Omicron is on a world tour and it has reached 25 countries so far. According to WHO, it is in five of the six regions that WHO monitors. WHO takes this development extremely seriously and so should every country. The early readings about the virus are that it may not be that deadly but can spread more widely than the average Covid variant. Omicron has more than 30 mutations on its spike protein alone, making it very unpredictable.
Meanwhile, President Biden is practicing medicine without a license. He has asked all Americans to get the booster shot. A reader quipped is this ‘omicron’ or ‘omigod’ as it is everywhere. To me, Omicron sounds more like a Steven Spielberg movie. A little unknown crypto that was named Omicron jumped up 900 % when WHO named this new Covid variant ‘Omicron’. We live in a very crazy world.
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The drama with Powell shows no sign of abating. He has clearly swung the pendulum from an inflation-denier to an inflation-fighter now. After being re-appointed for another term as the Fed Chairman, Powell wasted no time in showing his true colours. As we have discussed many times before, he spent most part of this year manipulating the inflation narrative in order to get re-elected. An inflation-fighting Fed will be a burden for the Biden administration and their agenda.
Yellen, the Treasury Secretary and Powell were testifying to the House Financial Services Committee yesterday. While Powell was being bombarded for his prior denial of inflation, the House Republicans went on the offensive against Yellen. The Republicans are using their newfound leverage to weaken the administration’s pitch for another multi-trillion-dollar spending package. Some of the most liberal Democrats must be regretting and thinking are we creating a Frankenstein out of Powell’s re-appointment.
The proceedings going forward could create a lot of uncertainty and volatility. It looks likely that the probability for further easing in monetary policy and fiscal spending is almost getting closed for this cycle. The markets are already reacting to this phenomenon. The only thing is that the bond market is still not buying it. The 10-year yield continues to slide lower.
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Abraham George is a seasoned investment manager with more than 40 years of experience in trading & investment and multi-billion dollar portfolio management spanning diverse environments like banks (HSBC, ADCB), sovereign wealth fund (ADIA), a royal family office and a hedge fund. Currently, he is setting up a hedge fund where foreign citizens can invest in Indian growth stocks like Tanla operating in hyper-growth markets like CPaaS.