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SaludOs leo, un placer, como siemprePero estoy muy entretenido con la la vuelta (y fuga) de DFV en la saga GameStopTan surrealista como la realidad que vivimos de pisitos, huellas de carbono y guerra de bloques... pero mucho más divertidoPor cierto, esto se ha comentado ?https://x.com/i/bookmarks?post_id=1792613100186661269CitarA $10 BILLION REAL-ESTATE FUND IS BLEEDING CASH AND RUNNING OUT OF OPTIONS (WSJ)A giant commercial real-estate fund is scrambling to escape a looming cash crunch caused by the long line of investors who want their money back.The $10 billion fund from Starwood Capital Group..../....Ya no sé si 10mil millones de dólares son muchos o poco o nada
A $10 BILLION REAL-ESTATE FUND IS BLEEDING CASH AND RUNNING OUT OF OPTIONS (WSJ)A giant commercial real-estate fund is scrambling to escape a looming cash crunch caused by the long line of investors who want their money back.The $10 billion fund from Starwood Capital Group..../....
A giant commercial real-estate fund is scrambling to escape a looming cash crunch caused by the long line of investors who want their money back.
Krugman Says He’s ‘Fanatically Confused’ on Where Rates Are GoingNobel laureate says anyone expressing confidence is delusionalKrugman says rates could return to 2019 base, or settle higherNobel laureate in economics Paul Krugman said it’s entirely unclear where interest-rate levels are headed over the medium term, with arguments in favor of both a return to pre-pandemic levels and a higher-for-longer outcome.“On interest rates I am fanatically confused,” Krugman said Tuesday on Bloomberg Television’s Wall Street Week with David Westin, with regard to whether borrowing costs will remain above pre-Covid levels. “Anyone who claims to know for sure what the answer is to that, is deluding themselves.”Ten-year US Treasury yields are currently about 4.4%, compared with below 2% on the eve of the pandemic. The nonpartisan Congressional Budget Office earlier this year projected those rates at roughly 4% over the coming decade.Krugman, now at the City University of New York, said it’s possible that a number of dynamics have “changed the picture” compared with pre-Covid. He cited substantially increased immigration, along with Biden administration industrial policy, “which is inducing a lot of manufacturing investment.”Businesses potentially may also be stepping up capital spending thanks to new technologies, including artificial intelligence, Krugman said.‘Either Case’Even so, “maybe actually 2019 is still what should be our benchmark, and we’re going to go back to very low interest rates,” he said.Federal Reserve policymakers, for their part, have slightly increased their median forecast of their benchmark interest rate over the long run to 2.6% as of March. Other economists have said it’s more likely at least 4% due to changes in the economy and fiscal trajectory.Adjusted for inflation, that rate — known as R-Star — is seen by Fed officials at 0.6% over the long run.“Has R-Star actually gone up” or “is this just kind of a transitory phase?” Krugman said. “I could make either case.”Entitlement ProgramsKrugman also played down worries about the level of federal debt, which the CBO sees as reaching unprecedented levels in coming years.“What’s the historical record of countries — that borrow in their own currency — experiencing that kind of debt crisis, a strike by lenders, something like that?” Krugman said. “There’s almost no examples of that,” with the potential exception of France in 1926, he said. He noted that Japan has had “huge debt for decades now. Huge, persistent deficits. Still no crisis.”At the same time, he said “we do have a problem” with regard to federal entitlement programs. “If you consistently spend lots more money than you take in, that can’t go on forever.”“To cope with that at some point, you either have to start raising more revenue or you have to start cutting benefits to seniors,” Krugman said. “And we don’t seem to be politically able to do either of those things.”
EU trade deficit with China shrinks to lowest level since 2021Weak domestic demand and US tariffs on China provide boost to Europe’s transatlantic exportsThe EU’s trade deficit in goods with China has shrunk to its lowest quarterly level for almost three years, despite fears about the bloc being flooded with cheap Chinese products. There are also signs of growing transatlantic demand for European products, after the EU’s trade surplus with the US rose to a record high in the first quarter, according to data published by Eurostat on Tuesday.Economists said the improvement in Europe’s balance of trade reflected the region’s weak domestic demand and a reversal of the post-pandemic shift in consumer spending from services to goods. Andrew Kenningham at Capital Economics said much of the shift was “explained by the strength of US domestic demand and weakness of EU demand”. In the three months to March, the EU’s trade deficit with China fell to €62.5bn, down 10 per cent from the previous quarter and 18 per cent from a year ago. That is its lowest level since the second quarter of 2021, after it peaked at €107.3bn in the third quarter of 2022.Europe’s trade with China has surged to the top of the political agenda on fears that Beijing is heavily subsidising its manufacturing in an attempt to win a dominant share of global markets in strategic areas such as electric vehicles, green energy and semiconductors.US Treasury secretary Janet Yellen on Tuesday called for the EU to follow the US lead in putting extra tariffs on Chinese cleantech exports, warning that a glut of cheap Chinese goods could threaten the survival of factories across the world.EU imports of electric vehicles from China, including from non-Chinese manufacturers with plants there, increased from $1.6bn in 2020 to $11.5bn in 2023. The market share of Chinese brands in the sector rose more than fourfold in that time to 8 per cent last year.Brussels has opened investigations into allegedly unfair subsidies of Chinese solar panels and electric vehicles. However, European Commission president Ursula von der Leyen has said the bloc would not impose the same levies on Chinese goods that the US introduced last week, adding that the EU would take a different approach to Washington’s “blanket tariffs”.Belying fears about a surge of cheap imports, almost half of the recent reduction in the EU’s trade deficit with China stems from an improvement in the bloc’s balance of trade in machinery and transport equipment — which includes electric vehicles. EU imports of Chinese machinery and transport equipment have fallen for six consecutive quarters, dropping by a quarter in that period, while EU exports to China in this area have been relatively stable.Column chart of EU quarterly trade deficit with China in machinery and transport equipment (€bn) showing Few signs Europe is being flooded by cheap Chinese vehiclesMelanie Debono at Pantheon Macroeconomics said the drop in Chinese exports to the EU in this area reflected “a reversal of a 2021 surge” triggered by the pandemic and they have been rising since hitting almost a three-year low in January.European exporters also appear to have been given a boost by the US putting tariffs on many Chinese imports and offering subsidies to manufacturers of green energy projects.The EU’s trade surplus with the US rose to a new record high of €43.6bn in the first quarter, up 27 per cent from a year earlier. EU exports to the US have risen almost 4 per cent in that time, while imports from the US have fallen over 5 per cent. “The US shutting China out already will undoubtedly benefit the EU, as long as the US remains open to European imports,” said Sander Tordoir at the Centre for European Reform think-tank. “The EU is ahead of the US on green tech manufacturing and exports.”He added that European carmakers had been helped by the extension of tax breaks under the US Inflation Reduction Act to imported electric vehicles if they are bought by businesses that lease them out.
