What we’re reading (7/27)
“Nasdaq Soars 4% On Combination Of Mega-Cap Tech Earnings And Fed's 75-Basis-Point Rate Hike Comments” (Insider). “US stocks soared on Wednesday, with the Nasdaq up more than 4% after the Federal Reserve moved forward with another 75-basis-point interest rate hike, putting the effective Fed Funds Rate at a range of 2.25% to 2.50%.”
“Boise’s Housing Market Boomed Early In The Pandemic. Now It Is Cooling Fast.” (Wall Street Journal). “During the pandemic-fueled housing boom, Boise emerged as one of America’s hottest ‘Zoomtowns,’ communities that experienced a spike in population from an influx of remote workers. Now, the housing boom around Idaho’s capital city has ground to a halt…[s]ixty-one percent of listings in the Boise metro area had a price cut in June, the highest rate out of 97 metro areas surveyed, according to brokerage Redfin Corp. Home builders who couldn’t keep up with demand last year are cutting back on construction.”
“Big Tech And The Fed” (DealBook). “The long-booming bottom lines of major tech companies are all of a sudden smaller than expected. That might be a good thing. Big Tech sailed through the pandemic with its profits mostly intact. The fact that some firms’ results are now flagging could be a positive sign for the Federal Reserve, which is trying to engineer a slowdown as it fights the nation’s worst bout of inflation in four decades.”
“Etsy Announces Plans To Close Its San Francisco Office” (Etsy). “Etsy announced it will close its satellite office in downtown San Francisco after a significant number of its staff said they did not plan to go back following a shift to a hybrid work model.”
“The Choco Taco, Ice Cream Snack Of American Summers, Is Discontinued” (New York Times). “The Choco Taco, a nut-and-chocolate-topped ice cream snack that for decades has been a top choice at the ice cream truck or convenience store freezer, is being discontinued, its creator confirmed this week after weeks of rumors about its impending demise.”
