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Capital Spectator: Investing, Asset Allocation, and Economic Insights

  • 2026年7月3日
  • Estimated read time 11 min read
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        <p>* Democrats have <a href="https://www.cnbc.com/2021/10/26/corporate-minimum-tax-proposal-unveiled-by-key-senate-democrats.html">introduced</a> a proposal for a 15% minimum corporate tax.<br/>* Democrats are also <a href="https://www.wsj.com/articles/how-the-billionaires-income-tax-would-work-11635325201">exploring</a> an innovative capital-gains tax targeting billionaires.<br/>* Microsoft and Alphabet <a href="https://techcrunch.com/2021/10/26/microsoft-and-alphabet-trounce-investor-growth-expectations/">surpassed</a> growth expectations for revenue.<br/>* Following China's crackdown, the US has now become the <a href="https://www.wsj.com/articles/u-s-takes-bitcoin-mining-crown-after-china-crackdown-11635327002?mod=hp_lead_pos3">leading</a> country in bitcoin mining.<br/>* The 5-year inflation forecast for the Treasury market <a href="https://www.nytimes.com/2021/10/26/business/inflation-interest-rates-treasury-bonds.html">increased</a> to 2.99% for the first time.<br/>* The hot US housing market is potentially <a href="https://www.cnbc.com/2021/10/26/august-home-prices-hinted-at-possible-cooling-sp-case-shiller.html">showing signs of cooling,</a> according to the S&amp;P Case-Shiller Index.<br/>* New home sales <a href="https://finance.yahoo.com/news/u-home-sales-hit-six-144031370.html">rose</a> to a six-month high in September.<br/>* US Consumer Confidence <a href="https://www.conference-board.org/data/consumerconfidence.cfm">improved</a> in October following three consecutive months of decline:</p>

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        By James Picerno | <a href="https://www.capitalspectator.com/macro-briefing-27-october-2021/" title="6:00 am" rel="bookmark"><time class="entry-date" datetime="2021-10-27T06:00:08-04:00">October 27, 2021</time></a>                                          </footer><!-- .entry-meta -->
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Do you recognize an outlier when you see one? They are plentiful and seemingly easy to identify, or so it might seem. However, casual observations should not be mistaken for sound statistical definitions.

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        <p>* Biden’s billionaire tax <a href="https://apnews.com/article/joe-biden-business-child-care-social-services-congress-61767cd905c55f3f204d7824f6924c5a">faces</a> criticism for being overly complex.<br/>* Markets are increasingly <a href="https://www.bloomberg.com/graphics/opinion-authers-inflation-tracker/?srnd=premium">pricing in risks</a> suggesting inflation is not temporary.<br/>* Blackstone’s Schwarzman <a href="https://www.bloomberg.com/news/articles/2021-10-26/blackstone-s-schwarzman-says-energy-squeeze-will-trigger-unrest?srnd=economics-vp">predicts</a> that energy shortages could lead to social unrest.<br/>* Ark Invest’s Cathy Wood <a href="https://www.cnbc.com/2021/10/25/cathie-wood-disputes-jack-dorseys-hyperinflation-warning-says-prices-will-fall-after-holidays.html">argues</a> that declining money velocity will stabilize inflation.<br/>* New privacy regulations from Apple <a href="https://www.wsj.com/articles/facebook-expected-to-post-slower-sales-growth-with-apple-privacy-policy-11635154200?mod=hp_lead_pos1">impact</a> Facebook’s advertising growth negatively.<br/>* Tesla’s market capitalization <a href="https://www.cnn.com/2021/10/25/investing/tesla-stock-trillion-dollar-market-cap/index.html">has reached</a> $1 trillion following Hertz's order of 100,000 Teslas.<br/>* The Dallas Fed Manufacturing Index <a href="https://www.dallasfed.org/research/surveys/tmos/2021/2110.aspx">indicates</a> slowed growth in October as costs rise.<br/>* US economic growth <a href="https://www.marketwatch.com/story/u-s-economic-growth-lost-further-momentum-in-september-chicago-fed-271635165006">continued to decelerate</a> in September, as shown by the Chicago Fed index:</p>

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        By James Picerno | <a href="https://www.capitalspectator.com/macro-briefing-26-october-2021/" title="5:55 am" rel="bookmark"><time class="entry-date" datetime="2021-10-26T05:55:15-04:00">October 26, 2021</time></a>                                          </footer><!-- .entry-meta -->
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        <p>US risk assets are refusing to fade into obscurity. Despite the recent correction being the longest and most significant since the recovery began in spring 2020, this latest dip appears to be just another disturbance in an ongoing bull market, as indicated by a set of ETFs up to last week’s close (October 22).</p>

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