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Confounding and confusing events 12/19/22

Congress enacted a one-week spending bill to avoid a shutdown. This remains one of the more consistent problems that Congress faces and is not likely to improve with the small Republican majority. It is, to say the least, in my view, embarrassing, that one of the most critical pieces of Congressional duties can’t be done timely, efficiently and reasonably.

It has been widely reported that Jay Jacobs, the Chair of the Democratic Party criticized Marjorie Taylor-Greene for her comments about the January 6th insurrection. She is quoted as saying “I will tell you something, if Steve Bannon and I organized that, we would have won, not to mention we would have been armed.” The Republican response to Jacobs’s criticism was to raise the results of the recent mid-terms what that has to do with her remarks about an armed insurrection, simply boggles the mind.

The US Energy Department announced on Tuesday of this past week, a breakthrough in energy production, in its quest to create abundant zero carbon power through nuclear fusion. It appears that this is a substantive breakthrough which will require significant additional work, less related to the fusion process, than in harnessing it, and making it deliverable in the form of electricity. This, obviously, could have a huge impact on going green. It will be interesting to see if any of the energy companies jump on board and try and get into the research and production phase since this could, in many ways, replace them. It would make, for instance, electric cars and trucks much cheaper.

The WTO ruled against President Trump’s metal tariffs in a challenge brought by China. The tariffs were always, in my view, an exercise in bad judgement and contributed to supply chain shortages and ultimately to inflation. The fact the tariffs have been refuted is good news. Hopefully, no other President in the future will try this type of scheme, although, sadly, I think that is not likely.

Inflation appears to be abating in the US, but as my colleague, Colin Reed writes in a recent blog post, we are not immune from inflation in other parts of the world. It continues to be rampant in England and in the EU, which likely will create issues for us here in the United States. The first place it will strike, of course, will be our exports since one of the impacts of inflation is generally increasing prices, but it is also the weakening of the currencies of the countries in which inflation still runs rampant, versus the US Dollar. We will need to watch this very carefully, and not celebrate too loudly about our declining inflation.

Inflation rose at its slowest pace in nearly a year dropping to 7.1% in November, sharply down from 7.7% in October. This is good news, and it reflects that the actions taken by the Fed are at least partly responsible for this reduction, although I suspect there are other factors at work, as well.

It has been reported in Freight way recently that arbitrators under the USMCA have found against the United States and in favor of Canada and Mexico with regard to auto parts manufacturing, which plays a huge part in US, Canada and Mexico trade. This ruling has not been made public as yet.

It appears that Senator Sinema and Senator Tillis have offered an immigration bill which, as described by George Will, is a compromise that deals with at least some of the immigration issues, including additional funding for border security and relief for the Dreamers. This appears to be a sensible step and should be watched and potentially supported if it ever makes it to the floor of the Senate. The House, I suspect will be unlikely to support the bill.

Scientists report that the Sun is going through a Termination event which sounds far more ominous than it actually is. It seems the Sun goes through extended solar cycle effecting sunspot magnetic fields, and they may for 11 years usually overlapping with the prior and subsequent cycles. It does not seem that Earthlings should be concerned. New unemployment insurance claims dipped slightly last week. The markets believe that the Fed Chair’s comments portend a recession. Ping Pong continues.

China’s COVID-19 cases are exploding. Bad news for the Chinese and the world economy.

Did you know that 80% of adults don’t meet US strength guidelines? These deficits affect physical and mental health as well as longevity. You should be exercising 2 ½ hours per week and focusing on your Glutes, Obliques, Grip Strength and Posture Defects. Most of these can be worked on at home or in the gym.

The Defense Department has opened a new office with the handle All-domain Anomaly Resolution. Office which will examine unexplained Phenomena over several past decades. Only DOD could come up with the new name while saying with a straight face that no alien life has been discovered on Earth. Clearly, they are not looking right under their noses across the river.

Congresswoman Stefanick has been unusually mum about Mr. Trump after her endorsement. Does she know something we don’t?

Bill Owens is a former member of Congress representing the New York 21st, a partner in Stafford, Owens, Piller, Murnane, Kelleher and Trombley in Plattsburgh, NY and a Strategic Advisor at Dentons to Washington, DC.

The views expressed by commentators are solely those of the authors. They do not necessarily reflect the views of this station or its management.

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