Bond Bulls Are Puking…

As stocks soar on the day after The Fed, yesterday’s bid for the long-end of the bond curve has been eviscerated as yields explode higher.Source: BloombergAnd finally yesterday’s signal of ‘policy error’ – the crash flattening of the yield curve – has almost entirely been reversed….Source: BloombergWe do note that the long-end (30Y) yields have merely surged to a key technical resistance level (the pre-payrolls puke)…Source: BloombergWhen will this explosive rate expansion volatility start to bleed into equity risk assessments?Meanwhile, traders ain’t buying what Pelosi is selling with regard a debt ceiling deal…But hey, for now, “just keep buying”…

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Norway Becomes First Developed Central Bank To Hike Rates Post-COVID

In a time of soaring prices, central bank tightening has now become all the rage (except in Turkey of course which just surprised markets with a 1% rate cut, sending the lira plunging to all time lows), and one day after Brazil hiked rates by 1% to 6.25% with promises to do the same next month and even the Fed turning hawkish and revealing the taper will start “soon”, most likely in November (even if the first US rate hike is expected to come well in late 2022), overnight Norway’s central bank, the Norges Bank, become the first major Western central bank to raise interest rates following the onset of the coronavirus pandemic.After cutting rates three times in 2020 due the economic fallout from the crisis, on Thursday Norway’s central bank unanimously decided to raise rates to 0.25% from zero, in line with expectations.“The reopening of society has led to a marked upswing in the Norwegian economy, and activity is now higher than its pre-pandemic level. Unemployment has fallen further, and capacity utilisation appears to be close to a normal level,” the bank said in the statement.”A normalising economy now suggests that it is appropriate to begin a gradual normalisation of the policy rate,” said Governor Oystein Olsen in a statement, adding that another rate hike is likely coming in December: “Based on the Committee’s current assessment of the outlook and balance of risks, the policy rate will most likely be raised further in December”. The projected policy rate path was revised up from late-2022 onward, rising to 1.7% at end-2024. The decomposition shows higher inflation on the back of higher capacity utilization and a weaker krone accounting for most of the change since June (Exhibit 1). The Committee stressed that longer-term inflation expectations remain anchored and that the risk of inflation becoming too high is limited.The updated economic projections in the Monetary Policy Report (MPR), which was also published today, show a larger positive output gap from 2022 onward, and the inflation outlook was revised up accordingly. Norges Bank now forecasts core inflation to reach 1.9% at the end of the forecast horizon, up from 1.6% in the June MPR.Norway’s currency rallied to its highest levels since June, gaining 0.7% against the U.S. dollar.

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Uranium Is Gaining Interest On Reddit's Most Notorious Investment Forum

