Gleneagle Neighborhood

Big Betting The Friday File: For the year ending 5/31/21, Nevada had the most legal sports wagering at $14.6 billion, resulting in $910 million in revenue and $61.4 million in taxes. NJ followed with a handle of $14.4 billion, $982 million in revenue, which was tops, and $121 million in taxes. Pennsylvania was....

Increased Inflation Despite the Federal Reserve’s interest rate setting committee expecting slower growth this year than they did when they met in June, they strongly signaled that they plan to begin tapering their monthly purchases of Treasuries and mortgage-backed securities as early as 11/21 and end them by 22Q3. ...

Price Pressures Y-o-Y July CPI came in at 5.4%, the same as last month, it’s first non-rise since 11/20. Adding to the good news, M-o-Month price increases fell from 0.9% in June to 0.5% in July. Better yet, core CPI be it measured Y-o-Y or M-o-M declined. The Y-o-Y and M-o-M declines suggest that base-effect and...

Inflationary Income While there’s talk of substantial wage growth, some perspective please. Since monthly inflation, as measured by the CPI, began visibly rising in 2/21, it’s rise has exceeded the monthly rise in average hourly earnings every month! This means real wages are steadily declining! Moreover, after pea...

Improved Infrastructure The bipartisan $1 trillion infrastructure bill that recently passed in the Senate will boost GDP just marginally because it includes only $550 billion in new spending to be disbursed over five to eight years, much of which will be paid for with higher taxes. Through 2029 this spending should boost G...

Simply Services Inflation, as calculated by the Fed’s favorite measure Core-PCE, was 3.54% Y-o-Y in June, up just marginally from 3.44% in May, suggesting that Peak Inflation is probably here. A key reason inflation isn’t worse, unlike other recessions there’s little pent-up demand for goods but lots for serv...

Fed Function Following yesterday’s meeting, the Fed suggested that tapering of its monthly purchases of Treasuries and MBS could begin as early as fall. But, with this morning’s softer than expected 21Q3 GDP growth number of 6.5% as opposed to the 8.5% expected, I highly doubt it. GDP is now above its 12/31/...

Work Where? After instantaneously falling to 5%, the percentage of persons working in an office building slowly rose to 20% by late 10/20. It then reversed and steadily fell to just 10% by Christmas. Since, it’s consistently risen and is now 25%. The city with the highest percentage of persons in the office i...