News from the Control Tower: Our weekly curated list of news stories affecting you and your finances.
The push and pull forces driving our current economy and markets continues this week, nicely highlighted by the Fed-whisperer Nick Timiraos in The Wall Street Journal. Remember, the Fed has a dual mandate – to keep inflation down, but also to maximize employment. Powell et al. continue to try to thread that needle by skipping a rate hike at their June FOMC meeting.
The WSJ brings us behind the scenes at the Las Vegas Airport Lost and Found in Las Vegas. I found it surprising how proficient they seem at tracking and returning lost items.
Speaking of Lost and Found, there’s a fun story about people who found more than a million hoarded pennies when cleaning out their parent’s house, and the complexities they’ve encountered on trying to cash them in.
People are trying to find the reasons for all sorts of things that are happening in our economy. One thing that’s been weak is engagement rings sales. Is this because the Covid pandemic hindered people’s dating lives, or is it because of higher inflation where people feel squeezed so therefore aren’t blowing cash on big purchases?
Meanwhile in Sweden, we have economists blaming Beyoncé for their persistent inflation. They claim that her recent concert there drove up hotel rates, contributing to increased prices. (Other European countries on her tour have not cited the Beyoncé effect on their own inflation issues.)
Finally, a fun interview of Arnold Schwarzenegger by Danny Devito on Arnold’s childhood and how he got his start in bodybuilding. Although IMHO, they did not talk enough about their seminal work, Twins.
The Fed aims to avert financial instability while also fighting inflation—predicaments that frequently call for opposite policies.
How a major travel hub tries to reunite you with what you left behind.
A man cleaning a crawl space in a Los Angeles house found bags and boxes of pennies, about $10,000 worth in cents. The family is putting the coins up for sale.
A major jeweler claims the pandemic may have prevented people from meeting their future fiancés, cutting demand for engagement rings. Inflation and anxiety among shoppers haven’t helped.
‘Bills, Bills, Bills’ singer’s Stockholm shows drive up hotel prices, contributing to higher than expected reading for May.