“.. banks are reviving their traditional yearly cull of poor performers either by firing them or through the passive-aggressive delivery of a donut — banker slang for a bonus payment of zilch.”

(h/t ⁦@markgongloff⁩) $C $BAC $MS $JPM
Quote of @OldManPoolBway
Saw @birbigs last weekend and it is the hardest I’ve laughed in a VERY long time. Highly recommended. 🔥

@Aj_Koch @abigailseymour
Quote of @CBSSunday
Go, @theebillyporter !! 🔥
Hollywood Walk of Fame star number 2,741 was awarded to actor Billy Porter on Thursday. Porter's star is in the category of Live Performance/Live Theatre and is near the historic Pantages Theater on Hollywood Boulevard.
Spending on services still below trend, post-pandemic, says JPMorgan.

“To some degree this makes sense .. For example, if people skipped an annual physical early on the pandemic, they do not necessarily need more physicals later to make up for this ‘missed’ spending ..”
“.. 450 apartments in all — as well as four stories of amenities. .. An entire floor will be dedicated to pets ..”


(via ⁦@JohnSpall247⁩) #China
Happy b’day, “Black Dog”
Released today in 1971 🎸

John Paul Jones said he wrote his part on a train. “My dad .. showed me a way of writing down notation on anything. So I wrote the riff .. on the back of a train ticket, which I unfortunately don't have.”
CHICAGO (S&P Global Ratings) Dec. 2, 2022--S&P Global Ratings today withdrew its 'B-' long-term issuer credit rating on Twitter Inc. due to a lack of sufficient information to maintain the rating.

Quote of @janusfilms
This is fabulous. 💕

Jean Renoir's masterpiece THE RULES OF THE GAME comes to @FilmForumNYC 12/23 in a stunning new 4K restoration!
Bassist Nate Mendel, on joining @foofighters years ago:

“It's like, how about we just start a band .. where we just put a premium on being fun and low drama. And that's just kind of been our motto through the years.”

Born today in 1968 🎸
“.. $ASAN CEO wins quote of the week:

‘I'm CEO of the Asana company, but lately, Jay Powell has been CEO of the stock price'.”

(via MS desk)
Quote of @sternshow
Very cool. 🎸
.@butchvig produced @Nirvana’s “Nevermind” and can still remember the first time he heard the band play “Smells Like Teen Spirit.” Stream his full #WrapUpShow convo now on @SIRIUSXM!

“Central banks are downshifting .. due to: (1).. they have been hiking at three times the normal pace, (2) they are likely at or above the neutral rate.. (3).. monetary policy works with lags. They are shifting from going 3-times faster than normal to 2-times?” - B of A
CITI: “.. As we enter 2023, we expect US recession fears to become the driver. We therefore treat rallies in US equities as bear market rallies and shift our underweight from Europe, where the business cycle is further advanced, to the US.”
“Has 75BP reentered the #FOMC debate? Did the FOMC doves jumped offsides by overselling the October data as evidence it was time to slow? Is a reacceleration of the economy in place, with the biggest part of the deceleration from 2021 now history? Yes. Yes. Yes.” - @sblitz1
B of A: The “rates shock” for Wall St is “close to done.” But the “‘recession shock’ for Main St just beginning .. job losses in ’23 likely to be as shocking as inflation ‘in 22.” [Hartnett] #NFP
“If we use the average saving rate in 2019 to calculate excess savings, we arrive at an estimate of around $1.2tn, which could support spending for nearly a year. If we use the 2015-18 average saving rate, [it] could support spending for up to two years.”

- B of A
Quote of @jc_econ
The wage-echo from severance will be a new element to consider in the coming months. #NFP
Looks like we are getting a possible boost to average hourly earnings from severance pay--jobs and hours are declining in transportation and warehousing yet AHE jumped 2.5% m/m
Last year, the $SPX usually traded in the same direction as a jobs-number “miss” or “beat.”

