Taylor Swift’s ‘Eras Tour’
Is Boosting the Economy, , Federal Reserve Says.
The Philadelphia Federal Reserve released its 'Beige Book' on July 12, 'Billboard' reports.
The report is released eight times annually and details the economic state of American cities.
The latest release indicates that
hotels are being booked more than they
have been in years due to Swift's fans.
Despite the slowing recovery in tourism in the region overall, one contact highlighted that May was the strongest month for hotel revenue in Philadelphia since the onset of the pandemic, in large part due to an influx of guests for the Taylor Swift concerts in the city, Philadelphia officials, via statement.
Cincinnati also revealed that
Swift has boosted its economy.
Taylor Swift is a force
to be reckoned with, Julie Calvert, president/CEO of tourism agency Visit Cincinnati, via statement.
The economic impact Swift
creates is staggering, as fans
travel from far and wide to
attend her concerts, filling hotels,
restaurants and local attractions.
, Julie Calvert, president/CEO of tourism agency Visit Cincinnati, via statement.
Swift’s influence on tourism is a testament to her ability to captivate audiences and drive economic growth, Julie Calvert, president/CEO of tourism agency Visit Cincinnati, via statement.
Chicago also says that it surpassed hotel occupancy records last month when Swift was in town, with hotel revenue amounting to
$39 million during the first weekend of June
Key Federal Reserve Inflation Gauge , Rose 2.8% in March.
According to Commerce Department
data released on April 26.
the personal consumption expenditures
(PCE) price index, not including food or energy, rose 2.8% year-over-year in March. .
That exceeded Dow Jones
estimates of 2.7%, CNBC reports. .
When also accounting for food and energy, the all-items PCE measure rose 2.7%,
which was above the 2.6% estimate.
Inflation reports released this morning
were not as a hot as feared, , George Mateyo, chief investment officer at Key Wealth, via CNBC.
... but investors should not get
overly anchored to the idea that
inflation has been completely
cured and the Fed will be cutting
interest rates in the near-term, George Mateyo, chief investment officer at Key Wealth, via CNBC.
The prospects of rate cuts remain,
but they are not assured, and the
Fed will likely need weakness in
the labor market before they
have the confidence to cut, George Mateyo, chief investment officer at Key Wealth, via CNBC.
Consumers continue to spend despite
higher prices, CNBC reports.
Personal spending increased 0.8% in March, while personal income rose 0.5%.
The personal saving rate dropped to 3.2% as more people are having to dip into their savings to cover the cost of living.
The Fed continues to target 2% inflation, which the core PCE has exceeded for
the last three years, CNBC reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
Fears of Potential Iranian Attack , Drive US Stocks Down , Nearly 500 Points.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
By mid-afternoon, the Dow had fallen
1.4%, the S&P 500 went down 1.6%,
and the Nasdaq dropped 1.8%.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The warning comes after Iran
accused Israel of a deadly airstrike
on a consulate in Damascus, Syria. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
Brent crude futures jumped up to $90.42
a barrel, and West Texas Intermediate crude
futures increased to $86.65 a barrel.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
CNN reports that Americans' opinions of
the economy have dipped in the past few
months amid persistently high inflation.
The geopolitical fears come as investors are already
contending with concerns that the Federal Reserve could
wait to bring interest rates down from a 23-year high.
Officials at the Fed have signaled that further rate
hikes could still be on the way if the central
bank's efforts to fight inflation stall.
Credit: Wibbitz Top Stories Duration: 01:31Published
Federal Reserve Posts Massive, $114 Billion , Loss in 2023.
On March 26, the Federal Reserve
announced a record-breaking net
negative income of $114.3 billion in 2023.
Reuters reports that the loss follows
$58.8 billion in net income in 2022. .
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
As a result of low rates and large
levels of bond holdings, the Fed has
earned significant profits in recent years.
Last year, the Fed's audited interest expenses for
banks' reserve balances reached $176.8 billion,
an increase of over $116 billion from 2022.
In 2023, the Fed's interest payouts from
its reverse repo facility were $104.33 billion,
increased from $41.9 billion the year before.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
At the close of 2023, the deferred
asset stood at $133.3 billion.
As of March 20 of this year, that number
had risen to $157.8 billion with no
indication of how much larger it could get.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset
Credit: Wibbitz Top Stories Duration: 01:30Published
In this Biz Pulse episode, we delve into market updates and the US Federal Reserve's announcement. Indian ADRs witness a decline, while IT stocks garner attention. Equity markets are on an upswing, while gold prices surge. Stay tuned for insights into these trends shaping the financial landscape.
#ADRStocks #ITMarket #StockMarket #Sensex #Nifty #IndianStocks #USStocks #USStockexchange #Businessnews #Worldnews #Oneindia #Oneindianews
~HT.178~PR.282~ED.101~GR.124~
Taylor Swift is shaking things up for the start of the European leg of her 'Eras' tour ... introducing a slew of changes for the new shows, and her fans.. TMZ.com
Teresa Giudice is dishing on how she scored a rare selfie with Taylor Swift at Coachella ... without even being a Swiftie. Remember, the 'Real Housewives of New.. TMZ.com
The disappearance of Rupesh Chandra Chintakindi, a 25-year-old student from Telangana studying in Chicago, has alarmed the Indian community. Last seen on May 2nd, efforts to locate him have been fruitless. He vanished after allegedly traveling to Texas to meet an unidentified individual. His case highlights a troubling trend of Indian students facing danger abroad, prompting calls for increased safety measures.
