NYTIMES (Kyla Scanlon) - The Housing Crisis Is Also a Retirement Crisis
A home has stopped being just a place to live — it has also become an asset.
NYTIMES (Mihir Zaveri, Stefanos Chen and Patrick McGeehan) - N.Y.C. Officials Inspecting Construction Sites After Building Buckles
The inspections were prompted by an incident in Midtown last week, an official said. It was unclear how many sites were being looked at.
NYTIMES (Grace Ashford) - New York to Enact Nation’s First Statewide Moratorium on Data Centers
Gov. Kathy Hochul will sign an executive order pausing the construction of the largest data centers for one year while the state assesses their effects on the environment and energy use.
ABCNEWS - New York Gov. Kathy Hochul to sign moratorium on data centers
The order is the nation's first statewide moratorium on "hyperscale" datacenters, which typically house thousands of servers.
AXIOS (Emily Peck) - Inflation has biggest drop since 2020
Inflation fell in June, on the back of lower energy prices, the government said Tuesday. Why it matters: It's the largest one-month decrease since April 2020, but it may be a short-lived reprieve — the report doesn't account for the sharp increase in oil prices this month as the Iran war re-ignites. By the numbers: Still, inflation is pretty hot. The Consumer Price Index rose 3.5% in the 12 months through June — down from 4.2% in May. - On a monthly basis, prices fell 0.4%, after increasing 0.5% in May. Zoom in: The CPI for energy fell 5.7% in June, after climbing 3.9% in May — it was the largest factor in the June fall in inflation. - Core CPI, which excludes more volatile food and energy prices, rose 2.6% in June, after…
Inflation fell in June, on the back of lower energy prices, the government said Tuesday. Why it matters: It's the largest one-month decrease since April 2020, but it may be a short-lived reprieve — the report doesn't account for the sharp increase in oil prices this month as the Iran war re-ignites. By the numbers: Still, inflation is pretty hot. The Consumer Price Index rose 3.5% in the 12 months through June — down from 4.2% in May. - On a monthly basis, prices fell 0.4%, after increasing 0.5% in May. Zoom in: The CPI for energy fell 5.7% in June, after climbing 3.9% in May — it was the largest factor in the June fall in inflation. - Core CPI, which excludes more volatile food and energy prices, rose 2.6% in June, after…Open
AXIOS (Neil Irwin) - Fed's Warsh stays mum on rate plans, pledges price stability
Federal Reserve chairman Kevin Warsh will tell Congress Tuesday that the central bank is determined to restore price stability, but again offered little guidance as to whether it may need to raise interest rates to achieve it. The big picture: Warsh has sought to end the Fed's modern practice of giving clear signals about its expected policy path, and continued that practice in his first congressional testimony as chairman. - It comes as some of his Fed colleagues are debating whether there is a need for rate hikes as early as two weeks from now — or at least what might prompt them. - The testimony also comes as the Labor Department released new data showing the Consumer Price Index was up 3.5% over the last 12 months, or 2.6%…
Federal Reserve chairman Kevin Warsh will tell Congress Tuesday that the central bank is determined to restore price stability, but again offered little guidance as to whether it may need to raise interest rates to achieve it. The big picture: Warsh has sought to end the Fed's modern practice of giving clear signals about its expected policy path, and continued that practice in his first congressional testimony as chairman. - It comes as some of his Fed colleagues are debating whether there is a need for rate hikes as early as two weeks from now — or at least what might prompt them. - The testimony also comes as the Labor Department released new data showing the Consumer Price Index was up 3.5% over the last 12 months, or 2.6%…Open
AXIOS (Josephine Walker) - U.S. Trade Representative Jamieson Greer rejects EU's tech rules
Europe must take "concrete actions" to rein in its enforcement of laws that disproportionately hit American tech companies, U.S. Trade Representative Jamieson Greer said at Axios House D.C. on Tuesday. Why it matters: At stake is who gets to write the rules for the world's dominant tech companies — Washington or Brussels — and Greer wants America to lead the way on how its companies operate. What they're saying: "People differ on how big tech should be treated," Greer told Axios' Mike Allen on Tuesday. - "What I can tell you is we're not going to let Europe control the global regulation of our companies, which generally give a lot of free services to consumers and provide a lot of consumer welfare." - "So, whatever challenges we…
Europe must take "concrete actions" to rein in its enforcement of laws that disproportionately hit American tech companies, U.S. Trade Representative Jamieson Greer said at Axios House D.C. on Tuesday. Why it matters: At stake is who gets to write the rules for the world's dominant tech companies — Washington or Brussels — and Greer wants America to lead the way on how its companies operate. What they're saying: "People differ on how big tech should be treated," Greer told Axios' Mike Allen on Tuesday. - "What I can tell you is we're not going to let Europe control the global regulation of our companies, which generally give a lot of free services to consumers and provide a lot of consumer welfare." - "So, whatever challenges we…Open
NYTIMES (Alexandra Stevenson) - China Purges Top Official Over Corruption and Sex Charges
Ma Xingrui is the third member of the Politburo to be purged since 2022. He once led the Xinjiang region and was previously head of China’s space program.
NYTIMES (Colby Smith) - Warsh to Reiterate Fed’s Pledge to Get Inflation Down
Kevin M. Warsh, since becoming chairman of the Federal Reserve, has declined to say whether he supports higher interest rates to tame price pressures.
NPR (Brittney Melton) - U.S. to instate Strait blockade. And, states sue to stop Paramount-Warner Bros merger
The United States plans to reinstate a blockade over the Strait of Hormuz today. And, several states are suing to stop the massive Paramount-Warner Bros. merger.
The United States plans to reinstate a blockade over the Strait of Hormuz today. And, several states are suing to stop the massive Paramount-Warner Bros. merger.Open