Tuesday morning news drop
Pay attention to the bond market’s tantrum The bond market is having a hissy fit. Investors – even those who don’t own any bonds – should pay attention. The abrupt rise in recent days in short-term bond yields signals the belief in some quarters that central banks are suddenly waking up to inflationary dangers and trying to walk back a policy mistake. If so, interest rates could be headed up faster than thought, with dismal consequences for stock prices and real estate speculators. (Globe and Mail)
The bond market is acting like it knows something about inflation that Biden doesn't. Traders are betting prices will keep going up and up. The Biden administration and the Federal Reserve still expect inflation to cool down. Wall Street is starting to think they're wrong. Data out Friday confirmed Americans' concerns: decade-high inflation still isn't going away. The Personal Consumption Expenditures price index rose 0.3% in September and 4.4% year-over-year, hitting levels not seen since the Great Recession. (Business Insider)
The World’s Top Business Cities Are Still Failing Women No city is doing enough to keep women safe while ending gender inequality. (Citylab)
The United States Has Been Going Broke For Decades In 1972 the 10 year treasury yielded around 6%. From there yields only went higher. In fact, from 1972-1985, the 10 year government bond yield would average 9.6%, getting as high as 15% in the early-1980s. Today we worry about rates going from 1.3% to 1.6%. (A Wealth of Common Sense)
October: Another month of broken records in Victoria After a brief slowdown in the market during the summer, we’ve been on an upward trajectory again since August and in October the market again broke records in several categories. The lowest inventory on record combined with continued strong sales gave us the lowest months of inventory for any October, which drove prices accross the board to record highs. October was within a hair of the hottest market on record, beaten only slightly by March of this year. (House Hunt Victoria)
The coming of Age Climate Trauma Three years after a devastating wildfire, a California community faces another crisis: PTSD. Is what’s happing there a warning to the rest of us? (Washington Post)
Greedy Bots Cornered the Sneaker Market. What Now? But bots don’t just buy cool sneakers. They buy up those concert tickets you wanted, so they can then scalp them to you at an outrageous markup. At the beginning of the COVID pandemic, bots were buying hand sanitizer and face masks. Later, they were booking all the vaccine reservation spots. Anything that’s very high demand with a very limited supply. That’s an opportunity for the bots to become greedy hoarders and corner the market.(Slate)
The Stunning Grandeur of Soviet-Era Metros Between 2014 and 2020, Frank Herfort visited more than 770 metro stations in 19 cities, creating a remarkable archive of architectural and artistic splendor. (New York Times)
What It’s Like to Have a Record Deal and Justin Bieber For a Fan at Age 14: Prentiss Furr taught himself to make music in Jackson, Mississippi by editing YouTube videos. Now he’s playing shows in L.A. and Skrillex wants to work with him. (GQ)