Posted on by Willem

Monday/ Labor Day ⛏️

Happy Labor Day.
We should just assume we’re not going to see $3 gas for a very long time.

Bessent is US Treasury Secretary Scott Bessent— the man that tried and failed to lower long-term borrowing costs by announcing on August 19 (as the US debt crossed $40 trillion) that the Treasury would double the maximum size of its long-dated bond buyback operations from $2 billion to at least $4 billion per operation.
And since it is Labor Day: Yes, the US jobs numbers for August look decent on the face of it (+162k jobs, unemployment 4.1%) but wage growth continues to lose to inflation.
Fed Chair Warsh will have to raise interest rates at some point.
There are many more misdeeds, such as the trade war with Canada and the tariffs on Canadian imports that are seriously harming the US auto industry, and raising prices for cars old and new.
[Posted by Aaron Rupar @atrupar on X]

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