This year, it has almost always the opposite.

(via B of A) #NFP
Amid all the #inflation charts out there, the Vail season-pass inflation chart is a doozy.

(via B of A) $MTN
FITCH: “.. job expansion continuing at this speed will do nothing to ease the labor supply-demand imbalance that is worrying the Fed. Wage growth picked up to 0.6% month-on-month, the fastest pace since January ..”

@FitchRatings #NFP

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Elizabeth Holmes appeals her criminal fraud conviction, two weeks after she was ordered to serve more than 11 years in prison for deceiving investors in her blood-testing startup Theranos |  Link
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U.S. stocks rebounded to close almost where they opened, after a stronger-than-expected jobs report for November raised questions over how soon the Federal Reserve could slow its aggressive interest rate hikes. Read more: |  Link
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Russian tourists are once again traveling in large numbers to Thailand and using credit cards issued outside of Russia |  Link
Layoffs hit white-collar workers, hinting at a ‘Patagonia vest recession’ |  Link
CFTC Chair calls for authority to prevent the next FTX by @Jenniferisms and @DsHollers Link
A crypto party in India is showing signs of trouble amid a wider market meltdown. Lax regulations heighten the risks, experts say. |  Link
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Larry Summers says the Fed will need to raise rates more than expected, and warns the economy could slide suddenly like an "avalanche" |  Link
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The U.S. added a more-than-expected 263,000 jobs in November despite announcements of thousands of job cuts by technology companies, including Twitter, Amazon and Meta. Read more |  Link
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Tax "refunds may be smaller in 2023," warns the IRS. Here's why. |  Link
News shared on social media and by word-of-mouth moved faster than China’s censors, but the government is quickly making sure it keeps the upper hand |  Link
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Heard on the Street: Jobs report reminds investors that Silicon Valley isn’t the whole economy |  Link
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Jim Cramer says these 3 apparel stocks benefit from the return to office |  Link
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U.S. Fed proposes plan for banks to manage climate-linked financial risk |  Link
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U.S. Treasury says oil price cap 'institutionalizing' Russian crude discounts |  Link
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New York Attorney General Letitia James’s longtime chief of staff and one of her most-trusted advisers resigned after being investigated for workplace misconduct via @CityLab Link
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Adidas, one of FIFA's seven global partners, will still be represented in the tournament by Spain, Argentina and Japan after four of its seven sponsored teams exited the #FIFAWorldCup Link
Swiss industrial company ABB agrees to pay $315 million to resolve a multinational investigation into the bribery of a high-ranking official at South Africa's state-owned power utility Eskom |  Link
Germany has become a no-fly zone for discount airlines like Ryanair and EasyJet |  Link
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The Biden Administration this week hosted French President Emmanuel Macron for an elaborate state dinner, with the menu headed by pricey, Maine-caught lobsters – drawing bipartisan criticism for the opulent optics.
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Bloomberg went to the Bahamas to spend 11 hours with the most famous man in crypto. This is what he had to say: Here’s your Evening Briefing |  Link
Darjeeling tea price tumbles after India leaf-blending quarrel |  Link
GM venture to invest additional $275M at Tennessee plant |  Link
The battle to control the iconic 4.2-mile stretch of road continues. |  Link
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The unemployment rate might have to rise to 4.5%—and stay there a while—before the Fed declares victory in cooling inflation. |  Link
Former FBI agent of 21 years: These are the 8 biggest "warning signs" that reveal a dishonest person. (via @CNBCMakeIt) |  Link
Goodbye savings, hello debt. Americans tap into credit to pay for goods this holiday season. @KristinaParts reports. |  Link
Magnetar Capital cut its stake in iRobot, a maker of automated cleaning devices. RA Capital disclosed a large stake in drug firm Acrivon Therapeutics. |  Link
Billionaire Warren Buffett: This is the "one easy way" to increase your worth by "at least" 50 percent. (via @CNBCMakeIt) |  Link
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