Jay to the rescue

[The beef 675] [I'm an image] “Powell-Portnoy 2020?” - Jason Hey there carnivores, Markets were up on Monday after the Fed’s announcement. More on that below. Keep raging, Jeff & Jason [Image] [I'm an image] Wild ride Robinhood ain't got sh*t on the Fed. Yesterday, Jerry Interest Rates and the Plunge Protection Team announced that the US central bank [would consider purchasing]( corporate debt from individual companies as part of the Secondary Market Credit Facility it established on March 23 in response to the coronavirus pandemic. This is a BFD. And the announcement was just what the markets ordered. The day was shaping up to be another potential massacre as the S&P and Nasdaq opened down 2.5% and the Dow was down 700 points early in the session. After the news, markets fully erased the deficit with the Dow [closing up 157 points]( and all three indices ending positive. Define "market mover." Allow me to explain By announcing that it will buy corporate bonds, the Fed is signaling to the investment world that it is going to prop up credit markets by any means necessary during these...unprecedented times. Purchasing on the “secondary market” means that the deal takes place on an exchange. Just like a stock, the Fed will buy corporate debt from other owners, as opposed to the bond issuer itself. But Jerry has standards. Companies need to have been BBB- / Baa3 rated as of March 22 and the program will only buy bonds that have maturities of five years or less. This power move should benefit companies who took big hits thanks to COVID but previously were pretty solid. In other words, Hertz is still f*cked. The bottom line... By offering to buy corporate bonds the Fed isn’t only providing security to the fixed income market but doing stocks a solid. But that’s not the only good news the Fed issued yesterday. The central bank [officially opened]( its Main Street Lending Program. It encouraged banks to begin lending the allotted $600B to qualified businesses in need. The loans which are intended for companies too big for a PPP "loan" but not quite big enough for an industry-wide bailout can apply for between $250k and $300M. Ruth’s Chris did not appear on the initial list of loan applicants. [Image] An Unfair Advantage? [Alternate text]( [Alternate text]( Join Kyle Dennis Today at 12 PM ET—LIVE When He Reveals His #1 Tool For Catching Explosive Options [Register Now]( [I'm an image] ☑️This rules. The Supreme Court has laid down the law, [prohibiting]( discrimination in the workplace against LGBT employees. The Court ruled 6-3 that gay and transgender employees in the US are protected by a federal law banning discrimination. And it's a law you might have heard of. The Civil Rights Act of 1964 stated that employers could not discriminate against someone based on "the basis of sex." But until yesterday, it wasn't entirely clear if that covered sexual orientation. ☑️Drop that ass(ets). What an interesting seven days BP has had. One week after announcing it [will cut 10k jobs](, British Petroleum stated that [it is writing down]( between $13B to $17.5B of its assets. If you’re guessing this is COVID-19 related, then you’re correct. The oil giant from across the pond even said that it will leave some oil and gas in the ground due to lower energy prices and weak demand thanks to the pandemic. Makes sense... everyone knows an older vintage is worth more. It’s worth mentioning that this is BP’s largest writedown since its $32B charge in 2010 when it spilled over 200M gallons of oil into the Gulf of Mexico. People don’t forget. ☑️This probe-ably isn’t good. The nation's four largest banks [will make their way to Washington]( (or jump on Zoom and forget to take themselves off of mute) to be questioned by a House panel about their handling of the small business loans given out in response to COVID-19. JPMorgan, BofA, Citigroup, and Wells Fargo (who is honestly just honored to be nominated) will have to provide additional details about how the banks processed loans through the Paycheck Protection Program and if they favored well-connected companies over smaller firms. After triple P launched in April, [complaints surfaced]( that some banks wouldn’t take PPP-seekers applications if the company didn’t have an existing lending relationship. All four banks’ stocks were positive on the day. Ahh, I love the smell of capitalism in the morning. ☑️Posting up in Washington. Jeffrey Congress [will join his CEO]( frenemies from Facebook, Alphabet, and Apple in Washington DC over the summer. Not quite Bora-Bora, but I’m sure it’ll be fun. The big wigs won’t be vacationing though. They'll be in town attending a meeting of the House Judiciary Committee to testify about antitrust practices. This will be Bezos's first time testifying before Congress, but, hey, he probably can’t do any worse than [Zuckerbot](. Not to mention this offers a perfect opportunity to debut his [2020 summer bod](. [If you recall](, a report came out in April accusing Amazon of utilizing proprietary data from independent sellers on its website to create its own competing private-label products. RagingBull, LLC 62 Calef Hwy. #233, Lee, NH 03861 Neither Raging Bull nor RagingBull.com, LLC (publisher of Raging Bull) is registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority. 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