Authored by Haley Zaremba via OilPrice.com,Nuclear advocates point out that the much-maligned form of energy production is actually one of the safest out there. And, importantly, nuclear energy production has a virtually nonexistent carbon footprint. It’s a highly efficient form of climate-friendly energy production, and yet it’s still a hard sell. Nuclear power plants are being decommissioned around the world, and have particularly fallen out of favor in the United States. But nuclear still has a lot of fans who make a lot of compelling points, and they are intent on making themselves heard. While high-profile nuclear disasters like Chernobyl, Fukushima Daiichi, and Three Mile Island loom large in the public consciousness, and the long half-life of radioactive nuclear waste is a hard pill to swallow, nuclear energy actually kills far fewer people than fossil fuels.“Coal power is estimated to kill around 350 times as many people per terawatt-hour of energy produced, mostly from air pollution, compared to nuclear power,” as CNET is quick to point out. Already, nuclear energy has played a huge role in avoiding carbon emissions over the last 50 years.In fact, it’s second only to hydropower in this arena.“Nuclear power is a low-carbon energy source that has avoided about 74Gt of CO2 emissions over this period, nearly two years’ worth of total global energy-related emissions,” a recent UN report stated.Although nuclear has yet to be widely adopted as a major part of the global response to climate change, there are plenty of nuclear advocates who believe that the nuclear revolution is just around the corner, and they want to get in on the ground floor. Indeed, new swaths of investors and buyers interested in the future of nuclear energy have recently sent uranium prices through the roof.It’s a story of intrigue, stockpiling, and Reddit. A Canadian physical uranium trust is largely to blame for the recent surge in uranium prices and demand. Toronto-based Sprott Asset Management opened their doors just a couple months ago in July, and rapidly set about snapping up enormous physical quantities of yellowcake uranium.“The fund has amassed almost 25 million pounds of the metal since it was first launched in July and bought 850,000 pounds on one day alone last week,” MarketWatch reported on September 13.This is a truly astronomical quantity when you compare it to the total mined supply of uranium in the entire world, which stood at approximately 120 million pounds in 2019, according to figures from the World Nuclear Association.This buying frenzy has sent the price of raw uranium through the roof, shooting up 60% to a nine-year high in the months since Sprott launched.Now, Reddit’s r/WallStreetBets, the very same online community that launched previously failing GameStop stocks into the stratosphere and turned markets on their heads earlier this year, is jumping on the uranium bandwagon and buying up shares of uranium mining companies. The subreddit is currently abuzz with threads about the tight uranium market and the massive potential for growth as nuclear expands to meet increasing demand for clean energy against the backdrop of climate change. Earlier this summer, the Intergovernmental Panel on Climate Change (IPCC) released it’s 6th Assessment Report on the state of global warming and announced a “code red for humanity.” Worldwide we have passed a point of no return, irreversibly altering weather patterns. But there is still a slim window of time to mitigate those effects and avoid catastrophic climate change. There is no silver bullet solution to cleaning up the global energy industry overnight. In order to meet emissions goals, all low-carbon options will have to be included and expanded. Nuclear, for all its struggles and bad optics, will likely be an integral piece of that puzzle.

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New York's New Gov Threatens To Replace Unvaccinated Hospital Workers With 'Foreigners'

New York’s first female governor Kathy Hochul, who took the reins in the Empire State after her predecessor and former boss, Andrew Cuomo, finally resigned, is showing the state’s recalcitrant healthcare workers just how understanding and progressive she can be.During a press briefing with reporters in Rochester Wednesday, Hochul told a group of reporters that she hoped all unvaccinated workers would meet Monday’s deadline to get the jab, or lose their jobs. For those who continue to resist – including nearly 20% of the state’s hospital and nursing-home workers – they will be replaced. Possibly by foreign workers. Faced with this, it makes sense to wonder how NY State, which has no immigration-related authority, could even credibly make such a threat? But Hochul says there have been conversations with the Department of State (albeit on a “limited basis”) about the possibility of doling out emergency visas to foreign workers.”To those who won’t, we’ll be replacing people. And I have a plan that’s going to be announced very shortly,” she said.”We’ve identified a whole range of opportunities we have to help supplement them.”Hochul said state officials were “working closely with various hospital systems to find out where we can get other individuals to come in and supplement places like nursing homes.””We’re also reaching out to the Department of State to find out about visas for foreign workers, on a limited basis, to bring more nurses over here,” she said.Per the Department of Health’s records, 19% of the state’s hospital workers remained unvaccinated as of Sept. 15, and 18% of nursing home employees remained unvaccinated as of Wednesday.Starting Monday, employers can fire unvaccinated workers who don’t have a “valid medical exemption” (though employees who claim religious exemption are also immune until Oct. 12 due to a temporary injunction issued by a federal judge in Utica).The plaintiffs in that case, almost all of them Catholic, oppose vaccines because they “employ aborted fetus cell lines in their testing, development, or production.”Though the US Conference of Bishops says it’s okay for Catholics to take these vaccines if no alternatives are available, and Pope Francis has of course spoken out in favor of vaccination.Circling back to the situation in New York, while Hochul is probably reveling in her first opportunity to play “hardball” – a game for which her predecessor was famous – New York health workers can probably rest easy – at least when it comes to the foreign worker threat.The State Department couldn’t process all those SIVs for Afghan collaborators in a timely manner. What makes you think they’ll be able to dole them out to foreign workers, who probably also haven’t been vaccinated. Where does Hochul think these foreign workers are going to come from? Europe?

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Rabobank: We're In A Charlton Heston Movie, But Which One?

