The cities where inflation is increasing the most
Withtheyear-over-yearinflationrateat5%inMarch, according to the Bureau of Labor Statistics (BLS), FederalReserve hikes have started to slow inflation but Americans are still reeling from last year’s 40year high. However, inflation appears to be rising morequicklyincertaincities.
Wallethub said it compared 22 major MSAs (Metropolitan Statistical Areas) across two key metricsrelatedtotheConsumerPriceIndex,which measuresinflation.
Then, Wallethub said it compared the Consumer Price Index for the latest month, which BLS data is availableto two monthspriorandoneyear prior, to get a snapshot of how inflation has changed in the shortandlongterm.
The results are in and these are the top 15 cities whereinflation is increasingthe most, accordingto theresultsofthisstudy:
Philadelphia, Detroit, Phoenix, Seattle, Atlanta, Tampa, Houston, San Francisco, Baltimore, Dallas, Denver, St. Louis, San Diego, Chicago and Washington.
Souce:
https://fox5sandiego.com/news/local-news/san-diego-among-cities-whereinflation-is-increasing-the-most-study/
NY financial regulator adopts virtual currency assessment rule
TheNewYorkDepartmentofFinancialServices,or NYDFS, has adopted a new regulation for how crypto companies will be assessed for costs associatedwiththeirsupervision.
The regulation will require companies to meet rigorousstandardsforcapitalization,cybersecurity protection and anti-money-laundering protocols, NYDFSsaidinastatementMonday.
“As the first prudential regulator of virtual currency in the nation, New York has created a framework that sets the highest standards for safety,soundness,andconsumerprotectionwhile fostering responsible growth,” NYDFS Superintendent Adrienne Harris said. “This regulation provides the department with additional tools and resources to regulate the virtual currency industry now and in the future as innovatorscreate new products anduse casesfor digitalassets.”
Onlycompanieswithastate-issuedBitLicense–a license granted by NYDFS that allows firms to business in New York – are subject to the regulation.Only22companieshavethatlicense.
https://www.coindesk.com/policy/2023/04/17/ny-financial-regulator-adopts-
Lack of inventory pushes builders to start more construction of single-family homes
Home builders continued to ramp up construction of single-family units last month as mortgage rates ticked downward ahead of the busy spring selling seasonforrealestate.
Overall, construction declined 0.8% last month as a dip in multifamily units like apartment buildings offset the gains from single-family building. Compared to a year ago, housing starts were down 17.2%.
Buildershavebeenhitbyaseriesofissuessincethe onset of the pandemic with supply backlogs and laborshortageshurtingtheirabilitytomeetintense demandduringtheCOVID-erahousingboom.After thepandemicreceded,sustainedbottlenecksanda lack of workers have lingered while interest rates roseandmadeitmoredifficulttocompleteandsell projects.
Despite gains in three of the last four months, single-family construction still faces an uncertain pathforward.
Souce:
https://katu.com/news/nation-world/lack-of-inventory-pushes-builders-to-startmore-construction-of-homes-real-estate-home-prices-interest-rates-houses-forsale
Panic buying causes widespread gas station closures in Florida
More than half of gas stations in the Miami-Fort Lauderdale area were without gasoline Wednesday after flooding from last week’s massive storm caused a wave of panic buying by driverstoppingofftheirgastanks.
“Iwouldestimatethat80%of[stationclosings]are due to panic buying,” said Patrick De Haan, head of petroleum analysis for GasBuddy, which tracks stationclosingsandgasprices.
A storm dumped 20 inches of rain on Fort Lauderdale in just one day last Wednesday, causing widespread flooding and some disruptions to operations at Port Everglades in thatcity,whereasignificantportionofgasolinefor the region comes through a dozen different gas terminals.
Datafrom GasBuddyshowedthat59%ofstations intheMiami-FortLauderdalemarket wereclosed Wednesday,upfromabout20%onSunday.Other nearbymarketsarealsoreportingstationoutages, including31%ofstationsintheWestPalmBeachFort Pierce market and 4% of stations in the Fort Myers-Naplesmarket.
Markets are starting to get worried about the debt ceiling
You’dhardlyknowbylookingatfinancialmarketsthattheUSdebtlimitwasbreachedinJanuary.Butthat’s starting to change, in what is shaping up to be a nail-biting game of debt ceiling squabbling as the shot clockiswindingdown.
If lawmakers don’t raise the nation’s borrowing limit by June, the federal government runs the risk of defaulting on its debt obligations, Treasury Secretary Janet Yellen said in January. That would be catastrophicfortheeconomyandputmillionsofjobsinjeopardy,Moody’schiefeconomistsaid.
Markets aren’t shrugging that off. Investors are demanding historically high yields for US Treasury notes thatmatureinJuly,whichbysomeestimatesiswhentheUnitedStateswilldefaultonitsdebt,absentany legislativeaction.Thatwouldmeanbondholdersaren’trepaidthemoneythey’reowedontime.
Yields for three-month Treasury notes closed at 5.1% Thursday. That exceeded yields for longer-term Treasurynotes.
Bonds with longer maturity dates tend to pay higher interest rates to compensate investors for locking downtheirmoneyforagreaterperiodoftime.There’salsomoreuncertaintyaroundthepaththatinterest rateswilltakeduringthattime.
Souce:
https://edition.cnn.com/2023/04/20/business/debt-ceiling-market-impact/index.html
