Monday morning news drop
Cement shortages are putting pressure on Canada's construction industry Uncertain supply means hard choices for builders, even as the sector enjoys a boom year (CBC)
The Bond Market Selloff in Historical Perspective: Treasury yields have risen sharply in recent months. The yield on the most recently issued ten-year note, for example, rose from 1.73% on March 4 to 3.48% on June 14, reaching its highest level since April 2011. Increasing yields result in realized or mark-to-market losses for fixed-income investors. We put these losses in historical perspective and investigate whether longer-term yield changes are better explained by expectations of higher short-term rates or by investors demanding greater compensation for holding Treasury securities. (Liberty Street Economics)
‘They couldn’t even scream any more. They were just sobbing’: the amateur investors ruined by the crypto crash Fuelled by hype and hysteria, the market in bitcoin and other cryptocurrencies went from an obscure niche to a $3tn industry. Then the house of cards collapsed.(The Guardian)
The Housing Shortage Isn’t Just a Coastal Crisis Anymore An increasingly national problem has consequences for the quality of American family life, the economy and the future of housing politics. (New York Times)
It’s the best and worst of times for semiconductor supply chains: Chips are in short supply. Chips are over-supplied. Chip manufacturing has expanded too fast and surpassed demand, but also can’t scale up fast enough to meet demand. The chip business is booming. Chip stocks are falling. It’s a confusing time to figure out what’s going on in the semiconductor industry.(Quartz)
The nonstop scam economy is costing us more than just money Relentless waves of sophisticated phone and online scams are impacting people’s mental health. (Washington Post)
A massive leak of Chinese government data on hundreds of millions tests a new privacy law Food delivery orders, crime reports and personal details: A historic data breach exposes the inner-workings of China’s surveillance state. (Grid)
Donald Trump’s tampering, a rioter’s remorse, and other January 6 hearing takeaways The latest hearing teed up what the committee members promise will be “a profound moment of reckoning” for America next week. (Vox)
How conservatism conquered America — and corrupted itself The past month’s conservative victories were decades in the making. Three books about the right reveal what it cost the movement. (Vox)