#RupeshChintakindi #Telangana #IndianinUS #IndianStudents #Texas #Chicago #IndianCommunity #USnews #Indianews #Worldnews #Oneindia #Oneindianews
~PR.320~ED.103~GR.125~HT.96~
Indie rocker Steve Albini, who was best known for being the front man for the rock bands Big Black and Shellac, has died. His employees at his Chicago-based.. TMZ.com
A 79-year-old man has been charged with murder of an 18-year-old woman who was stabbed more than 120 times in her suburban Chicago home almost six decades ago. Sky News
These 5 US Cities Have the , Fastest-Rising Home Prices.
'Newsweek' reports that five cities in the
United States saw home prices increase by more
than 8% between January 2023 and January 2024.
The S&P CoreLogic Case-Shiller National Home Price
Index showed that all 20 cities analyzed had year-
over-year increases during the same period of time.
According to the report, , these are the five cities where , home prices grew the fastest:.
Chicago, IL, Home prices increased by 8%
year-over-year in the Windy City.
According to the latest Redfin data, the median sale price of a house in Chicago was $335,000 as of February 2024, a 6.3% increase compared to the same time last year.
Charlotte, NC, Charlotte saw home prices increase
by 8.1% year-over-year for 2024,
with the median home price at $399,995.
Detroit, MI, Motor City saw home prices jump 8.3%. The median sale price of a home was $83,000, a significant 15.3% increase compared to 2023.
'Newsweek' reports that while Detroit has some of the cheapest
home prices in the nation, its housing market is seeing a
resurgence due to a boom in electric vehicle production.
'Newsweek' reports that while Detroit has some of the cheapest
home prices in the nation, its housing market is seeing a
resurgence due to a boom in electric vehicle production.
Los Angeles, CA, The city's 8.6% hike ranked as the second-highest
price increase in the nation with the median home
price at $975,000, a 5.9% increase year-over-year.
San Diego, CA, San Diego registered a whopping 11.2%
price increase for 2023 with the median sale price
sitting at $940,000, a 10% year-over-year increase.
Credit: Wibbitz Top Stories Duration: 01:31Published
This Day in History: , Prince Dies.
April 21, 2016.
The iconic musician, 57,
was found dead at his estate,
Paisley Park, in Minnesota.
Prince had overdosed on fentanyl.
His death was ruled accidental.
Over the span of four decades,
Prince transcended genre and created
more than 30 albums, his first in 1978 for Warner Bros.
Prince often played all of the
instruments on the album himself.
He was charismatic and electrifying on stage.
His 1984 album 'Purple Rain'
sold 13 million copies. It was number one
on the 'Billboard' 200 chart for 24 consecutive weeks.
He won seven Grammy awards.
His final album was released in 2015,
just months before his death.
Few artists have influenced the sound and trajectory of popular music more distinctly, or touched quite so many people with their talent, President Obama, via History.com
Credit: Wibbitz Top Stories Duration: 01:00Published
Happy Birthday,
Lil Nas X!.
Montero Lamar Hill
turns 25 years old today.
Here are five
fun facts about
the rapper.
1. He played
the trumpet
in school.
2. His hit single, “Old Town Road,”
originally went viral on TikTok.
3. “Old Town Road” became the longest-running
No. 1 song on the ‘Billboard’ Hot 100.
4. He collaborated with clothing company
Wrangler for a denim collection.
5. The “Panini” rapper once made a panini
with Chef Gordon Ramsay.
Happy Birthday,
Lil Nas X!
Credit: Wibbitz Top Stories Duration: 00:48Published
Dr. Dre Gets Star , on Hollywood Walk of Fame.
Dr. Dre Gets Star , on Hollywood Walk of Fame.
The legendary rapper and producer
received the Hollywood Walk of Fame's 2,775th star on March 19, 'Billboard' reports.
Also in attendance were Snoop Dogg,
50 Cent, Eminem, Jimmy Iovine and more.
Upon receiving his star, Dr. Dre said,
"Growing up in Compton, I never imagined
that I would one day be represented here
among some of my childhood heroes.".
I’ve been fortunate enough to make
a living doing exactly what I love to do.
How about that? Isn’t that the dream?, Dr. Dre, via statement.
Over the course of my career, I’ve
had the privilege of finding and
nurturing new talent as well as
pushing the boundaries in hip-hop
both in content and substance, Dr. Dre, via statement.
Dre went on to say that he's
"most proud of elevating the sound and
clarity of how we experience hip-hop." .
Dre went on to say that he's
"most proud of elevating the sound and
clarity of how we experience hip-hop." .
Getting that thing right is one
of my greatest achievements. , Dr. Dre, via statement.
I love that this honor is unique
to Los Angeles and brings fans from
all over the world to connect with their
favorite artists. I’ll be here forever, Dr. Dre, via statement.
Dr. Dre first gained national attention
in the rap group N.W.A.
After leaving N.W.A, he went to work
with Death Row Records, cranking out
hits with Snoop Dogg, 2Pac and more.
His own company,
Aftermath Entertainment,
was launched in 1996.
Last year, Dr. Dre was named the
greatest rap producer of all time by 'Billboard.'
Credit: Wibbitz Top Stories Duration: 01:31Published
The three dogs that made a run for it this week in Philadelphia after mauling a man in the street have been partially recovered -- and their owner has been.. TMZ.com
An unsettling scene unfolded in Philadelphia -- where a police officer had to shoot a canine after a pack of dogs started to maul a poor man in the street, in.. TMZ.com
Paul Rudd made a cameo in a fan's music video after meeting at Taylor Swift's Eras tour. Claud, a 24-year-old indie musician from Chicago, saw Rudd in the VIP tent at the concert and approached him to..
Credit: The Hollywood Reporter Duration: 01:32Published
Ticket sales for Swift's concerts have been so explosive, one Federal Reserve office said, the pop superstar is helping fuel the national tourism industry. Please watch the video to know more..
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