Cuts to oil production are just one of a number of predictions I made during this broadcast that have already come true.

This oil boom is coming, and I don’t want you left out in the cold.

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WORD ON THE STREET 

• With Two Days To Spare – Markets are breathing a sigh of relief as they open this morning. President Joe Biden signed legislation Saturday that increases the government’s debt ceiling and so avoids a possible crisis that could have led to a default. “The stakes could not have been higher,” said the president. “Nothing would have been more catastrophic.” Well, it would have been bad but… nothing?  We have fewer problems than I thought.

• Dude, Not Cool – Despite the end of the crisis, Fitch Ratings said it might still lower the U.S. government AAA rating. It said that the government is still in the danger zone “as we consider the full implications of the most recent brinkmanship episode and the outlook for medium-term fiscal and debt trajectories.”

• Layoffs At Pixar – No happy ending at this animation company. The Toy Story maker owned by Disney is slashing 75 positions. Among those losing their jobs are two executives who were behind the spinoff “Lightyear,” which was a box office dud.

• IMF Suggests Fed Shouldn’t Back Off – Investors are assuming that the Fed is done increasing interest rates. That might be a dangerous assumption, at least if the IMF is anything to go by. “We don’t yet see a significant slowdown in lending,” said IMF Managing Director Kristalina Georgieva. “There is some, but not on the scale that would lead to the Fed stepping back.”

HOT SPOTS: What’s Going on in Geopolitics

• Saudis Act Unilaterally On Oil – Saudi Arabia’s Energy Minister said that his country “will do whatever is necessary to bring stability to this market” after the Kingdom unilaterally cut oil production. Oil prices were up as much as 2% going into this morning.

• Erdogan Begins Third Term – Turkish leader Recep Tayyip Erdogan began his third term as president, taking the oath of office on Saturday. He promised his people a “Turkish century” and vowed to replace the current constitution.

• China/USA Feud Over Warship Crossing – The Chinese defense minister accused the United States of pursuing “hegemony of navigation” with its “freedom of navigation” patrols. China recently sent a warship across the path of an American destroyer. Defense Secretary Lloyd Austin vowed that the United States would not “flinch in the face of bullying or coercion.”

CUTTING EDGE: What‘s Happening In Tech

• T. Rowe Price – T. Rowe Price has marked down its stake in Canva by 67.6%. Canva has pushed back that the markdown is “inaccurate.”

• Dorsey Endorses Kennedy – Twitter co-founder Jack Dorsey is endorsing Democratic candidate Robert F. Kennedy, Jr. for president. He further predicted that RFK could beat both President Donald Trump and Governor Ron DeSantis. (No word on how he’ll get through President Joe Biden first.)

• More Than $35 Million In Crypto Reportedly Stolen – Atomic Wallet has received reports of compromised wallets, with as much as $35 million reportedly stolen. “We are doing all we can to investigate and analyze the situation,” said Atomic Wallet.

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