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BioNTech founders predict end to lockdowns by fall

Ugur Sahin, whose firm developed one of the world’s first coronavirus vaccines, believes Europe and US will have the pandemic under control by the end of this summer. It comes amid criticism of the EU’s vaccination drive. Europe will be out of lockdown with the coronavirus pandemic under control by this autumn, the founder of Germany’s BioNTech said on Sunday. Ugur Sahin, whose company developed one of the first vaccines in the fight against COVID-19, told the Welt Am Sonntag newspaper that he believed the latest shutdowns would be the last. “In many European countries and the US, we will probably not need lockdowns by summer’s end,” he said. “There’ll be outbreaks, but they’ll be background noise. There’ll be mutations, but they won’t frighten us.” Sahin, who founded his firm with his wife Özlem Türeci, made his comments at a time when EU leaders are under fire for the bloc’s relatively slow vaccination drive, compared to countries such as the US, the UK and Israel. But he added the problems would prove temporary, insisting 70% of Germans should be vaccinated by the end of September. The husband-and-wife team have been awarded Germany’s Knight Commander’s Cross for their contribution to fighting the virus. Almost 9% of the German population had received at least one vaccine shot as of Saturday.  Meanwhile, Britain passed the half-way point with 50% of adults having received at least one dose. German Chancellor Angela Merkel is trying to find ways to speed up the country’s inoculation drive, refusing to rule out buying up Russia’s Sputnik V jab outside of the EU’s joint purchasing scheme. Merkel will hold talks with regional leaders on Monday to decide on whether to scrap plans to gradually reopen the economy as infection rates continue to rise. German authorities say the incidence level is above 100 cases per 100,000 population over a week. That is the threshold above which they say they must impose stricter distancing rules to stop the healthcare system from being overburdened. Bavaria’s conservative premier, Markus Soeder, a likely candidate to succeed Merkel as chancellor after the national election, told the Frankfurter Allgemeine newspaper that shutdown measures might need to stay in place for now. “A false move now risks turning this third wave (of the virus) into a permanent wave,” he said. “We have a tool: the emergency brake. It must be applied strictly.”  Nick Note: Great people doing great things. In the next 5 years many cancers and diseases will be cured by mRNA technology

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Chicago suburb’s plan to pay Black residents reparations could be a national model

© Reuters/EILEEN MESLAR U.S. city poised to become the first to pay reparations to Black residents EVANSTON, Ill. (Reuters) – Decades ago, in the Chicago suburb of Evanston, Cordelia Clark ran a restaurant out of her kitchen and parked cabs for her taxi company in her backyard because Black residents were effectively barred from owning or renting storefronts in town. Now Evanston is poised to become the first U.S. city to offer reparation money to Black residents whose families suffered lasting damage from decades of discriminatory practices. “It’s about time that something has come from the hard work of African Americans in this city, proving that they should be treated as anyone else,” said Clark’s great-granddaughter, Delois Robinson, 58. Evanston’s initial approach to reparations is narrow and targeted. The city council, which has already committed $10 million over a decade to the effort, will vote on Monday to begin with a $400,000 round of payments. The first phase will provide $25,000 to a small number of eligible Black residents for home repairs, down payments or mortgage payments in a nod toward historically racist housing policies. In Congress, a bill that would establish a national reparations commission to study the issue has drawn around 170 co-sponsors in the House of Representatives, all Democrats. President Joe Biden has not endorsed the legislation but says he supports a study. Advocates plan to lobby the White House for executive action if the bill, as expected, fails to pass a divided Senate. Other cities, including Chicago; Providence, Rhode Island; Burlington, Vermont; Asheville, North Carolina; and Amherst, Massachusetts, have launched initiatives, though none has yet identified specific funding. California passed a bill modeled after the federal legislation, and lawmakers in New York and Maryland have introduced similar measures. Private institutions have also announced campaigns. The Jesuit order of Catholic priests last week pledged $100 million to benefit the descendants of the enslaved people it once owned. “Reparations is the public policy prescription that addresses – and redresses – systemic racism,” said Ron Daniels, who oversees the National African American Reparations Commission, which consulted with Evanston on its proposal. The practicality of implementing reparations programs, especially on a national scale, is still a matter of debate. Reuters/Ipsos polls taken in June 2020, at the height of racial justice protests, found only one in five respondents agreed the United States should pay damages to descendants of enslaved people. Some opponents ask whether taxpayers can afford to pay out what could be billions, or even trillions, of dollars. Others question how eligibility for such programs would be determined, whether by race, ancestry or evidence of discrimination. In Evanston, Black residents are eligible for the housing program if they, or their ancestors, lived in the city between 1919 and 1969 or if they can show they suffered housing discrimination due to the city’s policies. The recipients will be randomly selected if there are more applicants than available funds in the housing program.  Evanston, home to Northwestern University, lies between Chicago to its south and the wealthy North Shore suburbs along Lake Michigan. About 16% of its 75,000 residents are Black. As across the United States, Blacks in Evanston were subjected to “redlining,” a practice in which banks refused to make housing loans in predominantly Black neighborhoods. That kept Black residents from home ownership, a key source of wealth. The impact of historic and systemic discrimination on Evanston’s Black community persists. The Fifth Ward, where Robinson’s great-grandmother ran two businesses out of her home, is predominantly Black and struggling with inferior infrastructure. “We’re trying to catch up from hundreds of years of being suppressed, and its just hard to catch up without some assistance,” said Evanston resident and real estate agent Vanessa Johnson-McCoy, who is Black. The city’s campaign will draw from a new tax on legalized marijuana. Supporters say the funding mechanism is particularly apt, given how devastating the country’s criminalization of marijuana has been to Black communities. Evanston Rejects Racist Reparations, an opposition group, has noted that the initial payments will cover only 16 households. The group also opposes restricting that money to housing needs. “True reparations repair you – you get a chance to say what it is that repairs you,” said Rose Cannon, a member of the group, who is Black. National advocates say viewing reparations as only cash payments is far too reductive and that there is a need for policies that tackle the institutional racism that created the inequities in the first place. “These vestiges have to be addressed – or they will continue on into the future, no matter how many equity programs are in place,” said Kamm Howard, co-chair of the National Coalition of Blacks for Reparations in America, or N’COBRA. Even in cities facing limited resources, local governments can still make restitution by updating school curricula, improving business development, providing housing opportunities and offering apologies for past racism, Howard said. Evanston Alderman Robin Rue Simmons, who is Black, spearheaded her city’s initiative. She sees the upcoming payments as a critical first step. “This is about our humanity,” she said. “It’s overdue, and the time is now.”  Nick Note: I am arranging my DNA test now!

