The entire drive-thru just got pricier [Foodcollection via GettyImages]
Apparently, you can eat your chia and mine it, too: an "eco-friendly" crypto coin called Chia claims to solve Bitcoin's biggest problem. But can you sprinkle it on an acai bowl?
Stocks dropped again yesterday on inflation fears. About that...
It's going Dow... and Wall Street yelled "timber" (thanks, Ke$ha). The industrials-heavy Dow index fell 1.4% yesterday, after closing last week at a record high. On Monday, the techy Nasdaq plunged 2.5%, dragging the whole market down. What's going on:
The entire drive-thru just got pricier... including the car. Supply chain and labor shortages are driving up prices of raw materials and consumer goods. Meanwhile, the Fed has added trillions to the money supply through stimulus packages and bond-buying sprees, adding to concerns. Some areas seeing notable spikes:
Everyone's asking: temporary or trend?... Is this a one-time price increase as the economy rebounds — or, the start of higher yearly inflation? Economists expect these rising costs are temporary. But if they become a trend, that could push the Fed to hike interest rates. Higher rates can make bonds and savings accounts more attractive than riskier assets (like stocks). They also increase the cost of borrowing, which can dampen growth. So far, the Fed has stayed committed to its low-rate policy. But investors worry rising prices could change that.
"Give my regards to Broadway... remember me to Herald Square!" (Macy's mood right now). Macy's flagship Herald Square location is one of the largest department stores in the world (think: 50 departments across 10 floors). Now, the mall OG wants to go even bigger — despite a rough, losing year that spurred it to close dozens of stores. The ambitious proposal:
Not your typical "future of work"... For all the talk about permanent WFH, hybrid workspaces, and hologram colleagues, companies are still investing in office space. NYC expects a boom in new office jobs, forecasting a return to pre-pandemic office employment by the end of the year. NYC would get $250M in new tax revenue from the proposal. Macy's would get prime corporate real estate (that it can charge sky-high rent for).
Lean into your strengths (creatively)... Macy's understands physical retail, and it knows where tourists want to shop (Buddy the Elf worked at its Herald Square location). Now, Macy's is leaning into its strengths — boldly and creatively. Coincidentally, it was also one of the few departments stores that didn't go corona-bankrupt (see: JCPenney, Lord Taylor, Neiman Marcus). Last quarter, it even managed to turn a small profit. We'll see if "revenge spending" boosted its sales when it reports earnings next week.
Authors of this Snacks own shares of: Uber