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Nearing a peak? - Investors today are bracing for another inflation report = north of 8%, though the number may provide some relief for those looking fo= r the CPI to start cooling off. While April's Consumer Price Index is expec= ted to come in at a flaming 8.1% Y/Y, the figure would be down from the 8.5= % print seen in March, which marked the highest inflation level seen since = the early 1980s. The CPI provides a snapshot of overall prices - meaning co= sts of certain goods can continue to rise - so also keep one eye on the cor= e inflation figure (which excludes food and energy), as well as sub-sectors= like cars and rent.=C2=A0Quote: "I want every American to know that I am t= aking inflation very seriously and it's my top domestic priority," Presiden= t Biden said Tuesday before the closely-watched report. "The first cause of= inflation is a once-in-a-century pandemic. Not only did it shut down our g= lobal economy, it threw supply chains and demand completely out of whack...= And this year we have a second cause: Mr. Putin's war in Ukraine."Biden we= nt on to propose solutions like "lowering everyday costs for hard-working A= mericans" through Medicare price negotiation and caps, improving operations= at ports to reduce supply chain logjams and promoting competition to get s= maller companies into the market. Lowering the deficit will also be a prior= ity by "asking large corporations and the wealthiest Americans to not engag= e in price gouging and pay their fair share in taxes." With regards to cutt= ing high energy prices, Biden said he had "led the world in the largest rel= ease of oil from our stockpiles in history," allowed biofuels in gasoline, = and is driving green investment at the same time as near-record domestic cr= ude production. Oil companies will also not get a "free pass" for unused oi= l leases (numbering 9,000 nationwide) and will be required to pay taxes on = them if they don't produce more oil.Not about one report: "I wouldn't say [= today's] CPI matters by itself. I think the combination of March, [today's]= and May's data will kind of be the big inflection point," said Ben Jeffery= , a fixed income strategist at BMO. "I think it will either reassert the se= lling pressure we saw that took 10s to 3.20%, or I think it will inspire mo= re dip-buying interest for investors who have been waiting for signs that i= nflation is starting to peak." (27 comments)
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Top News
Nearing a peak?
Shutterstock

Investors today are bracing for another inflation re= port north of 8%, though the number may provide some relief for those looki= ng for the CPI to start cooling off. While April's Consumer Price Index is = expected to come in at a flaming 8.1% Y/Y, the figure would be down from th= e 8.5% print seen in March, which marked the highest inflation level seen s= ince the early 1980s. The CPI provides a snapshot of overall prices - meani= ng costs of certain goods can continue to rise - so also keep one eye on th= e core inflation figure (which excludes food and energy), as well as sub-se= ctors like cars and rent.=C2=A0

Quote: "I want every Am= erican to know that I am taking inflation very seriously and it's my top do= mestic priority," President Biden said Tuesday before the closely-watched r= eport. "The first cause of inflation is a once-in-a-century pandemic. Not o= nly did it shut down our global economy, it threw supply chains and demand = completely out of whack... And this year we have a second cause: Mr. Putin'= s war in Ukraine."

Biden went on to propose solutions like "lowe= ring everyday costs for hard-working Americans" through Medicare price nego= tiation and caps, improving operations at ports to reduce supply chain logj= ams and promoting competition to get smaller companies into the market. Low= ering the deficit will also be a priority by "asking large corporations and= the wealthiest Americans to not engage in price gouging and pay their fair= share in taxes." With regards to cutting high energy prices, Biden said he= had "led the world in the largest release of oil from our stockpiles in hi= story," allowed biofuels in gasoline, and is driving green investment at th= e same time as near-record domestic crude production. Oil companies will al= so not get a "free pass" for unused oil leases (numbering 9,000 nationwide)= and will be required to pay taxes on them if they don't produce more oil.<= br />
Not about one report: "I wouldn't say [today's]= CPI matters by itself. I think the combination of March, [today's] and May= 's data will kind of be the big inflection point," said Ben Jeffery, a fixe= d income strategist at BMO. "I think it will either reassert the selling pr= essure we saw that took 10s to 3.20%, or I think it will inspire more dip-b= uying interest for investors who have been waiting for signs that inflation= is starting to peak." (27 comments)

     
Cryptocurrency
The Luna bin

It's not easy to engineer a new currency, especially= an algorithmic stablecoin. Terra (US= T-USD), the world's third-largest stablecoin, lost its peg to the U.S. dollar on Mo= nday, dropping to as low as 69 cents and causing a swathe of investors to l= iquidate their holdings. Things recovered somewhat yesterday, before it tum= bled below 40 cents overnight, causing widespread panic as the controversia= l stablecoin (which has a circulating supply of nearly 17B tokens) went int= o freefall.

