A Bargain Rolex Can Still Adorn Your Wrist
To recap: Interest in watches exploded during the pandemic, lockdowns prompted people to divert money they would have spent on vacations into luxury goods and the first choice for many men was a watch.
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Yahoo
21 minutes ago
- Yahoo
Trump tariffs would lift US factory jobs, cut overall income, San Francisco Fed says
(Reuters) -The Trump administration's tariffs are likely to boost U.S. manufacturing jobs and real income in a majority of states, but lower employment and income adjusted for inflation in the country as a whole, new research from the San Francisco Federal Reserve showed on Monday. Assuming a 25% increase in U.S. tariffs on imports from Canada and Mexico, 30% levies on Chinese goods, and 10% on the rest of the world, economists at the regional Fed bank estimated a 0.2% drop in U.S. employment over the next four years, as a reduction in U.S. services and agricultural jobs overwhelms a projected jump in manufacturing employment. And while income adjusted for inflation would likely increase in 31 of the 50 states, they found, the rest - including large states like California and Texas - would see declines, resulting in an overall 0.4% drop in U.S. real income. "The states that lose the most from tariffs tend to have close trading links with the countries most affected by the tariffs," the researchers wrote, noting that real income could drop by more than 2% in some states and rise as much as in 1.7% in others. The research, published in the San Francisco Fed's latest Economic Letter, is part of an ongoing effort at the U.S. central bank to try to figure out the real impact of President Donald Trump's tariffs on inflation and the labor market as policymakers consider when they may need to resume interest rate cuts to support a softening economy. It is not meant as a precise forecast, the researchers noted. That's partly because the level of tariffs could be higher or lower than the late-May levels used in the analysis. The tariffs the Trump administration has indicated will be in place by August 1 would be more onerous than those used as the basis for the San Francisco Fed analysis.
Wall Street Journal
25 minutes ago
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June CPI Report: What to Expect From Tuesday's Inflation Report
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Yahoo
28 minutes ago
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Tokenized stocks are the next big fintech buzzword. Are they an innovation or a regulatory loophole?
At the end of June, Robinhood CEO Vlad Tenev stood in front of a reflecting pool overlooking the Mediterranean, clad in a striped cream suit that made him look like a crypto bro version of Jay Gatsby. Speaking to a giddy Cannes crowd, Tenev reached into a briefcase. He pulled out a metal cylinder. 'I'm holding in my hands right now the keys to the first-ever stock tokens for OpenAI,' Tenev announced. 'I'd like to transfer these tokens to you,' he told the seated onlookers, who politely waved paper fans to survive the summer heat. Tenev's gambit was the highest-profile launch yet of an increasingly buzzy product in the world of crypto and fintech: tokenized stocks, which are traditional equities in a blockchain wrapper. Proponents argue that by tokenizing publicly traded shares like Apple and Tesla, investors will be more easily able to trade and access assets, including outside the U.S. Robinhood took an even bolder step by claiming that it could tokenize shares in private companies, like OpenAI and SpaceX, that are typically only available to the world's wealthiest through venture funds or secondaries. OpenAI did not take lightly to the announcement, posting on X a few days later that Robinhood's OpenAI tokens are not OpenAI equity. 'We did not partner with Robinhood, were not involved in this, and do not endorse it,' the company wrote. 'Please be careful.' Tenev admitted that Robinhood's OpenAI tokens are not 'technically' equity, but added that they still give retail investors exposure to private assets. (If you want a more thorough explanation on how it actually works, you can turn to the king, Matt Levine.) While Robinhood's flashy announcement was more marketing than anything, with the product still limited to the European Union, you can expect to be soon inundated with discourse about tokenized stocks, which has already permeated the crypto industry for several years. Until recently, any serious forays into the space were limited to blockchain companies like Kraken and Coinbase, but Robinhood represented a crossing of the Rubicon. Don't forget, after all, that Robinhood helped push its stodgy competitors into commission-free trading for retail customers. Securities and Exchange Commission chair Paul Atkins gave an interview the same day as OpenAI's post, saying that 'tokenization is an innovation,' and crypto-friendly commissioner Hester Peirce released a letter last week calling tokenized securities 'enchanting, but not magical.' As red-hot startups like OpenAI, SpaceX, and Stripe stay private for longer, companies from Robinhood to Forge have been trying to create new vehicles allowing retail customers to access them, from private market ETFs to tokenized stocks. But while these companies will tout such innovations as 'democratization,' they also come with the same risks associated with private companies—namely, a lack of disclosure and oversight. At a hearing last week on proposed crypto legislation, Sen. Elizabeth Warren (D-Mass.) argued that tokenized stocks will help companies evade SEC regulations, though Peirce later gave a statement that market participants must adhere to federal securities laws. The future of stock trading is around the corner. But if even OpenAI is telling you to be careful, you might want to read the fine print. Leo SchwartzX: @leomschwartzEmail: Submit a deal for the Term Sheet newsletter here. Sara Braun curated the deals section of today's newsletter. Subscribe here. This story was originally featured on
