Two former JPMorgan traders were convicted in Chicago on federal charges of commodities fraud, wire fraud, and attempted market manipulation for their role in rigging gold markets over a period of years. The jury deliberated for eight days before finding top gold trader Gregg Smith and precious-metals desk chief Michael Nowak guilty on charges related...
Tag: aug 16 2022
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MANHATTAN RENTS RISE AGAIN IN JULY
The average apartment rent in Manhattan has risen more than 20 percent over the 12 months ending 31 July, climbing to $5,113, according to brokerage firm Douglas Elliman. In July 2021, the average rent was $4,009. Studio apartment rents averaged $3,191, one-bedroom flats $4,277, and two-bedroom units $5,810. Landlords’ concessions, such as free redecorating or...
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MEDIAN HOME SALE PRICE RISES UP DESPITE SLOW DOWN
The median selling price of a U.S. home in this year’s second quarter jumped 14.2 percent, year over year, to $413,500, according to the National Association of Realtors (NAR). The median price was higher in 184 of the 185 metro areas the NAR monitors. Prices slipped 0.7 percent in Trenton, N.J. In 80 percent of...
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CONGRESS PUSHES FED TO SPEED CREATION OF A DIGITAL DOLLAR
A bipartisan group in the U.S. House of Representatives is pressing the U.S. Federal Reserve to move faster in creating a national digital currency. The group fears leadership in digital currencies by China and private cryptos might threaten the U.S. dollar’s position as the world’s reserve currency, The Wall Street Journal reported. (See “China’s Digital...
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PUBLIC PENSION FUNDS BLEEDING MONEY
U.S. public pension funds—those that support firefighters, police officers, and other retired public employees—lost a median 7.9 percent in the fiscal year ending 30 June, according to the Wilshire Trust Universe Comparison Service, the funds’ worst drubbing since 2009 during the Great Recession. The funds shrank by 8.9 percent during April, May, and June this...
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PRODUCER PRICES SLOW THEIR PACE OF GAINS
Producer prices—what businesses charge each other for goods or services—rose at a 9.8-percent annual rate in July, their slowest increase since last October, the U.S. labor department reported. June’s increase was 11.3 percent. On a monthly basis, the producer price index (PPI) fell 0.5 percent during July, the sharpest one-month slide since April 2020 when...
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INFLATION SLOWED IN JULY
In the U.S., the pace of price increases slowed in July to 8.5 percent, year on year, compared to 9.1 percent in June, which was a 41-year peak, the labor department reported. Energy prices downshifted last month, with gasoline prices falling 7.7 percent. The U.S. average price for a gallon of regular gas was down...
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SOCIAL MEDIA = DRUG ADDICTION
A newly released Pew Research poll found more teenagers than ever are hooked on social media and would find it difficult to detach themselves from these platforms. About 50 percent of teenagers surveyed in the U.S. said in the survey that they are almost constantly online. The number has more than doubled since 2015, when...
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U.S. “DEMOCRACY”? IT’S A MONEY JUNKY CRIME SYNDICATE
Sen. Kyrsten Sinema, D-Ariz., did all she could to protect a tax loophole for private equity billionaires that allow them to pay a far less tax rate than the workers of Slavelandia. Sinema received about $2.3 million from securities and investment executives since 2017 and was a crucial vote for President Joe Biden’s Inflation Reduction...
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AMERICANS FACE FOOD UNCERTAINTY AMID SOARING INFLATION
Americans, who are forced to deal with ballooning inflation, have turned to food banks to feed their families. But these organizations are also struggling to keep up with demand due to soaring food prices and a fundraising slowdown. Last month 25 million adult Americans said they did not have enough to eat in the previous...