News
Minimum Wage Laws Increase Homelessness, New Study Finds
For many struggling people, a lower-paying job is not “exploitation.” It’s a lifeline. One thing Lang Martinez said he learned after living on the streets of Ventura County, California , was that being homeless was worse than being in prison. “It’s a different lifestyle. You think prison is bad? No. Prison’s got structure,” Martinez, a former Los Angeles gang member-turned-advocate against homelessness, recently told California Insider. “The streets got what they call rules of engagement.” Though Martinez agrees with the conventional wisdom that mental illness and drug abuse are the primary catalysts for homelessness, new academic research suggests the picture is more complicated.
Hybrid-work trend may wipe out $800 billion from office property values by 2030, McKinsey study says
A shift to remote working is likely to wipe off $800 billion from the value of office buildings in major global cities by 2030, according to a study published by consulting firm McKinsey on Thursday. The survey on nine "superstar" cities — Beijing, Houston, London, New York City, Paris, Munich, San Francisco, Shanghai and Tokyo — showed that demand for office space would be 13% lower in 2030 than it was in pre-pandemic 2019. "Superstar" cities are locations with a disproportionate share of the world's urban gross domestic product (GDP) and GDP growth.
Founder of crypto lender Celsius Network pleads not guilty to fraud charges
Alex Mashinsky, founder and former CEO of bankrupt cryptocurrency lender Celsius Network, pleaded not guilty Thursday to U.S. fraud charges that he misled customers and artificially inflated the value of his company's propriety crypto token. Three federal regulatory agencies also sued Mashinsky and Celsius in connection with the case. Mashinsky was charged with seven criminal counts - including securities fraud, commodities fraud and wire fraud - according to an indictment unsealed earlier on Thursday.
Bonds Are Hostage to Elusive Neutral Rate That Keeps Moving
The bond market’s re-energized bulls may want to dial down their excitement, because their fortunes hinge on whether an abstract, almost elusive number, is as low as they assume. At the heart of what’s been shaping fixed-income investors’ views this year is the so-called neutral rate, which neither stimulates nor restricts the economy. Treasury bulls began the year invigorated by the belief that the Federal Reserve’s aggressive tightening was set to push borrowing costs well above the neutral level, and that officials would soon have to reverse course.
From Joe
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