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Miami Beach under state of emergency as Florida reaches 2M COVID cases

March 20 (UPI) — The city of Miami Beach declared a state of emergency Saturday over concern about spring break crowds spreading COVID-19 Saturday and the Idaho legislature moved to a recess due to an outbreak among lawmakers. Miami Beach Mayor Dan Gelber announced an 8 p.m. curfew for the South Beach entertainment district during a Saturday-afternoon news conference and said shore-bound traffic on the city’s causeways would be shuttered. Both measures will be in effect for at least 72 hours, but officials may extend the state of emergency. “As we hit the peak of the peak of spring break, we are quite simply overwhelmed,” City Manager Raul Aguila said, who also said that on Friday night “you couldn’t see pavement and you couldn’t see grass” due to crowding in the area. Nick Note: Its pretty apparent mankind cannot bunch up. These crowd events are where the spreading is originating from. Get vaccinated but do not let your guard down. Theaters, concerts, sporting events and crowds should be avoided. If you are in a mixed environment (vaccinated and unvaccinated) where your ugly mask. The good news is among family and friends who are vaccinated (and are not going to risky environments ) you are probably safe. We are watching the genetic mutations (variants) closely. So far none of them in wide circulation pose a significant threat to vaccinated individuals. That will change and we will have to get a booster shot. Think of it as the yearly flue vaccine….

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Fed Will Need to Buy Bonds as Stimulus Boosts Yields, Dalio Says

The U.S. Federal Reserve will need to buy more bonds as an oversupply of Treasuries drives up yields, said Ray Dalio, founder of Bridgewater Associates. The recent fiscal stimulus announced by the Biden administration will result in more bond sales to finance the spending, worsening the “supply-demand problem for the bonds, which will exert upward pressure on rates,” Dalio said Saturday on a panel at the China Development Forum, an annual conference hosted by the Chinese government. That will “prompt the Federal Reserve to have to buy more, which will exhibit downward pressure on the dollar,” he said. Nick Note: The fed in not Not NOT going to raise rates. And their is no No NO inflation… Just the opposite we are in a massive deflation and the only way out is negative interest rates. So what is going on. Pretty simple we are being tortured by the hedge funds. Reality is massive buying of stocks and stock funds are occurring as we speak. And the Algo guys are just taking the market the opposite way. This squeeze will not last much longer….