Snapshot: There are basically two types of = stablecoins, which use distributed ledger technology to attach the value of= tokens to something that already exists. One is backed by cash and assets = to maintain their value, like Tether (USDT-USD) and USD Coin (US= DC-USD), while others do not have any collateral behind them like algor= ithmic stablecoins. Instead, the pegs on which these coins are built are su= pposed to be maintained through an arbitrage relationship with another cryp= tocurrency (in the case of Terra, it relies on a sister token named Luna (<= a href=3D'https://email-st.seekingalpha.com/click/27671740.808776/aHR0cHM6L= y9zZWVraW5nYWxwaGEuY29tL3N5bWJvbC9MVU5BLVVTRD9tYWlsaW5naWQ9Mjc2NzE3NDAmc2Vy= aWFsPTI3NjcxNzQwLjgwODc3NiZ1c2VyaWQ9MzUzODQ1MTUmc291cmNlPWVtYWlsX3dzYiZtZXN= zYWdlaWQ9d2FsbF9zdHJlZXRfYnJlYWtmYXN0JnV0bV9zb3VyY2U9c2Vla2luZ19hbHBoYSZ1dG= 1fbWVkaXVtPWVtYWlsJmxjdGc9NjBjMWU1YzRkYmE4M2U1OTE0OWZmMzQ3/60c1e5c4dba83e59= 149ff347B0e667e84' title=3D'Terra'>LUNA-USD)).

The problem i= s that it hasn't been working (at least for the past few days). The relatio= nship solely depends on the belief that there is a particular floor to the = currencies, hoping that one can always exchange (or print) Luna to guarante= e the $1 peg for Terra. Aware of this dynamic, Do Kwon, the founder of Terr= aform Labs (which powers the Terra blockchain) has been diversifying into B= itcoin (BTC-USD) reserves for = currency support - in case confidence eroded in Luna and Terra - but that c= ould also be dangerous if Bitcoin becomes devalued as it has over the past = six months. "Close to announcing a recovery plan for $UST. Hang tight," twe= eted Kwon in response to the crisis.

Need for regulation= : "[With stablecoins,] we see run risks, which could threaten fina= ncial stability, risks associated with a payment system and its integrity a= nd risks associated with increased concentration if stablecoins are issued = by firms that already have substantial market power," Treasury Secretary Ja= net Yellen said at a hearing before the Senate Banking Committee on Tuesday= . "A stablecoin known as TerraUSD experienced a run and declined in value. = I think that this simply illustrates that this is a rapidly growing product= and there are rapidly growing risks. We really need a consistent federal f= ramework." (2 comments= )

     
Featured
How to succeed when stocks are falling
= With inflation still high, the Fed hinting at more rate= hikes and a shrinking US economy, it's hard to know what to do next. Will = the market rebound or keep falling? Will there be more earnings surprises? = And which stocks should you be looking at now?
Seeking Alpha's Quant Ratings help you find under-the-radar winners - even in the current eco= nomic climate. Our =E2=80=98St= rong Buy=E2=80=99 stock picks are beating the market by more than 4-to-1.

And with our powerful custom screeners, you can search across every se= ctor and discover investing opportunities you won=E2=80=99t hear about anyw= here else.

Find 'Stro= ng Buy' stocks =C2=BB
Media
@realdonaldtrump
Questions have swirled if Donald Trump will be allowed back on Twitter (TWTR) following Elon Musk's pending= $44B purchase of the company, and yesterday we got an answer: Musk said he= would reverse the permanent ban on the former U.S. president, calling it "= morally wrong and flat-out stupid." Trump was barred from the platform in t= he wake of the U.S. Capitol attack on Jan. 6, 2021, after Twitter cited "ri= sk of further incitement of violence" and "repeated and severe violations" = of the network's policies.

Free speech focus: "I do think that it was not corr= ect to ban Donald Trump. I think that was a mistake because it alienated a = large part of the country, and did not ultimately result in Donald Trump no= t having a voice," Musk told the FT's Future of the Car conference. "If there are tweets = that are wrong and bad, those should be either deleted or made invisible, a= nd a suspension - a temporary suspension - is appropriate, but not a perman= ent ban."