By Michael Every of RabobankWe’re in a Charlton Heston movie: which one?A reference to Charlton Heston means I lose readers who, despite having the sum of human knowledge at their fingertips, don’t know much recent history. Yet we are all in a Heston movie regardless – we just don’t know which one yet. That’s because markets, who also have the sum of human knowledge at their fingertips, don’t know much recent history either. I will run through the news Heston-ally, and suggest what that means for the movie we are all in.Let’s start with the good news on Covid. Bad as it gets, we are not in 1971’s ‘The Omega Man’, about the last-survivor of a Sino-Soviet biological war.However, the Fed flagged QE tapering. Philip Marey expects a formal announcement in November, with the actual start in December. FOMC Chair Powell expects tapering to end around mid-2022, implying a $20bn reduction in QE per meeting. The Fed’s dot plot shifted upward and moved closer to a first rate hike in 2022, with the participants evenly split between zero and 1-2 hikes; after 2022, it’s a steady pace of 3 hikes per year. The economic projections suggest the FOMC is still confident inflation spikes will be over by Q4 2022 – despite a record 73 ships waiting at LA/LB ports. (For the full report, please see here.) The market reaction, after initial confusion, was short US yields up,…and longer yields down and USD up. Recall how Minsky debt dynamics work – the change in the change is what matters; recall how pyramid schemes work; and recall how each previous attempt to normalize away from QE in an economy stronger than it is now has worked out. Taper tantrum fears? Not in DM, because there is no sign of any strength – thus the flattening curve. But for EM, inflation, stagflation, and policy-error deflation all now stalk the land. (Brazil just hiked rates to 6.25%, as expected: see here for more). See the key scene of 1968’s ‘The Planet of the Apes’ – with a lag.In October we could also see both a US government shutdown and a debt default if the spending and debt bill approved by the House of Representatives yesterday does not pass the Senate. As Philip also notes, this is a game of chicken in which the Democrats try to force the Republicans to share the blame for suspending the debt limit in light of the midterm elections in 2022. He adds that this stand-off is completely unnecessary, and if the Republicans don’t blink, the Democrats can still raise the debt limit and adopt a spending patch through budget reconciliation. However, this will raise the internal pressure in the Democratic Party regarding Biden’s legislative agenda by adding another time constraint (see here). See the chariot race in 1959’s ‘Ben Hur’- but which charioteer is President Biden?“China’s Evergrande to be saved!” says Bloomberg, quoting someone else. “Saved” means being split into three firms and nationalized, with no indication of which investors get how much money back. Given today the struggling firm has to repay $83.5m to USD debt holders, who won’t want cement, unfinished flats, or a nudge-nudge-wink-wink, we shall soon find out. Few observers saw a direct risk of a Lehman moment, despite the dynamic referred to above at play, because there are no truly free actors in Chinese markets. However, this ‘salvation’ is in line with a “Marxification” of the economy. The implications for China and the world are something markets refuse to consider because it would give them indigestion. See the end of 1973’s ‘Soylent Green’ – when markets prefer to see the ‘soy’ and the ‘green’.Energy prices continue to soar, despite official assurances the authorities saw this coming, aren’t surprised, and have clear plans for what to do about it. UK energy firms are toppling, and European economies that were preaching the need for immediate shifts in climate policy are suddenly subsidizing fossil fuels again to prevent a looming 1970’s recessionary-style energy-price shock. Which means other people have to pay more instead. Russia is meanwhile laughing all the way to the bank. See 1976’s ‘The Two-Minute Warning’ – and if you are conversant in Cockney, see 1953’s ‘The Pony Express’.The Biden administration is reportedly to nominate Saule Omarova to run the Office of the Comptroller of the Currency, the bureau within the Treasury that charters, regulates, and supervises all national banks and thrift institutions and the federally licensed branches and agencies of foreign banks in the US. Omarova is a law professor who has criticized crypto, and advocates for the government to have a much larger role in banking. That comes after the SEC’s Gensler’s comments this week on stablecoins. See 1974’s ‘Earthquake’ or 1975’s imaginatively titled ‘Airport 1975’.US President Biden and French President Macron are attempting to build bridges burned over AUKUS. The French ambassador is now to return to DC, and Biden to come to Europe for talks next month. However, word on the street is that France, and French agriculture, now have the excuse to kick the planned Australia – EU FTA into the long grass even if the rest of the EU is in favour. The UK has also been sent scuttling from any thoughts of joining the USMCA. However, geopolitics leads and trade usually follows in today’s atmosphere. Japan’s outgoing PM Suga has also been exceptionally forthright, stating China’s rapidly growing military influence and unilateral changing of the status quo could present a risk to Japan. That’s ahead of a first in-person Quad meeting to be held on Friday at the White House. See 1976’s ‘The Last Hard Men’ (and for those who prefer fantasy to Western, see ‘“Orcs”, Elves/Hobbits, and Dragons’).In short, the overall market backdrop is perfect for Heston. Yes, the world has changed dramatically from the epoch where a card-carrying member of the NRA and the Republican Party could be a major Hollywood celebrity. But today is again epic; and gritty; and dystopian; with disease; and economic crises; energy crises; political crises; geopolitical crises; ideological crises; inflation; stagflation; and the backdrop of a shift in the global financial architecture. Not that this doesn’t mean most markets, and modern movies, don’t want to ignore it all and keep partying on as in 1992’s “Wayne’s World”, in which Heston also made a guest-appearance. Try doing that with less QE, less gas, less crypto, and more Marxism and geopolitical risks though.“It’s been quite a ride. I loved every minute of it.” Charlton Heston (1923 – 2008)