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Pelosi Kicks Off Infrastructure Debate, Teases ‘Big, Bold, and Transformational’ Package

House Speaker Nancy Pelosi (D-Calif.) said Friday she has directed key Democratic lawmakers to work with Republicans on drafting the next big legislative push from Congress—the much-anticipated infrastructure package. Pelosi said it would be “big, bold, and transformational” but it is also drawing scrutiny on how it will be paid for. Pelosi made the announcement in a statement infused with hope for bipartisanship, which fell short in the American Rescue Plan. Democrats passed the $1.9 trillion package along strictly partisan lines, with Republicans denouncing it as a “liberal wish-list” that was packed with non-pandemic related spending. “Building our transportation system has long been bipartisan,” Pelosi said. “It is our hope that spirit will prevail as we address other critical needs in energy and broadband, education and housing, water systems and other priorities.” Fresh off the American Rescue Plan clearing the Senate through a budget reconciliation process that let Democrats avoid having to get any Republican buy-in, Democrats are anxious to get some members of the GOP on board, both to satisfy optics and to avoid taking the drastic step of removing the filibuster.

A big question mark remains in how to pay for the massive boost in spending that the infrastructure package—which Pelosi called “bid, bold and transformational”—would surely entail. Concerns about the topline cost and competing visions for how to raise the money have prevented Congress from approving a big infrastructure package for more than a decade.

So far, Democrats have been careful to avoid putting a price tag on the initiative, which is rumored to be worth at least $2 trillion. Rep. John Garamendi (D-Calif.), in an interview with the Sacramento Bee, said that Biden is considering raising taxes as a way to pay for the infrastructure plan—including an excise tax on fuel, some form of a user fee for electric vehicles on highways, and a carbon tax. Garamendi did not provide specifics on taxes, nor on the overall cost of the package. “No price tag right now, because we’re going at this from the bottom up,” Garamendi told the outlet. “We’ll say, ‘what’s the cost of broadband, what’s the cost of repairing bridges?’ and go from there.” Pelosi, in her Friday statement, said she hoped the measures will address transportation as well as “other critical needs in energy and broadband, education and housing, water systems, and other priorities.” During his presidential campaign, Biden pledged to invest $2 trillion in fixing highways, bridges, and airports; building climate-resilient homes; wiring cities for broadband internet; and encouraging the manufacturing of fuel-efficient cars and installing electric vehicle charging stations. Nick Note: the infastructure rescue is in essence another happy check of 3 trillion dollars. They will get something through.

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Money flows into U.S. equity funds climb to a five-week high: Lipper

March 19 (Reuters) – Investment flows into U.S. equity funds jumped to a five-week high in the week ended March 17, buoyed by optimism over a massive stimulus package and on expectations that the Federal Reserve’s monetary policy stance would remain dovish.

U.S. equity mutual funds pocketed a net inflow of $20.1 billion in the week, which marked a sixth straight week of net buying, data from Refinitiv Lipper showed.

The inflows were led by U.S. small cap funds and mid-cap funds, seeing net purchases of $3.6 billion and $2.1 billion respectively. On the other hand, large-cap funds had an inflow of just $251 million. Among sector funds, investors turned net buyers of tech funds this week, purchasing $832 million, as tech stocks appeared attractive at lower valuations after witnessing sharp selling in the prior weeks. Investors were sanguine ahead of a two-day Fed policy meeting at which the central bank signalled its intent to keep rates near zero until at least 2024, also predicting a fast economic recovery from the pandemic. However, U.S. stocks tumbled on Friday, with banks leading the way after the Fed let expire a temporary capital buffer relief put in place to ease a pandemic-driven stress in the funding mark. Meanwhile, investors bought $9.72 billion in U.S. bond funds in the week, compared with $1.32 billion in the preceding week. U.S. Taxable bond funds had an inflow of $7.9 billion, while U.S. municipal funds saw an inflow of $9.3 billion. Investors turned net buyers of U.S. High yield funds, buying $260 million, after dumping $5.5. billion in the last week. Nick Note:  First i heard dueling banjos and then a flash of light ripped across my computer. and then the CFD’s coming off a 12700 low and shooting up to the sky in my dream. I am sorry i could not help myself…. The idea of a bunch of normal folks screwing wall street city slickers investment funds in the ass overwhelmed me!