While the measures Twitter took were legal - private = firms aren't subject to the First Amendment - they highlight more starkly t= han ever the companies' influence over public speech and online conversatio= n. Musk has referred to Twitter as the "digital town square, where matters = vital to the future of humanity are debated," and some are worried that lim= iting conversation could end up hurting society or prompt less interaction = among a broad variety of views. That could force many users into like-minde= d echo chambers that could reinforce their own beliefs and further polarize= the political landscape, but the alternatives of no moderation can be just= as scary.

What = is Trump saying? Well, the whole story is coinciding with the rollou= t of his TRUTH Social network, which is publicly trading under ticker symbo= l "DWAC." Trum= p has previously announced that he woul= dn't return to Twitter, saying they had "gotten rid of a lot of their conse= rvative voices," but things could turn around quickly before coming electio= n cycles. TRUTH Social has also been plagued by technical issues since its = launch, as well as some executive departures. (210 comments)
     
Tech
End of an era
The MP3 player wars in the early 2000s were being fought by Archos, MiniDis= c, SanDisk, Zune and others, until the iPod was finally embraced by the mas= ses. Apple (AAPL) went on to win ev= en more consumers with its robust lineup that included the iPod Classic, iP= od Mini and Nano, iPod Shuffle, and eventually the iPod Touch. While the iP= hone and the streaming era rendered many of the devices obsolete, the last = iPod Touch stuck around over much of the last decade, until powering down -= permanently.

Some history: Apple last updated the iPod Touch in 2019, keeping= it around for a select demographic of users. Some people wanted the featur= es of an iPhone (without actually having a phone) like sending iMessages an= d FaceTime via a Wi-Fi connection. However, the device that is now in its 7= th-generation is coming to an end, with an announcement that last iPod Touc= h will only be available in store "while supplies last."

"The de= mise of the iPod is probably the best example of Apple not being concerned = about cannibalizing its own products," noted Carolina Milanesi, principal a= nalyst at Creative Strategies.

Corporate statement: "Today, the spirit of iPod lives= on. We've integrated an incredible music experience across all of our prod= ucts, from the iPhone to the Apple Watch to HomePod mini, and across Mac, i= Pad, and Apple TV," said Greg Joswiak, Apple's senior vice president of Wor= ldwide Marketing. "Apple Music delivers industry-leading sound quality with= support for spatial audio - there's no better way to enjoy, discover, and = experience music." (17 comments= )
     
Today's Markets
In Asia, Japan += 1%. China +0.8%. India -0.5%.
= In Europe, at midday, London +1.1%. Paris += 1.1%.
Futures at 6:20, Dow +0.9%. S&P +1.1%. Nasdaq +1.3%. Crude +2.8% to $102.56. Gold +0.5% to $1850.50. Bitcoin +1.1% to $31,760.
Ten-year Treasury Yield -= 5 bps to 2.95%
Today's Economic Calendar
7:00 = MBA Mo= rtgage Applications
8:30 Consumer Price Index
10:00 Atlanta Fed's Business Infl= ation Expectations
10:30 EIA Petroleum Inventories
12:00 PM Fed's Bostic: =E2= =80=9CAn Update from the Atlanta Fed: Economic Outlook and Monetary Policy= =E2=80=9D
1:00 PM Results of $36B, 10-Year Bond Auction
2:00 PM Treasury State= ment

Companies reporting = earnings today =C2=BB
What else is happening...
Peloton (PTON) hits = a new low as investors wait on recovery = plan.

Earnings watch: Disney (DIS) streaming subscriber count, parks attendance.

R1T, R1S, electric v= an updates to come in Rivian's (RIVN) = Q1 results.

Pfizer (PFE= ) pays $11.6B for Biohaven to enter migraine= market.

Senate approves Lisa Cook to serve on the Fed's board of governors.

Appaloosa's David Tepper: = 'I covered Nasdaq short.'

Nintendo (OTCPK:NTDOY) announces stock split, Switch sa= les top estimates.

Coinbase (CO= IN) drops as muted Q2 outlook follows big earnings miss.

Warehouse demand: Prologis (PLD) offers to buy Duke Realty (DRE) for $24B.

Roblox (RBLX) slides on bookings decline and wider-than-expected loss.

Electronic= Arts (EA) ends three-decade= partnership with FIFA.
Seeking Alpha=E2=80=99s Wall Street Breakfast Podcast
Seeking Alpha's Wall Street Breakfast podcast brings you all the news you n= eed to know for your market day. Released by 8:00 AM ET each morning, it is= a quick listen that you can put on as you get ready to start your working = day.
 
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