The CPI report is already becoming a distant memory, as the economic crisis pendulum swings from runaway inflation to a potentially deep recession.  The street refocuses on the banking scare, as reports the DOJ is looking into shorts suggest the powers that be are desperate to circle the wagons.

Meanwhile, the street still sees rate cuts at the end of the summer.

President Biden is speaking today on the debt ceiling drama that nobody thinks will result in a technical default.  But this kind of political theater erodes confidence in the government, which is already on thin ice.

The Mouse that Roared?

After the close, we get the latest financial release from Disney (DIS).  It’s unlikely the mouse house will roar, but estimates have come down dramatically in the past ninety days.

Hopefully, the company can clear this hurdle. The stock hasn’t fared well in the aftermath of three of the last four earnings releases.