday after the World Bank refused El Salvador’s request to help with the implementation of the cryptocurrency as a legal tender. The value of BTC has depreciated about 0.4% in the last 24 hours.\nLast week, the Latin American country’s president, Nayib Bukele, tweeted a reveal of his El Salvador Bitcoin plan :\nHe deflected concerns about the cryptocurrency’s environmental impact with another tweet that indicated the country would use clean energy for mining:\n\n “Our engineers just informed me that they dug a new well, that will provide approximately 95MW of 100% clean, 0 emissions geothermal energy from our volcanosStarting to design a full#Bitcoinmining hub around it.”\n\nYet that wasn’t enough to prevent theWorld Bank crypto kibosh. The lender said it could not assist El Salvador’s Bitcoin plan due to the environmental impact of mining and transparency challenges. “We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes,” a spokesperson for the international lender toldReuters.\n“While the government did approach us for assistance on Bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings.”\nEl Salvador Bitcoin Plan Would Be a First\nEl Salvador is looking to offermore financial freedomto citizens who might not have access to traditional financial services. That makes sense as only 30% of citizens have access to such services. Folks there won’t have to use a government wallet to hold BTC. And while all businesses will have to accept Bitcoin, they won’t necessarily have to hold onto it.\nWhat else is inthe El Salvador Bitcoin plan, which makes the country the first in the world to accept the cryptocurrency as legal tender?\n\nThe government is setting up a fund that will allow businesses to exchange BTC for U.S. dollars.\nThis fund will hold $150 million and will regularly sell Bitcoin to replenish its resources.\nIn addition to all of this, Bukele also revealed that investing in the economy of El Salvador can grant a person citizenship.\nHe said that anyone that invests 3 BTC, or about $117,0000 as of this writing, into the economy will obtain citizenship in the country.","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168341325,"gmtCreate":1623954318767,"gmtModify":1634025284061,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569706111463394","authorIdStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168341325","repostId":"1117650695","repostType":2,"isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160947690,"gmtCreate":1623770764910,"gmtModify":1634028523449,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569706111463394","authorIdStr":"3569706111463394"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/160947690","repostId":"1191245053","repostType":4,"repost":{"id":"1191245053","kind":"news","pubTimestamp":1623762167,"share":"https://www.laohu8.com/m/news/1191245053?lang=&edition=full","pubTime":"2021-06-15 21:02","market":"us","language":"en","title":"Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets","url":"https://stock-news.laohu8.com/highlight/detail?id=1191245053","media":"zerohedge","summary":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers .So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fis","content":"<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").</p>\n<p>So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,<b>there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.</b></p>\n<p><img src=\"https://static.tigerbbs.com/0d1ece116794c7f6523250fd682450e3\" tg-width=\"959\" tg-height=\"765\" referrerpolicy=\"no-referrer\"></p>\n<p>Yet while these totals are massive,<b>when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.</b></p>\n<p><img src=\"https://static.tigerbbs.com/534b677774a92a59d4fe08f09359932b\" tg-width=\"500\" tg-height=\"298\" referrerpolicy=\"no-referrer\"></p>\n<p>It's worth noting that according to Goldman estimates that combos account<b>for 15-20% of SPX options,</b>so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.</p>\n<p><img src=\"https://static.tigerbbs.com/adfcada2b0ef3f2ebbd684649a613043\" tg-width=\"936\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p>\n<p>The Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPX<b>realized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.</b></p>\n<p><img src=\"https://static.tigerbbs.com/afffda1e07736784ad695d95a9936421\" tg-width=\"952\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p>\n<p>This contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.</p>\n<p><img src=\"https://static.tigerbbs.com/df2b7aeaadb37160a7eaf0ac08ba31de\" tg-width=\"1236\" tg-height=\"561\" referrerpolicy=\"no-referrer\"></p>\n<p>Then, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees that<b>the extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"</b>Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:<u><b>the market will become much more volatile in a selloff.</b></u></p>\n<p><img src=\"https://static.tigerbbs.com/76b01b8a05b70ec4f343626b1fad491b\" tg-width=\"931\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p>\n<p>Meanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.</p>\n<p><img src=\"https://static.tigerbbs.com/9c6c3df49e3e5d1e4a7a0d9c24696e6a\" tg-width=\"1212\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p>\n<p>One final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.</p>\n<p>As Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,<b>the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,</b>and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"</p>\n<p><img src=\"https://static.tigerbbs.com/bd0e886a62a61c70b0f299bd6c032a24\" tg-width=\"954\" tg-height=\"1128\" referrerpolicy=\"no-referrer\"></p>\n<p>Why is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.<b>Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!</b></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nQuad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 21:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191245053","content_text":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").\nSo picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.\n\nYet while these totals are massive,when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.\n\nIt's worth noting that according to Goldman estimates that combos accountfor 15-20% of SPX options,so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.\n\nThe Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPXrealized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.\n\nThis contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.\n\nThen, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees thatthe extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:the market will become much more volatile in a selloff.\n\nMeanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.\n\nOne final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.