What we’re reading (3/3)
“The Fed Starts To Acknowledge That It Has An Eye On Tumult In The Bond Market” (New York Times). “Lael Brainard, one of the Federal Reserve’s Washington-based governors, on Tuesday offered the first major hint that a wild ride in bond markets over the past week may have raised alarms at the U.S. central bank. ‘I am paying close attention to market developments — some of those moves last week and the speed of those moves caught my eye,’ Ms. Brainard said.”
“Mortgage Application Demand Stalls As Interest Rates Surge To Highest Level Since July” (CNBC). “Mortgage interest rates last week rose at the fastest pace in over a year, throwing cold water on already cooling demand. Total mortgage application volume was essentially flat for the week, rising just 0.5% according to the Mortgage Bankers Association’s seasonally adjusted index.”
“How The Oil Market Bounced Back From A Year Of Crisis” (Wall Street Journal). “Oil prices have staged a rapid recovery since the biggest crisis to strike the energy industry in decades. The Organization of the Petroleum Exporting Countries and its allies stepped in last spring to backstop the market by slashing production in the teeth of a collapse in crude prices. This week, the cartel is expected to reach a deal on unwinding some of those cuts.”
“Lyft sees best week for rides since pandemic began, stock rises sharply” (MarketWatch). “In the best sign yet of a recovery in ride hailing, Lyft Inc. said Tuesday that it saw its largest volume of rides since March 2020 last week, sending its shares higher in after-hours trading.”
“Hedge Fund May Have Cut Itself A Nice Little Deal With Yale’s Money” (Dealbreaker). “David Swensen is one of the most powerful and influential investors in the world, a man who from his perch at the helm of Yale University’s endowment for more than three decades has just about as much experience investing in hedge funds as anyone. As such, it would take some serious stones to attempt to defraud so wealthy and august an institution and man. But hedge fund managers are not known for lacking in chutzpah, so that’s exactly what Deccan Value Investors allegedly did.”