Rent Is Harder to Handle and Inflation Is a Burden, a Fed Financial Survey FindsThe Federal Reserve’s 2023 survey on household financial well-being found Americans excelling in the job market but struggling with prices.American households struggled to cover some day-to-day expenses in 2023, including rent, and many remained glum about inflation even as price increases slowed.That’s one of several takeaways from a new Federal Reserve report on the financial well-being of American households. The report suggested that American households remained in similar financial shape to 2022 — but its details also provided a split screen view of the U.S. economy.On the one hand, households feel good about their job and wage growth prospects and are saving for retirement, evidence that the benefits of very low unemployment and rapid hiring are tangible. And about 72 percent of adults reported either doing OK or living comfortably financially, in line with 73 percent the year before.But that optimistic share is down from 78 percent in 2021, when households had just benefited from repeated pandemic stimulus checks. And signs of financial stress tied to higher prices lingered, and in some cases intensified, just under the report's surface.Inflation cooled notably over the course of 2023, falling to 3.4 percent at the end of the year from 6.5 percent coming into the year. Yet 65 percent of adults said that price changes had made their financial situation worse. People with lower income were much more likely to report that strain: Ninety-six percent of people making less than $25,000 said that their situations had been made worse.Renters also reported increasing challenges in keeping up with their bills. The report showed that 19 percent of renters reported being behind on their rent at some point in the year, up two percentage points from 2022.Interestingly, slightly fewer households were taking action — like switching to cheaper products or delaying big purchases — to defray their higher costs compared with 2022. Still, about 79 percent of households indicated that they had done something to offset climbing costs, suggesting that Americans have not yet broadly accepted high prices as an unavoidable reality of life.The Fed’s annual checkup on household finances is particularly relevant this year. Consumer confidence has been depressed even though the job market is booming and inflation is cooling notably, a mystery that has befuddled analysts and bedeviled the White House.Polls show that President Biden is suffering as Americans take a dim view of the economy under his administration. Donald J. Trump, the presumptive Republican nominee for November’s presidential election, has been hammering Mr. Biden’s economic record.The report underscores that even though inflation is cooling, it remains a major concern for many Americans, one that may be a big enough worry to take the shine away from an economy that is growing quickly and adding jobs.Part of the continued concern, many economists speculate, is because households pay more attention to price levels — which are sharply higher than they were as recently as 2020 — than to price changes, which is what statisticians mean when they talk about inflation. To use an example, a person may focus on the fact that their latte now costs $5 instead of $3, rather than the fact that it is no longer climbing in price as quickly as it was last year.“When I talk to folks, they all tell me that they want interest rates to be lower and they also tell me that prices are too high,” Raphael Bostic, the president of the Federal Reserve Bank of Atlanta, said in an interview with reporters on Tuesday morning. “People remember where prices used to be, and they remember that they didn’t have to talk about inflation, and that was a very comfortable place.”The Fed has raised interest rates to 5.3 percent from near-zero as recently at 2022 in a bid to cool the economy and stamp out rapid price increases. While that, too, is painful for many households — placing home-buying further out of reach and making credit card balances painfully expensive — officials like Mr. Bostic emphasize that the policy is necessary.“We’ve got to get inflation back to 2 percent as quickly as we can,” Mr. Bostic said, referring to the inflation rate that was roughly normal before the pandemic, and which is the Fed’s goal.
ECB’s Lagarde Sees June Rate Cut With Inflation ‘Under Control’European Central Bank President Christine Lagarde indicated that an interest-rate cut is probable next month with the rapid gain in consumer-price growth now largely contained.“It is a case that if the data that we receive reinforces the confidence level that we have — that we will deliver 2% inflation in the medium term, which is our objective, our mission, our duty — then there is a strong likelihood” of a move on June 6, she told Ireland’s RTE One in a television interview broadcast on Tuesday.(...)