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US Equity Indices Surge To Key Technical Levels

A sudden wave of panic-buying took over the stonk markets this morning after they faded overnight gains.This sent the majors up to critical technical levels.The S&P is back at its 50DMA (having bounced off its 100DMA)…The Dow is back up to its 100DMA…And Small Caps are back up their 50DMA……what happens next?

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Banks Oppose Biden's New 'Total Financial Surveillance' Proposal On IRS Reporting

Authored by Emel Akan via The Epoch Times,Opposition is growing to a new proposal aimed at curbing tax evasion that would be part of the $3.5 trillion reconciliation package under consideration by Congress.The proposal, which is being pushed by the Biden administration, would require banks and other financial institutions to report to the Internal Revenue Service (IRS) any deposits or withdrawals totaling more than $600 annually to or from all business and personal accounts.The American Bankers Association (ABA), along with over 40 business and financial groups, sent a letter on Sept. 17 to House Speaker Nancy Pelosi (D-Calif.) and House Minority Leader Kevin McCarthy (R-Calif.) objecting to the “ill-advised” reporting proposal.“While the stated goal of this vast data collection is to uncover tax dodging by the wealthy, this proposal is not remotely targeted to that purpose or that population,” the letter stated.“In addition to the significant privacy concerns, it would create tremendous liability for all affected parties by requiring the collection of financial information for nearly every American without proper explanation of how the IRS will store, protect, and use this enormous trove of personal financial information.”The Biden administration has been pushing Democrats to include the proposal in the $3.5 trillion spending bill in an effort to address tax evasion, mainly by wealthy people.With the new reporting rule, “the wealthy can no longer hide what they’re making,” President Joe Biden said on Sept. 16 during a speech on the economy.“That isn’t about raising their taxes,” Biden added.“It’s about the super-wealthy finally beginning to pay what they owe.”The reporting regime aims to close the tax gap, according to the Treasury Department, which is the difference between taxes owed to the government and what’s actually paid.A report released by the Treasury in May stated that the new reporting rule would help “raise $460 billion over the next decade.”Almost every banking transaction and even transfers between one’s accounts would be aggregated and reported to the IRS, according to Paul Merski, group executive vice president at the Independent Community Bankers of America (ICBA), which represents nearly 5,000 community banks in the United States.“It’s a dragnet, it’s a collection of data in the scale that we’ve never seen before in the financial sector,” Merski told The Epoch Times.ICBA is among the financial groups that strongly oppose Biden’s proposal, calling it an “overreach” by the federal government.Banks already report a tremendous amount of data to the IRS. According to a U.S. Government Accountability Office report, more than 3.5 billion information returns were received by the IRS for tax year 2018. A large number of these come from banks, ABA says. These include reporting interest paid on bank accounts, dividend income, brokerage transactions, mortgage interest, and more.Under the Bank Secrecy Act, U.S. financial institutions also report to the government all wire transfers over $10,000 as well as suspicious cash transactions to prevent criminal activities such as money laundering.“Banks are already reporting billions of pieces of information and you’re getting to the point where the banks are becoming the police force for the IRS,” Merski said.“I don’t think people, small business owners know about this profiling that the IRS wants to put together,” he added.“So, it’s basically a profiling; they want to see your transactions and create a profile on you, and if they don’t like what they see, then they can go after you.”Treasury Secretary Janet Yellen sent a letter to House Ways and Means Committee Chairman Richard Neal (D-Mass.) last week, asking Democrats to include a “sufficiently comprehensive” reporting provision in the bill “so that tax evaders are not able to structure financial accounts to avoid it.”It is unclear whether some version of the proposal will make it into the final bill, but the Ways and Means Committee left out the administration’s proposal in the legislation approved by the committee due to the growing backlash.Neal, however, indicated that the committee is in discussions with the administration on various proposals to increase reporting requirements.According to Merski, the provision could be added back to the budget reconciliation bill at any stage in the process, especially at the last minute. The bill only needs a simple majority to pass in the Senate.“Our fear is that this is so onerous that they’re waiting to the last second to put this in, but they’re dead serious about putting this proposal in,” he said.An ICBA poll conducted by Morning Consult found that 67 percent of voters oppose the new IRS reporting proposal.“The provision is a violation of Americans’ privacy rights and would be a crushing burden on community banks and credit unions struggling in the midst of the pandemic,” John Berlau, a senior fellow at the Competitive Enterprise Institute, told The Epoch Times.“The IRS already gets plenty of data on taxpayers through forms such as 1099s, and does not need instant access to these small transactions to go after tax cheats,” he said.According to the Treasury Department, Biden’s proposal is “integral to addressing evasion.”The tax gap disproportionately benefits wealthy people because their income mainly comes from “non-labor sources where misreporting is common,” the Treasury report stated.“The tax gap totaled nearly $600 billion in 2019 and will rise to about $7 trillion over the course of the next decade if left unaddressed.”

