Do you remember our issue of institutional grade options from a month ago? The one where we told you how to short Boeing in case more planes fall out of the air?

You should maybe have another look at it.

• The CPI print came in slightly hotter than expected yesterday at 3.2% versus expectations of 3.1%

  • The report was close enough to expectations that experts (and markets) still expect rate cuts in June. [Ed: I think they won't cut].

  • Core inflation exceeded expectations, with a 0.4% monthly rise and a 3.8% annual increase.

  • Inflation led to a decrease in travel costs but caused a sharp increase in prices for over-the-counter medications.

• The S&P 500 hit a new record high yesterday, unphased by new inflation data.

• European markets closed with the FTSE 100 reaching a 10-month high.

• JPMorgan remains bearish, citing overpriced valuations and geopolitical risks.

• Bitcoin ripped up to a new all-time high of $72,968. The cryptocurrency is above 73,400 at publication.

• Biden officially clinched the Democratic presidential nomination for the 2024 election.

📈 Trends you need to know

Ideas, trends, and analysis

• Auto insurance skyrocketed 20.6% year over year as of February.

• U.S. market's Shiller P/E stood at 34 as of March 1st, ranking it in the top 1% of historical valuations.

• CNBC says Dollar General's “brand is showing some cracks and may be a warning sign ahead of earnings.” [Ed: we disagree. See above ]

• Bank of America boosted its S&P 500 earnings outlook for 2024 by 12%.

• Jerome Powell pointed to soaring insurance costs as the reason for persistently high inflation.

• Stock buyback ETFs have outperformed their peers since 1994.

• Despite soaring valuation, Arm Holdings braces for a selloff.

• CVC and HPS discussed a merger to form a $300 billion asset management giant.

🌍 Global Perspectives

• 🇬🇧 Over a fifth of UK adults are not looking for work.

• 🇦🇷 Argentina's monthly inflation slowed to 13.2% in February, but annual inflation soared to 276.2%.

• 🇺🇸 The US announced a new $300 million weapons package for Ukraine.

• 🇭🇹 Haiti's Prime Minister Ariel Henry resigned during escalating violence and political pressure.

• 🇺🇸 🇾🇪 The US conducted defensive airstrikes in Yemen after Houthi missile attacks.

• 🇪🇺 Europe is pushing to revive its mining sector and reduce dependence on Chinese rare earth minerals.

• 🇵🇸🇨🇾 A first aid ship left Cyprus for Gaza as Palestinians face famine.

📊 Income

• Yields soared yesterday as CPI came on hotter than expected.

• Dividend growth funds are primed for liftoff.

• ECC's yield hit 17.2%, defying expectations with a total return on NAV of 22% in 2023.

• Check out this ancient dividend stock.

📊 Crypto

• Ether options traders prepare for near-term declines despite price rising past $4,000

• Bitcoin may face a "sell-side liquidity crisis" within six months.

• Grayscale seeks SEC approval for a low-fee Bitcoin Mini Trust.

• Major finance firms completed a landmark blockchain pilot on Canton Network.

🧠 Errata

• San Diego "queenpin" amassed millions by reselling stolen cosmetics.

• CEO of Nvidia credits his success to what he learned washing dishes at Denny's.

• Chaos unfurled as a truck dumped toilet paper across the highway, clogging traffic.

• Archaeologists discovered 4,000-year-old lipstick [Ed: it was immediately stolen by the San Diego Queenpin]

• Counterfeit cash is making a comeback.

• Mars's gravitational pull is stirring giant whirlpools in Earth's deep oceans.

That’s all for today. Did I miss anything? Smash the reply button to let me know.

Cheers,

Wyatt