\nAs Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"\n\nWhy is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184121596,"gmtCreate":1623690248715,"gmtModify":1634029990897,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569706111463394","authorIdStr":"3569706111463394"},"themes":[],"htmlText":"Great!","listText":"Great!","text":"Great!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/184121596","repostId":"2143965787","repostType":4,"isVote":1,"tweetType":1,"viewCount":361,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164258207,"gmtCreate":1624212150509,"gmtModify":1634009438471,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569706111463394","authorIdStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/164258207","repostId":"2145704114","repostType":2,"isVote":1,"tweetType":1,"viewCount":477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165851824,"gmtCreate":1624118732468,"gmtModify":1634010541988,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569706111463394","authorIdStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/165851824","repostId":"1156696708","repostType":4,"repost":{"id":"1156696708","kind":"news","pubTimestamp":1624063306,"share":"https://www.laohu8.com/m/news/1156696708?lang=&edition=full","pubTime":"2021-06-19 08:41","market":"us","language":"en","title":"Dow falls more than 500 points to close out its worst week since October","url":"https://stock-news.laohu8.com/highlight/detail?id=1156696708","media":"cnbc","summary":"Stocks fell on Friday, with theDow Jones Industrial Averageposting its worst weekly loss since Octob","content":"<div>\n<p>Stocks fell on Friday, with theDow Jones Industrial Averageposting its worst weekly loss since October, as traders worried the Federal Reserve could start raising rates sooner than expected.\nThe blue-...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/17/stock-market-futures-open-to-close-news.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dow falls more than 500 points to close out its worst week since October</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDow falls more than 500 points to close out its worst week since October\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-19 08:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/17/stock-market-futures-open-to-close-news.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks fell on Friday, with theDow Jones Industrial Averageposting its worst weekly loss since October, as traders worried the Federal Reserve could start raising rates sooner than expected.\nThe blue-...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/17/stock-market-futures-open-to-close-news.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.cnbc.com/2021/06/17/stock-market-futures-open-to-close-news.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1156696708","content_text":"Stocks fell on Friday, with theDow Jones Industrial Averageposting its worst weekly loss since October, as traders worried the Federal Reserve could start raising rates sooner than expected.\nThe blue-chip average dropped 533.37 points, or 1.6%, to 33,290.08. TheS&P 500slid 1.3% to 4,166.45. Both the Dow and S&P 500 hit their session lows in the final minutes of trading and closed around those levels. TheNasdaq Compositeclosed 0.9% lower at 14,030.38. Economic comeback plays led the market losses.\nFor the week, the 30-stock Dow lost 3.5%. The S&P 500 and Nasdaq were down by 1.9% and 0.2%, respectively, week to date.\nSt. Louis Federal Reserve President Jim Bullardtold CNBC's \"Squawk Box\"on Friday it was natural for the Fed to tilt a little \"hawkish\" this week and that the first rate increase from the central bank would likely come in 2022. His comments came after the Fed on Wednesday added two rate hikes to its 2023 forecast and increased its inflation projection for the year, putting pressure on stock prices.\n\"The fear held by some investors is that if the Fed tightens policy sooner than expected to help cool inflationary pressures, this could weigh on future economic growth,\" Truist Advisory Services chief market strategist Keith Lerner said in a note. To be sure, he added it would be premature to give up on the so-called value trade right now.\nPockets of the market most sensitive to the economic rebound led the sell-off this week. The S&P 500 energy sector and industrials dropped 5.2% and 3.8%, respectively, for the week. Financials and materials meanwhile, lost more than 6% each. These groups had been market leaders this year on the back of the economic reopening.\nThe decline in stocks came as the Fed's actions caused a drastic flattening of the so-called Treasury yield curve. This means the yields of shorter-duration Treasurys — like the 2-year note — rose while longer-duration yields like the benchmark 10-year declined. The retreat in long-dated bond yields reflects less optimism toward economic growth, while the jump in short-end yields shows the expectations of the Fed raising rates.\nThis phenomenon hurt bank stocks particularly as their earnings could take a hit when the spread between short-term and long-term rates narrows. Bank of America and JPMorgan Chase shares on Friday lost more than 2% each. Citigroup fell by 1.8%, posting its 12th straight daily decline.\nFed Chairman Jerome Powell said Wednesday that officials have discussed tapering bond buying and would at some point begin slowing the asset purchases.\n\"This week's first whiff of an eventual change in Fed policy was a reminder that emergency monetary conditions and the free-money era will ultimately end,\" strategists at MRB Partners wrote in a note. \"We expect a series of incremental retreats from the Fed's benign inflation outlook in the coming months.\"\nCommodity prices were underpressure this weekas China attempted to cool rising prices and as the U.S. dollar strengthens. Copper, gold and platinum fell once again on Friday.\nFriday also coincided with the quarterly \"quadruple witching\" in which options and futures on indexes and equities expire. This event may have contributed to more volatile trading during the session.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":422,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164254313,"gmtCreate":1624213108632,"gmtModify":1631890914015,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569706111463394","authorIdStr":"3569706111463394"},"themes":[],"htmlText":"Interesting article!","listText":"Interesting article!","text":"Interesting article!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/164254313","repostId":"1161408410","repostType":4,"isVote":1,"tweetType":1,"viewCount":1976,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164256313,"gmtCreate":1624212286532,"gmtModify":1631890914026,"author":{"id":"3569706111463394","authorId":"3569706111463394","name":"AmateurI","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569706111463394","authorIdStr":"3569706111463394"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/164256313","repostId":"1161408410","repostType":4,"isVote":1,"tweetType":1,"viewCount":445,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}