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US Services PMI Plunges To 14-Month Low As Input Prices Soar

After August’s surprising tumble in Markit’s PMIs (Services much more so than Manufacturing), analysts expected that trend to continue in preliminary September data (albeit at a far more gradual rates), all of which fits with the ongoing trend of collapse in actual macro-economic data relative to over-optimistic expectations.The actual prints were worse than expected:Markit US Manufacturing fell to 60.5 in early Sept from 61.1 in August (below the 61.0 expected)Markit US Services fell to 54.4 in early Sept from 55.1 in August (below the 54.9 expected) – a 14-month lowSource: BloombergOn the price front, input costs rose at a sharper pace during September. The rate of cost inflation was the quickest for four months, and the second-highest on record, as supply chain disruptions and material shortages pushed prices and transportation costs up.Output charges continued to increase markedly, continuing to rise at a pace far outstripping anything seen in the survey’s history prior to May, as firms sought to pass on higher costs to clients where possible.The flash US Composite PMI tumbled to 54.5 (below expectations) – its weakest in 12 months…Source: BloombergCommenting on the PMI data, Chris Williamson, Chief Business Economist at IHS Markit, said:“The pace of US economic growth cooled further in September, having soared in the second quarter, reflecting a combination of peaking demand, supply chain delays and labour shortages.“The slowdown was led by a cooling of demand in the service sector, linked in part to the Delta variant spread. However, while manufacturers have seen far more resilient demand, factories face growing problems in sourcing enough supplies and labour to meet orders. Supply chain delays show no signs of easing, with another near-record lengthening of delivery times in September. Hence factory output growth also weakened and order book backlogs rose at a record pace in September.“The upshot is yet another month of sharply rising prices charged for goods and services as demand outpaces supply, and higher costs are passed on to customers.”So economic growth is cooling but prices are still soaring…Cough “stagflation” cough.

