News From the Control Tower - 6/7/2023

Yes, parts of the stock market are doing well this year. I love how the Wall Street Journal this week still spins it as “investors are worried”: Stocks are down, investors are worried. Stocks are up, investors are worried. This pairs nicely with the story I shared recently on how the more neurotic you are, the worse you will do in the stock market.  Remember, the news media doesn’t report on the planes that land. Keep your focus on the long-term.

In case this wasn’t on your radar, yes, you have to start paying on your student loans again. (Personally I'm very grateful for the pause to focus on paying off my private loan I took out to pay for law school.)  This CNBC article highlights the real burden that these debt payments can be on many budgets.

The good news this week is that the SEC is finally cracking down on some of the crypto people.

More good news is that grocery inflation is cooling - but not for everything. The Wall Street Journal highlights issues cattle ranchers are struggling with that will keep the prices of beef elevated.

Although I think the last thing anyone here in NYC is thinking about right now is having a BBQ. Here’s hoping that clear skies are on the horizon for all my friends and colleagues on the East Coast struggling with this smoky air.  –Amanda Vaught

1.       This Rally Is All About a Few Star Stocks—and Some Investors Are Worried

Investor exuberance about Big Tech has helped buoy the U.S. market, but some warn that may be masking trouble

2.       US tightens crackdown on crypto with lawsuits against Coinbase, Binance

“The whole business model is built on a noncompliance with the U.S. securities laws.” SEC Chair Gary Gensler told CNBC.

3.       Borrowers brace for student loan bills to resume — ‘$600 a month, where is that going to come from?’

The more than three-year-long pause on federal student loan payments is slated to finally conclude within months.

4.       Why Your Steak Is Getting Pricier

Ranchers are shrinking cattle herds because of drought and high costs, cutting down the nation’s supply of beef. That threatens to push prices for steaks and burgers to records.

5.       Grocery Inflation is Finally Showing Signs of Cooling

Source: https://twitter.com/WhiteHouseCEA/status/1666446079116623872?s=20