Weekly News (March 15, 2023)
Mortgage Interest Rates Review
(Fairway Asset Corp. 3/15/2023)
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K Town Neighborhood in Manhattan will be cleaner: 코리아타운 인근 환경 좋아진다
- The Mayor Eric Adams announced “Broadway Vision” Plan which will make Broadway between 25th St and 32nd St as the pedestrian-friendly street at the press conference with DOT officials on 12th.
- The plan includes new public space, widened cross ways, two way bicycle path, designated commercial loading/unloading space, etc.
- The goal of the program is to induce people to walk through the street so that consumer activities would be revitalized in the area after the pandemic.
Hamilton square and Greeley Park after Broadway Vision program
NYC Rent Still Soars in 2023: 뉴욕시 렌트 여전히 고공 행진
(Korea Daily 3/14/23)
- According to Elliman, average rent in Manhattan in Feb reached to $5186, which is up 0.9% from the last month and up 5.7% from the last year while the median rent is $4095 which is about same as last month median rent of $4097.
- NE Queens median rent was $3238 in Feb which is down from the last month, but up 12.1% from the last year.
- Median rent in Brooklyn was $3400 which is down 2.8% from the last month of $3499– the record in history, but up 17.2% from the last year.
Musk Is Planning a Texas Utopia—His Own Town: 머스크, 텍사스에 자기 마을을 건설하는 꿈을
- Elon Musk is planning to build his own town on part of thousands of acres of newly purchased pasture and farmland outside the Texas capital, according to deeds and other land records and people familiar with the project.
- The planned town is adjacent to Boring and SpaceX facilities now under construction. The site already includes a group of modular homes, a pool, an outdoor sports area and a gym, according to Face-book photos and people familiar with the town.Under Texas law, a town needs at least 201 residents before it can apply to incorporate, then approval from a county judge. Bastrop County hasn’t received an application from Mr. Musk or any of his entities, a spokeswoman said.
SVB Crisis Heightens Investor Worries: SVB 은행 위기로 투자자들 걱정
- Investors were worried that the fastest interest-rate increases in decades meant that something in the economy might break.
- On Friday, Silicon Valley Bank was shut down after getting hit by a run on its deposits, the second-largest bank failure in U.S. history. The fallout has jolted Wall Street, heightening fears that a year of rapidly tightening financial conditions is finally hitting home for the financial sector.
- SVB’s collapse, the largest since the 2008 financial crisis, helped send the S& P 500 down 3.3% over the final two trading days of the week. Traders began to speculate about what other fast-growing banks might be hurt and whether the troubles might encourage the Fed to pause, or even halt, its yearlong effort to slow inflation by raising interest rates.
Signature is Second Big Bank Failure in 3 Days: 3 일만에 또다시 2번째 은행 위기
- Signature Bank was closed by regulators on Sunday, the second massive bank failure in three days.
- The New York-based bank faced a crisis of confidence after midsized lender SVB Financial Corp. was seized by regulators on Friday. Signature was also reeling from a bet on crypto banking that foundered after the sector imploded and banking regulators cracked down on lenders’ exposure to digital assets. The failure is the third largest in history.
- Signature customers will get all of their deposits back, including money above the $250,000 limit for federal deposit insurance, banking regulators said. The bank had $110 B in assets and $88.6 B in deposits as of the end of 2022. By deposits, it was the 30th biggest bank in the U.S. last year.
Inflation Cools, but Stays High: 인플레이션 수그러 지지만 여전히 높은 상태
- The consumer-price index, a closely watched inflation gauge, rose 6% in February from a year earlier, down from a 6.4% gain the prior month, the Labor Department said. It was the smallest increase since September 2021. When excluding volatile food and energy costs, prices advanced a slightly slower 5.5% – a better indicator of future inflation.
- The Fed’s March 21-22 meeting could feature an in-tense debate over the benefits of holding rates unchanged to provide more time to see if the banking crisis eases versus continuing to raise rates to avoid creating new confusion over the central bank’s approach to controlling inflation.
- While consumer inflation is down from its recent peak last June, it is still well elevated from a prepandemic rate of just over 2%. High prices have caused some consumers to pull back and seek cheaper alternatives.
Consumer-price index, change from previous year
EV Charging Network gets $2.5B boost: 전국 EV 충전소 설치 계획에 $2.5B 지원
- The Federal government on Tuesday announced $2.5B in new grants for the construction of electric vehicle charging stations and alternative fueling infrastructure, aiming in part at increasing access in underserved neighborhoods and communities.
- The $2.5B is spilt into two tracks: a Community Program which seeks to strategically distribute chargers in underserved location in cities and communities and a Corridor Program which will focus on highways to enable gasoline-free cross country travel and long-haul trucking.
- The grants come under the Biden’s public goal of establishing 500,000 public EV charging stations and reducing national greenhouse gas emissions by at least 50% by the year 2030.
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