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CDC Panel Considers Delaying Booster Jabs Decision By 1 Month To “Wait For More Evidence”

Last night, the FDA – as expected – authorized the emergency use of booster doses of the Pfizer-BioNTech mRNA jab for patients over the age of 65, the immuno-compromised, and the occupationally vulnerable.Now, it’s the CDC’s turn. The panel is preparing to wrap up a two-day meeting on Wednesday, where it is deliberating a more specific set of guidelines regarding the booster jab and who will initially be eligible, and when.Before we get into specifics, it’s worth noting that after the first day of discussion, some of the advisors were so befuddled by the rationale for boosters that they suggested putting off the CDC’s decision for a month to wait for more evidence. Such a decision would probably have driven the Biden Administration crazy. According to the AP, “the uncertainties were yet another reminder that the science surrounding boosters is more complicated than the Biden administration suggested when the president and his top aides rolled out their plan at the White House last month.”On Wednesday, “the CDC panelists heard a series of presentations Wednesday outlining the knotty state of science on boosters. On one hand, the COVID-19 vaccines continue to offer strong protection against severe illness, hospitalization and death. On the other hand, there are signs of more low-grade infections among the vaccinated as immunity wanes.”Ultimately, the function of the CDC panel is to “refine exactly who will be eligible” as Politico put it. For the booster jab, the focus will be on defining who’s at “high risk”. The discussions are expected to conclude Thursday afternoon.Politico has five key takeaways from day one, and what to expect on day two (text courtesy of Politico):The goals of vaccination might be changing:Data from the large clinical trials used to authorize Covid-19 vaccines in the United States suggested they offered strong protection against even mild infection, raising hopes that the shots would confer so-called sterilizing immunity — preventing vaccinated people from spreading the virus.But over time, scientists have realized that the vaccines’ ability to ward off mild infection is waning, although protection against severe disease and death remains strong overall.CDC panel member Sarah Long, a pediatrics professor at Drexel University’s College of Medicine, urged her colleagues to differentiate between ensuring the vaccines prevent hospitalizations versus all infection.”I don’t think there’s any hope that a vaccine, such as the ones we have, will prevent infection after the first maybe couple of weeks that you have those extraordinary immediate responses,” she said.The elderly show the clearest need for boosters at this point:Antibodies from vaccination decrease over time among all age groups. But vaccine recipients 80 and older develop lower levels of neutralizing antibodies post-vaccination than younger adults do, said Natalie Thornburg, a respiratory virus immunology specialist at the CDC.That means that older people’s antibodies may drop to undetectable levels faster, at which point their memory immune cells play a larger role in protecting them against Covid-19. But older people also may produce fewer memory cells than younger people whose immune systems are stronger — suggesting that older people would benefit from a third vaccine dose.Ruth Link-Gelles of the U.S. Public Health Service said current data shows significant drops in the efficacy of both the Pfizer and Moderna shots in people 65 and older in the time the Delta variant has dominated the domestic infection landscape.But Thornburg cautioned against viewing vaccines’ protection as an on-off switch. “Immunity is not simply a binary” in which individuals are either protected or not against the coronavirus, she said. Most people are able to maintain some level of cellular immunity, which is likely enough to protect vaccine recipients from severe disease even after antibody levels drop off.Nursing-home residents face special risks, even with a boostBoosters may not be enough to fully protect residents of nursing homes, according to modeling data presented by Rachel Slayton of the U.S. Public Health Service. While boosters may help reduce the number of cases in long-term care facilities, she said, that depends on their inherent efficacy and on the vaccination coverage among facility staff.High community transmission will likely lead to more infections in nursing homes because staff can more easily import the virus, Slayton said. It’s unclear whether booster doses could help curb transmission of the virus among vaccinated individuals.Experts are worried about confusing the publicMembers of the CDC’s vaccine advisory committee expressed concerns Wednesday about green-lighting boosters from one brand over others with authorized Covid vaccines available to Americans, noting the potential for public perception and logistical issues. The panel is tasked with recommending to the CDC how the FDA’s vaccine policy should be implemented in real-world settings.Long suggested that the group wait for more information on so-called mix-and-match doses — the ability to vaccinate someone with one brand’s primary series with the option for a different manufacturer’s booster later — before signing off on just the Pfizer booster, asking “whether we’re willing to panic half the recipients of Moderna.”“I don’t want to jeopardize anyone,” she said of delaying a booster decision. “At the same time, it’ll be very, very difficult to have a little less than half of the population who would be eligible to receive” a booster if people can only get the brand that matches their initial series.Moderna has asked FDA to authorize its booster shot, and Johnson & Johnson has begun submitting booster data to the agency with an eye to filing an application.Amanda Cohn of the CDC urged committee members to consider the recommendations they’re making now as “interim policies” that will change as more data surfaces. The National Institutes of Health is conducting a study on mixing vaccine doses, with results expected later this year.”This is a rapidly moving target,” she said.The booster rollout could be messyStill, there are a number of challenges to approving only one brand’s vaccine for boosting.Immunocompromised Americans have already been permitted to seek out third doses of the Pfizer or Moderna vaccines because of concerns they may not have mounted a sufficient immune response to the first two shots. While they’ve been told they can receive the other brand’s shot if they can’t access the one they initially got, FDA isn’t expected to allow mixing brands for people outside that category, which could sow further confusion.More than 98 percent of Americans participating in a CDC safety monitoring program who have gotten additional doses stuck with the same brand they originally received. But it’s unclear how many of those studied actually fell under the CDC’s definition of immunocompromised since patients only have to attest to their eligibility — no doctor’s note required — meaning there are few obstacles keeping people interested in boosters from acquiring them, anyway.Declining to allow mixing Pfizer and Moderna doses beyond the immunocompromised could make administering boosters in long-term care facilities difficult if residents received different brands, said Molly Howell, an immunization program manager at the North Dakota Department of Health.“I don’t know that it’s realistic to keep going back with different brands,” she said.* * *Ironically, the deliberations on the booster jabs are happening during the slowest week for first-dose vaccinations since July (despite NY’s mandate looming on Monday). Remember, all of the deliberation so far have  focused on the Pfizer jab. Regulators will decide on boosters for people who have received the Moderna or J&J jabs in the coming weeks. One thing we already know: Pfizer boosters won’t be recommended for patients who received a different brand the first time around (though exceptions to this have already and will likely continue to be made).

