What we’re reading (5/31)
“Reopening Bets Pay Off Big For Stock Pickers” (Wall Street Journal). “Investors are amassing hefty gains by loading up on economically sensitive stocks that have flourished during this year’s explosion of business activity. More than two dozen actively managed exchange-traded funds have surged at least 20% so far this year, outpacing the S&P 500’s 12% climb. Goldman Sachs analysts say 56% of stock-picking large-cap mutual funds are beating their benchmarks, the highest percentage in more than a decade.”
“Don’t Ignore Warnings Of Imminent Market Crash” (Seattle Times). “The combination of very high government debt, asset bubbles in the economy and bad demographic trends – with baby boomers retiring before the millennial generation is in full economic bloom – has created weakness in financial markets…[s]tock market momentum is up but fundamentals have weakened…historically is a sign of the end of a cycle.”
“Truckers Are Getting Big Pay Hikes, But There's Still A Shortage Of Drivers” (CNN Business). “America's truck driver shortage is driving pay higher. But it's not solving the scarcity of truckers. Massive increases in online ordering during the pandemic have sent demand for delivery truck drivers through the roof. That's increased competition for those willing to be long-haul truckers, forcing those trucking companies to hike pay. But that hasn't persuaded enough people to take the long-distance driving jobs that the industry needs to fill.”
“Millions Of Americans Could Face Eviction As Housing Protection Expires In June” (CNBC). “More than 11 million Americans are behind on their rent and many could be pushed from their homes when the national eviction ban expires in June. The Centers for Disease Control and Prevention’s eviction moratorium, which has been in effect since September, will lift on June 30. Although the policy has been far from perfect at keeping renters housed, it’s reduced the normal number of eviction filings over the same time period by at least a half, according to Peter Hepburn, an assistant professor of Sociology at Rutgers University-Newark and research fellow at The Eviction Lab.”
“A Key US Watchdog Wants Officials To Set Up A ‘Regulatory Perimeter’ For Cryptocurrencies” (Business Insider). “Michael Hsu, who oversees the country's national banks, told the Financial Times that agencies overseeing the US financial system want to coordinate "a lot more" on the $1.5 trillion cryptocurrency market, which has boomed in 2021 but crashed sharply two weeks ago. The comments were one of the clearest signs yet that US regulators plan to take a more active role in the cryptocurrency market.”
