My mid-week morning train WFH reads:
• Treasury 10-Year Yield Rises Above 4% to Highest Since 2008: Treasury 10-year yields climbed above 4% to the highest level since October 2008, as investors were rattled by Federal Reserve hawkishness and concern over potential Japanese sales of US government debt. An index of US sovereign securities extended its worst year since at least the 1970s after St. Louis Fed President James Bullard warned the central bank has to keep raising interest rates to retain its credibility. (Bloomberg)
• The U.S. Is Running Short of Land for Housing: Land-use restrictions and lack of infrastructure have made it harder for developers to find sites to build homes; ‘almost across the board, you’re fighting for land’ (Wall Street Journal) see also Why Is a New York Apartment Still So Hard to Find? The pandemic exodus from the city hasn’t led to an era of cheaper rents. (Bloomberg)
• You’re not good at this. A recession so contrived and man-made that every economist, politician, business owner, college student, CEO, rapper and professional athlete has been able to see it coming in real-time for months and months. (Reformed Broker)
• Asset Managers Aren’t Letting Politics Derail Their Strategies — At Least For Now: For many global firms targeting investors in the U.S. it’s been business as usual. (Institutional Investor)=
• Lumber Prices Fall Back to Around Their Pre-Covid Levels: Rising interest rates have taken an ax to one of the pandemic’s hottest commodities (Wall Street Journal)
• The Crypto World Is on Edge After a String of Hacks: More than $2 billion in digital currency has been stolen in hacks this year, shaking faith in the experimental field of decentralized finance known as DeFi. (New York Times)
• Americans Are Fake and the Dutch Are Rude! Is it true that emotions can look different but, in the end, we all have the same emotions—that deep inside, everybody is like yourself? It would mean that once you take the time to get to know somebody, you will recognize and comprehend the feelings of people who have different backgrounds, speak different languages, come from other communities or cultures. But are other people angry, happy, and scared, just like you? And are your feelings just like theirs? I do not think so. (Behavioral Scientist)
• Maybe We Won’t End Up Like the Dinosaurs NASA has taken a major step toward protecting Earth from dangerous asteroids. (The Atlantic) see also The universe is a dangerous place. NASA just showed it’s possible to defend Earth against it. Humanity now has the beginnings of a true defense against asteroids. (Vox)
• ‘A Crisis Coming’: The Twin Threats to American Democracy: American democracy is facing two distinct threats, which together represent the most serious challenge to the country’s governing ideals in decades. A growing movement inside one of the country’s two major parties — the Republican Party — refuse to accept defeat in an election. The second is the power to set government policy is becoming increasingly disconnected from public opinion. (New York Times)
• The Question Behind the Magnus Carlsen-Hans Niemann Drama: How to Cheat at Chess? A cheating scandal has upended chess—and cast a new spotlight on how a player might possibly cheat without being detected. (Wall Street Journal)
Be sure to check out our Masters in Business interview this weekend with Steve Case, co-founder of America On-Line (AOL), founder of investment firm Revolution, Char of the Smithsonian, and author of The Rise of the Rest: How Entrepreneurs in Surprising Places are Building the New American Dream.
Historic Real Rates
Source: @planmaestro
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