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Stocks & Bonds Tumble As Market Prices In 2022 Rate 'Liftoff'

Argue all you like that “tapering is not tightening” or that “the taper and rate cycle are not connected”, but the market says otherwise and is starting to price in a rate liftoff by the end of 2022…And furthermore, the rates market is beginning to catch up to The Fed’s new dot-plot trajectory for rates…That has sent yields higher on bonds…And reversed gains in stocks…Taper matters…

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BP Prepares To Ration Gas At UK Service Stations Amid Supply Woes

Compounding the ongoing UK energy crisis is BP plc, a multinational oil and gas company, which said it plans to restrict deliveries of gasoline and diesel across its network of service stations in the country amid a truck driver shortage, according to ITV. ITV, citing a BP spokesperson, said a shortage of truck drivers is inhibiting the oil company’s ability to transport fuel from refineries to its network of service stations. According to ITV, the disruption is expected to cause BP to announce fuel “restrictions” at service stations “very soon.” The spokesperson said a “handful” of service stations have already closed due to the lack of unleaded gasoline and diesel. BREAKING: BP says it has temporarily closed some UK sites due to supply issues with unleaded and diesel fuel resulting from a national shortage of HGV and tanker drivers.Get the latest updates: https://t.co/hkEnFm0n7N pic.twitter.com/VIwrAoPUAO
— Sky News (@SkyNews) September 23, 2021Last Thursday, BP’s Head of UK Retail, Hanna Hofer, spoke with the Cabinet Office about the diminishing supplies and said BP had two-thirds of fuel stock levels required for normal operations. She expects fuel stocks to stabilize and began rebuilding in October, but there could be a few weeks of disruptions at the pump. The spokesperson added:”These have been caused by delays in the supply chain, which has been impacted by industry-wide driver shortages across the UK and we are working hard to address this issue.” A lack of truck drivers is due to several factors, including Brexit and the virus pandemic. Since Brexit, there are estimates that several thousand truck drivers from the EU are thought to have been lost. This is more bad news for Brits, who are already experiencing hyperinflating natural gas and electricity prices, along with other disruptions caused by the energy crisis. 

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