#33 Daily Financial News Round Up - Dec 3,2021
Market Snapshot
Dow Jones is up by 1.82%, S&P500 is up by 1.42%, and Nasdaq Composite is up by 0.83%.
How’s crypto-market?
Bitcoin is up by 1.51%. XRP, Solana and Polygon continue to be the top three traded cryptocurrencies in the last 24 hours. The top 3 gainers are iExec RLC, Cosmos and Polygon. The top 3 losers are Lisk, Curve DAO Token and Storj.
What news caught my attention?
American workers are seeing the biggest increase in their wages in decades. On the other side of the pond, UK workers wages outpace the inflation. Workers in countries like Japan and Australia see their wages stagnate since the last 5 years. The possible factor that differentiates US from these other countries is workforce participation. Australia hit record high of 66.3% this year, while US workforce participation currently stands at 61.6%.
Fed Governor, who set to leave in a month, calls for raising of interest rates to curb inflation. Fed traditionally targets an inflation rate of 2%. This year, inflation is at record high of 6.2% likely fueled by stimulus checks, low workforce participation and supply chain issues.
A couple who bought gold with their IRA assets and stored it at home got fined around $330,000 by the IRS. Lesson: Don’t store gold at home if it is bought with IRA assets.
My Takeaways:
The Omicron variant brings additional uncertainty to the market conditions over and above the existing high inflation concerns.
The rate of workforce participation plays an essential role in determining wage growth and also inflation rate.
TIP: Everything in the market always seems connected to everything else.