Weekly Review, June 12, 2023

Where is the economy headed this year and beyond. Read up here

• With the Fed’s June meeting this Wednesday, Chairman Powell finds himself in a tough spot with deteriorating economic activity, increasing consumer credit card balances, stubborn inflation and a rising stock market.

• Top strategists at odds with each other! Morgan Stanley believes this is a massive bear market rally that will soon fail and head to new lows while Goldman thinks this is the beginning of a new bull market that is about to broaden out beyond tech.

• Billionaire George Soros, age 92, has handed over control of his $25B empire to his son Alex who is even “more political” and will likely be the largest financial backer of the Democratic Party. This could have meaningful implications for the 2024 presidential race.

• WSJ reported last week that China had reached an agreement to setup an eavesdropping base in Cuba, but the White House confirmed this weekend that China has had a spy base in Cuba since at least 2019.

• Is AMZN currently undervalued? This BofA analyst certainly thinks so. He believes Amazon will see significant margin expansion in the next few years that is underappreciated by the Street.