Spotlight

Market Update | Nov 26

Jon Granston | November 26, 2024

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Top Headlines: Delivered by Leonard Steinberg

November 26, 2024

01 The US’s new treasury secretary – if/when approved – plans to cut the US budget deficit to 3% of gross domestic product by 2028, spur growth of 3% through deregulation, and produce an additional 3 million barrels of oil or its equivalent per day. Will additional tariffs on China and 25% tariffs on goods from Mexico and Canada help or hurt? The US imports roughly a half a trillion worth of goods from Mexico annually....and $430 billion from Canada. Many anticipate prices of lots of things to go up - maybe temporarily - which is bound to keep interest rates higher. 3% GDP growth alone is on the higher side and usually keeps rates higher. The 10-year treasury slipped below 4.3% yesterday......We shall see...

(CNBC)

02 It takes a particular kind of madness — it’s not for everyone.

— Robert O’Byrne, speaking about the massive undertaking to renovate a large Irish manor house....

(FT)

03 Thanksgiving dinner may feel less expensive this year: the inflation-adjusted cost of Thanksgiving dinner falls to its lowest point since 2020. The price of a turkey is down 6% compared to 2023! Sweet potato prices are down 26%.

(USA Today)

04 I do! In 2023, about 555,000 unmarried couples said that they had bought their home in the previous year, according to a Wall Street Journal analysis of Census Bureau data. That is up 46% from 10 years earlier, when just under 381,000 couples did the same. Unmarried couples amounted to more than 11% of all U.S. home sales. The percentage has climbed steadily over the past two decades—a period in which marriage rates have fallen.

(WSJ)

05 The airline industry may be providing us with the perfect window to our shifting world as we see them cut services for ‘regular’ coach fliers and add additional fees and costs for premium fliers and expand capacity for business and first class seats and services. Not unlike housing, catering to a wealthier audience - building expensive homes versus affordable ones - is much more profitable.....And for those ‘regular peeps’ - not unlike all luxury markets - a taste of added luxury is at your disposal....for a price. Premium sections on Delta now account for 30% compared to 10% a few years ago.

(WSJ)