What we’re reading (7/9)
“Recharged Bond Rout Unnerves Investors” (Wall Street Journal). “Last week, the yield on the benchmark 10-year Treasury note, which rises when bond prices fall, topped 4% for the first time since early March, extending a two-month stretch of gains. The yield on the 2-year note hit its highest level since 2007.”
“The MTV Generation’s Unemployment Problem” (Politico). “Workers born between 1964 and 1980 — those currently aged 44 to 59 — represent ‘effectively all of the increase’ in America’s unemployed population over the last half year, according to research by Glassdoor’s Chief Economist Aaron Terrazas. As of May, those workers represented roughly a quarter of those unemployed, compared to less than 20 percent in late 2022. And it’s taking those workers much longer to find new jobs.”
“2023 Midyear Outlook: Do Equity Markets Warrant Caution Ahead?” (Commonwealth). “[B]efore last year, 1969 was…the last time stock and bond markets declined in the same year. In fact, 2022 was just the third time in history that this happened. Even if you look at quarterly data, stock and bond markets decline together only 10 percent of the time. So, while not unprecedented, last year's performance was certainly unusual.”
“Baby boomers Own Pretty Much Everything - But Millennials Could Be About To Catch Up” (Insider). “Whereas the youngest millennials are only 27 years old, the youngest baby boomer is about 60 years old. That three decade age gap highlights the dynamic that as millennials start to make more money at work, baby boomers are either already retired or on the verge of retiring within the next decade. That's exactly why Fundstrat’s Tom Lee is so bullish on the stock market in the long-term.”
“It’s Not Only NY, LA, San Francisco. Retail Crime Has Hit A Bustling Kansas Metropolis” (CNN Business). “A local Victoria’s Secret lost $30,000 a month to theft, authorities say. The Cabela’s has reportedly lost more merchandise than any other in the nation. They’re not in San Francisco, Chicago or New York, the way some might assume. They’re in Wichita, Kansas.”
