The Daily Feather — Who Left the Dog Out?
Native Texans can attest to the summers of 1980, 2011, and 1998 as being respectively, the 7th, 8th, and 9th circles of hell as told by Dante upon his Inferno’s 1304 release. Redefining “dog days,” in the first, second, and third episodes, the number of consecutive days temperatures pierced 100 degrees were 42, 40, and 29, respectively. Unlike Death Valley, which marks the northern reach of the Mojave Desert in Eastern California, where the average number of days of triple-digit temps average 143 per annum, north Dallas cannot be qualified as emitting a “dry heat.” Though not as humid as Houston, summers are akin to hot, sweaty swamps. Conscientious Lone Star canine owners know the rules of the roads that are hot to paws’ touch. The mantra: “Rise & Shine!” Daily constitutions, a.k.a., ‘walks,’ should be completed before 9 am from June through September. And, according to the American Kennel Club, at no time should a dog be left outdoors for more than 10 to 15 minutes when temperatures are higher than 90 degrees. Should you think pampering pooches is for pansies, it takes all of 30 minutes for a dog to succumb to heat stroke.
Texas has also taken its fair share of manmade heat in recent weeks. Fort Worth-based National Association of Private Fund Managers has tapped into the leniency of the 5th Circuit Court of Appeals in New Orleans. Already, the court has rejected restrictions that compel hedge funds and private equity firms to spill the goods on quarterly fees and expenses to investors. Next in line, much to the chagrin of Gary Gensler, Chair of the Security and Exchange Commission: wiggling out of requirements to disclose short-selling activities and escaping greater scrutiny of high-speed trading. Per Bloomberg, the list of Texas-based lawsuits challenging recent changes to the regulation of crypto, credit card late fees, and derivatives to bet on the outcomes of elections are also in motion.
It will be another week before we get the latest read out of the Dallas Federal Reserve’s factory sector. In the meantime, buckle up for a veritable onslaught of data out of the New York and Philadelphia Feds in addition to major feeds into the National Bureau of Economic Research’s Business Cycle Dating Committee calculus including Retail Sales and Industrial Production.