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US economic recovery far from complete – Powell

Washington — The coronavirus pandemic inflicted a “cruel and uneven toll on lives and livelihoods” across the United States, head of the Federal Reserve Jerome Powell (pictured) told the Wall Street Journal on Friday. The official stated that the central bank and the government acted together to limit the long-term effects of the “unprecedented” downturn, with more than half of the initial job losses being recovered. The arrival of COVID-19 vaccines has also helped “brighten” the economic outlook, he added.

“But the recovery is far from complete, so at the Fed we will continue to provide the economy with the support that it needs for as long as it takes,” Powell concluded.

“The economic recovery remains uneven and far from complete, and the path ahead is highly uncertain,” Powell said in written testimony to the Senate Banking Committee. Powell’s comments are in contrast to the increasing optimism among many analysts that the economy will grow rapidly later this year. That outlook has also raised concerns about a potential surge in inflation and fueled a sharp increase in longer-term interest rates this year. Many economists say they think the Fed’s continued low rates, further government financial aid and progress in combating the viral pandemic could create a mini-economic boom as soon as this summer. “Mr. Powell presumably wants to try to persuade markets that a strengthening economy does not necessarily mean that rates have to rise,” Ian Shepherdson, chief economist with Pantheon Macroeconomics, told investors in a note. “Good luck with that when the post-Covid surge in activity become clear.” Financial markets fell modestly in morning trade, with the S&P 500 and Dow stock indexes both down less than 1% and the tech-heavy Nasdaq down 242 points, or 1.8%.Powell acknowledged the potential for a healthier economy. But he stressed the challenges caused by the pandemic, especially for unemployed Americans. Nick Note: do not let the hedge funds shit you. Rates are going no where and certainly not enough for the fed to take the pedal off the metal. Get ready for the next UP leg of the greatest bull market ever. Interest rates on the short side are as close to zero as you can get. And as long as you stay low, have a economic recover and happy checks out the ass. Its zoom zoom zoom. And you are going to love this next bit…. Stimulus is far from over…… Comrade!

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Futures Signal Tech Rebound

(Bloomberg) — Nasdaq 100 futures climbed and Treasury yields fell, signaling a rebound may be in store for technology stocks after Thursday’s selloff sparked by rising inflation bets. Contracts on the S&P 500 and Dow Jones Industrial Average also edged higher after U.S. shares slid from a record. The yield on the 10-year Treasury benchmark slipped back below 1.7%, a threshold it hadn’t breached since January 2020, and the dollar was steady. WTI crude oil held above $60 a barrel after a 7% plunge. A calmer tone is ending a volatile week in which Federal Reserve Chair Jerome Powell fanned inflation fears by messaging he’s willing to run the economy hot to help it recover from the fallout of Covid-19, and he’s not unduly concerned by rising yields “Economic recovery is on its way and we have central banks around the world very committed to easy monetary policy,” said Jun Bei Liu, portfolio manager at Tribeca Investment Partners, who sees value stocks benefiting. “Fundamentals of the equity market are looking very strong.” Meanwhile, the Stoxx Europe 600 index declined, led by banks and retailers, while bond yields across the region retreated. China’s CSI 300 share gauge slumped as chilly U.S.-China talks soured the mood, while Japan’s Topix rallied and the Nikkei 225 sank after the Bank of Japan said it will focus purchases of exchange-traded funds on the former gauge. France announced a lockdown of areas including Paris to fight the pandemic, casting a cloud over Europe’s outlook amid an uneven vaccine roll out even as the European Central Bank signaled continued monetary support. Traders were bracing for quadruple witching Friday, a major expiration of options and futures contracts that can exacerbate swings in asset prices. Elsewhere, a number of European nations will start using AstraZeneca Plc’s Covid-19 vaccine again after Europe’s drug regulator declared it safe. These are some of the moves in markets as of 9:49 a.m. in London: S&P 500 futures added 0.3%, after the benchmark closed down 1.5%.Nasdaq 100 Index futures rose 0.7%. The index fell 3.1%. The Stoxx Europe 600 index dropped 0.3%.The MSCI Asia Pacific index fell 0.7%.The MSCI Emerging Markets index retreated 1%. The Bloomberg Dollar Spot Index dipped 0.1%.The euro slipped 0.1% to $1.1902.The yen was at 108.78 per dollar, up 0.1%.The British pound was little changed at $1.3926. BondsThe yield on 10-year Treasuries dipped two basis points to 1.69%.Germany’s 10-year yield fell four basis points to -0.305%.The U.K. 10-year yield dropped five basis points to 0.827%.

