Postcards: Congress Covers Its Ass on Inflation Again (Plus The Russell Tests Its 200 SMA)

One of the dumbest possible ideas to address rising costs across America is to tempt the population with early withdrawals from their retirement account. Guess which Political Body approved that gem?

Market Update: As I said in the Republic Risk Letter, we were looking for the breakout to start on the Russell 2000, and we made a quick race to the 200-day moving average in the opening hour. But we pulled back ahead of the PCE Index and an update from OPEC. Conditions are positive, but it’s clear that money is rotating to the Small Cap Space. The Direxion Daily Small Cap Bull 3X ETF (TNA), my preferred bull fund for the Russell, popped 4.2% in the early session before rolling back. We’ll see if it can continue testing tomorrow.

Dear Fellow Expat:

Recently, we drove to four Italian restaurants on a Tuesday night.

All of them had a 50+ minute wait.

What exactly is going on here?

Expats!