Battle Royale in the Markets, EV Credit Limit Lift, Amazon Drones (Maybe)

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It’s Troublemaker Tuesday and we’ve got a full plate of trouble to talk about from the markets that just can’t seem to stay out of the headlines, to a joint letter from automakers to congress. We’re also talking about the potentially real arrival of Amazon drone delivery almost a decade later.

  • Crypto Crash, Bear Markets, & Fed on Wednesday
    • Crypto markets lost more than 300B as most coins dropped to 24 month lows
      • BTC below 21k and ETH temporarily below 1,100
      • General market has stayed 20% below Jan session high for a sustained period indicating an official bear market
      • Fed may accelerate rate increases to .75 from previously stated .50 amidst inflation acceleration
        • Two consumer surveys have also shown households’ expectations of future inflation have increased in recent days. That data could alarm Fed officials because they believe such expectations can be self-fulfilling.
      • Take away: Focusing on the right affordability solutions is more important than ever
  • Major OEMs strongly urging congress to lift EV tax credit cap in joint letter
    • GM, Ford, Stellantis, and Toyota highlighted the fact that they are investing over 170 billion in EVs and asked that the cap be lifted and a ‘sunset’ date be put in place
    • Potential Republican wins in the midterms are raising concerns that conservative financial policies may eliminate the credits
    • In April, U.S. Sen. Joe Manchin, a key Democrat from West Virginia, questioned the need to extend EV tax credits in the face of strong consumer demand and Chinese production of battery components.
    • "There's a waiting list for EVs right now with the fuel price at $4. But they still want us to throw $5,000 or $7,000 or $12,000 credit to buy electric vehicles. It makes no sense to me whatsoever," Manchin said. "When we can't produce enough product for the people that want it and we're still going to pay them to take it -- it's absolutely ludicrous in my mind."
    • Take away: Don’t count on the money, but count on the demand. \
  • Amazon finally getting drone delivery moving real packages (probably)
    • The company announced that it would launch its inaugural drone delivery service in the town of Lockeford, California, later this year after it receives the green light from the Federal Aviation Administration. Almost 9 years after founder Jeff Bezos talked about it on 60 minutes
    • After several test crashes and employee’s who raised concerns were fired, the program seems to have recovered and will begin drone delivery of thousands of products which have yet to be specified.
    • Take away: Who’s lives in Lockeford that can send us a video?! Think of how service departments might be able to take advantage of this turn time?

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