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Investors pour record money into equities even as bond yields rise: BofA

LONDON (Reuters) – Investors put a record $68.3 billion into equity funds in the week to March 17, even as a spike in government bond yields sent the high-flying Nasdaq index reeling, BofA data showed on Friday.

U.S. equity funds sucked in $53 billion as ultra-easy monetary policy continued to boost risk appetite.

BofA warned of tightening global financial conditions, however, with eight interest rate hikes across the world so far this year versus five cuts. Meanwhile, the U.S. Federal Reserve pledged to look past inflation and keep interest rates near 0% until at least 2024. Still, the yields on 10-year notes spiked on Thursday to 1.75%. That move sparked a massive sell-off on Wall Street with the tech-heavy Nasdaq 100 slumping 3.1%, wiping off more than $400 billion from company valuations in a single session. BofA said the “uber-dovish Fed backfired” with bond vigilantes moving quickly to try to bully the central bank into yield curve control – pinning down yields on bonds of a particular maturity.

Global equity funds have attracted $347 billion so far this year, matching record inflows seen for 2017 as a whole. On an annualised basis, this year’s inflows are a “breathtaking” $1.6 trillion, BofA said.

“We are in (the) midst of (the) strongest macro data of our lives,” BofA investment strategist Michael Hartnett wrote in a note to clients. Nick Note:  I have been at this for a little while now. And I have studied every market theory that came along. From the Nifty Fifty to the Bricks to the FANG, high frequency trading and My favorite algorithms. I studies earnings and P/E and EVERY theory that has come a long to establish valuations. And as usual i have learned the more complicated the theory is and the more PHD mathematicians the more likely its total bullshit. If i can not write my trade rational on the back of a match book it will not work. What drives the stock market is very simple. If the suckers are buying for what ever fad rationale right or wrong usually wrong the stock market rallies. New blood feeding the bull their money. NO MATTER WHAT the market rises. Its really as simple as that. And when the money runs out down the market goes. It does not even need selling to go down. The rocket ship needs a constant supply of fuel (money) to keep the engine running. No fuel the rocket engine shuts down and you get the inevitable crash. It has nothing to do with inflation or  interest rates. A stock market born again bull is not a bond buyer. He is not playing the game for a 3% return. I doubt most of you even know how to buy bonds or understand the auction process or the when issued markets. Never mind the bid to cover ration. In fact to be honest with each other your still scratching your ass trying to get my bond calculator working never mind my Strips calculator. If i put a gun to your head and asked you to calculate yield to maturity  manually with a pencil and piece of paper you could not do it. AND  you more informed then the average stock market buyer. Who as long as they have cash new age ha ha ha investor millennial.  People do not do complicated. I am sure most of you do not understand bond yields, reverse bias or even how the bond markets works never mind calculating values in fractions like  32/100. The bond market is still dominated by sophisticated investors and is not a mass market. When i started in this business the stock and futures markets were populated by sophisticated investors. No More. The Ha ha  “democratization”  of the markets means that  any dumb fuck can open a self directed account and lose his her its money! ITS have made the stock market little more then a casino or lottery. In fact its more convenient to buy stocks or futures using your smart phone then a lottery ticket.  the masses can PRETEND they are investing when in fact they are gambling. So i say lets continue my lives work of taking money from stupid people no matter how prestigious their institution of PHD is.

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Fed Chair Powell to give speech on Monday, testify Tuesday and Wednesday

(Reuters) – Federal Reserve Chair Jerome Powell is scheduled to speak Monday at a Bank for International Settlements conference on innovation in the digital age, the U.S. central bank said on Thursday. On Tuesday, Powell will testify before the House of Representatives Financial Services Committee, and on Wednesday he will testify before the Senate Banking Committee, on the Coronavirus Aid, Relief, and Economic Security Act, the Fed said. The appearances come after the Fed signaled Wednesday that it will hold rates at their current near-zero level through 2023, even as policymakers boosted their forecasts for economic growth and inflation. Nick Note: I want to be clear here.  Hedge funds are short the US stock market and taking a assing. They are spinning the inflation HYPE  like i have ever seen before. Everyone who know this game know that a reflating is a spot even reflecting prices adjusting and initial  over demand as the supply pipelines fill again. THEIR IS NO INFLATION AND THEIR WILL NOT BE ANY.  Their is no more bullish event for a stock market then a economic boom. PENT UP DEMAND and a record savings rate will create a post war kind of boom and stock market rally like never seen before. I hope you join me in the greatest rally ever…… Make no mistake this coming boom will end in the biggest bust ever.. they always do. .. And be warned it will come like a thief in the night!