Affluent renters who may spend $20,000 or more a month on a luxury single-family home or apartment are increasingly customizing their new places—replacing lighting, adding home-office space or just painting and adding wallpaper, all in an effort to live in a space, albeit temporarily, that fits their design aesthetic and lifestyle. Many landlords are not only allowing these renovations, they’re actually encouraging them.
The unemployment rate for college-educated workers who are 25 or older increased to 2.9% from 2.5% a year earlier and college-educated workers’ perceived probability of job loss in the next year rose to 15% from 11% three years ago.
St. Paul’s strict 3% rent-control ordinance led to a 79% drop in apartment-building permits and an at least 6% decline in property values. Meanwhile, Minneapolis, without rent control, saw apartment permits rise nearly fourfold in early 2022 from the year before.
The SEC suspended trading in 12 emerging growth companies’ stocks since late September, exceeding suspensions from the previous four years combined. All 12 suspended companies are Asia-based emerging growth companies that went public on Nasdaq with the critical link: All 12 are emerging growth companies under the JOBS Act. Though the acronym stands for “Jumpstart Our Business Startups,” these aren’t American companies. It is highly doubtful any of them could have gone public on U.S. exchanges without the JOBS Act and the regulatory relief afforded by their EGC status.
Home sellers are seeing a demand for fully furnished luxury real estate. While buyers with deep pockets and busy lives have long sought the simplicity of a turnkey home—one that’s move-in ready, requiring little to no additional work—more buyers today are looking for homes that are move-in ready and fully outfitted, down to the last household item.
The decision drew three dissents—two from officials who opposed any cut and one who wanted a larger reduction. The formal vote understated the resistance. Four other officials registered a quieter objection in the Fed’s quarterly projections: They wrote down a higher interest rate for 2025 than the one the committee approved—a signal they wouldn’t have cut. Together with the dissenters, that is roughly a third of the policymakers who attend Fed meetings.
Big-ticket mergers and acquisitions, valued at $10 billion or more, has reached a record $1.2 trillion this year, largely financed by debt.
JPMorgan Chase, the biggest U.S. bank, announced a $1.5 trillion initiative focused on national security, meant to bolster American self-sufficiency for critical technologies including rare earths and artificial intelligence.
Consumer sentiment in December was 53.3, a decrease from over 70 in January and near historic lows. Despite low sentiment, consumer spending continues, with retailers reporting signs of a solid holiday shopping season.