What I’m Reading
Danger Zone: Diesel prices are increasing at a quicker rate than gasoline prices as inventories continue to drop. A loss of global refinery capacity is primarily to blame. Freight Waves I’m surprised that this isn’t getting more attention. The entire global supply chain runs on diesel. If it isn’t available, its nothing short of a catastrophe.
The Great Migration: The latest IRS data shows the movement of taxpayers and income from high-tax states is accelerating. Florida is by far the biggest winner and Texas has benefited greatly as well. Wall Street Journal
Warning Signs: With ports in China reopening, there are signs that we could be in for another very challenging peak shipping season. Splash 247
Out of Control: With inflation proving to be persistent, there is a growing chorus for price controls. History is a pretty good guide as to why this would likely end in disaster. Wall Street Journal
Gold Mine: Tappable equity – the amount of money mortgage holders could pull out of their homes while still keeping a 20% equity cushion – rose by an unprecedented $1.2 trillion in the first quarter of this year, according to a new analysis from Black Knight. CNBC
Chart of the Day
Prime-age labor force participation continues to rebound, which should ease wage pressures as more Americans return to work.
Source: The Daily Shot
WTF
I Thought This Was America: A disgruntled customer went on a glass smashing rampage at an NYC eatery after being kicked out for not wearing any pants or underwear. NY Post
Busted: A man was busted for disability fraud after posting weightlifting pictures online because Florida. Penn Live
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
Visit us at RanchHarbor.com