What I’m Reading
No Takers: Spurred on by the Biden Administration, the Port of Long Beach began offering a pilot program offering 24-hour container operations over two weeks ago. To date, not a single trucker has taken advantage of it. The reason? Burdensome requirements (of course). Wall Street Journal
On the Move: After staying roughly flat for several weeks, mortgage rates in Freddie Mac’s latest PMMS survey rose to over 3% for the first time since June. Housing Wire If rates continue to trend upward it will slow the refinance market while making buying a house less affordable. IMO, this is likely to put continued upward pressure on rents as marginal buyers become renters.
Whipsaw: When COVID first hit, non-bank lenders – especially those reliant on the CLO market – came under pressure when their funding mechanisms dried up. Now, these same lenders are on pace for one of their biggest years for loan volume thanks largely to the aggressive response by the Fed and Treasury to keep markets functioning. The Real Deal
Perk: Free college is becoming the ultimate job perk for large employers like Walmart, Amazon, Target and Chipotle who are battling to attract and retail good employees. CNBC
Chaos: A combination of COVID, the green energy push, climate change and geopolitical tensions have thrown global commodity markets into chaos. Price fluctuations have been extreme at both ends and some experts believe that the mayhem could last until 2025. The Economist
Chart of the Day
Today in government efficiency.
Source: The Hustle (h/t Steve Sims)
WTF
Great Escape: A man opened the emergency door of a recently-landed American Airlines Plane and jumped onto its wing because Florida. Yahoo! News
Drunken Sailor: A Navy petty officer was arrested after she crashed into two planes that were parked on the ground at a private airport because Florida. When arrested, she told officers that she thought she was in Washington DC. News4Jax
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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