What we’re reading (7/24)
“Housing Market Chills As Mortgage Rates, Prices Scare Buyers” (Reuters). “Besides pushing would-be homeowners to reconsider their home search, rising rates are also forcing a growing number of buyers who struck a deal on a house to back out. About 60,000 home-purchase deals fell through in June, representing nearly 15% of all homes that went under contract last month, according to Redfin. That’s up from 12.7% in May and 11.2% a year ago.”
“Fed To Inflict More Pain On Economy As It Readies Big Rate Hike” (Bloomberg). “[W]ith inflation proving persistent at a four-decade high, a growing number of analysts say it will take a recession -- and markedly higher joblessness -- to ease price pressures significantly. A Bloomberg survey of economists this month put the probability of a downturn over the next 12 months at 47.5%, up from 30% in June.”
“The Crypto Boom Runs On Hype Men Like ‘BitBoy,’ An Untrained Atlanta YouTuber” (Washington Post). “‘You can’t possibly EVER support Celsius Network or [CEO Alex] Mashinsky in any way,’ Armstrong, who goes by the moniker Bitboy_Crypto, told his nearly 900,000 Twitter followers after Celsius froze all depositors’ money in June. There was only one problem: Armstrong had been central to encouraging them to deposit their money with Celsius in the first place.”
“She’s 17 And Has A Roth IRA. How Gen Z Is Handling Its First Bear Market.” (MarketWatch). “Ella Gupta made her first investment when she was 10. With the help of her parents, she took half the profits of her bracelet-making business and invested in the stock market. At 14, she opened a Roth IRA, after beginning her first job cleaning dental instruments. Now, at 17, Gupta is confronting her first bear market.”
“Recession Warning: Some Americans Are Having Trouble Paying Bills” (CNN Business). “Is America's economy already in a recession? That's a debate among central bankers, investors and economists, not to mention politicians. But one thing is clear: Some consumers, especially less affluent ones, are starting to have trouble paying their bills on time.”
