Newsletter Apr 19, 2023

Quick Six

US debt ceiling could come sooner than previously projected
The U.S. government's deadline to raise the $31.4 trillion debt ceiling could be sooner than expected, raising the prospect of a short-term debt limit extension. Analysts said weak tax collections so far in April indicate a higher probability that the so-called "X-date," when the government is no longer able to pay all its bills, would be reached as early as June 5. The Congressional Budget Office has forecast it would come between July and September.
SEE THE SPENDING CUTS PROPOSED BY REPUBLICANS

US consumers amass debt as banks reap earnings windfall
Consumers are starting to fall behind on their credit card and loan payments as the economy softens, according to executives at the biggest U.S. banks, although they said delinquency levels were still modest. Profits at Bank of America Corp, JPMorgan Chase & Co, Wells Fargo & Co and Citigroup Inc beat analyst forecasts as lending giants earned a windfall from rising interest rates.
STRONG BANK EARNINGS TEMPERED BY DIRE FORECAST

New housing data shows uptick in startups, building permits
U.S. single-family homebuilding increased for a second straight month in March, while permits for future construction surged, offering some glimmers of hope for the depressed housing market ahead of the busy spring selling season. Single-family housing starts, which account for the bulk of homebuilding, rose 2.7% to a seasonally adjusted annual rate of 861,000 units last month.
HOW MORTGAGE RATES ARE IMPACTING HOUSING DATA

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Markets

DJIA	33,976.63	-0.03%
S&P 500	4,154.87	0.09%
Nasdaq Composite	12,153.41	-0.04%
Japan: Nikkei 225	28,658.83	0.51%
UK: FTSE 100	7,909.44	0.38%
Crude Oil Futures	80.94	0.10%
Gold Futures	2,017.70	-0.10%
Yen	133.98	-0.10%
Euro	1.10	0.00%
* As of market close

Musk tries to reassure Twitter advertisers

Elon Musk on Tuesday attempted to reassure Twitter advertisers by hyping the site's newly introduced content moderation policy against hateful material. Speaking in Florida, the controversial billionaire outlined the new rules, first announced Monday, to limit the reach of tweets that do not conform to the platform's guidelines. Under the new policy, unveiled in a blog post titled "Freedom of Speech, Not Reach," Twitter will soon begin tagging posts whose visibility has been limited.

WHY TWITTER'S HASHTAG CREATOR LEFT SOCIAL NETWORK

Biden admin mulls Trump-era border policy

The Biden administration is not planning to restart family immigration detention "at this time", a U.S. immigration official said on Tuesday, signaling the contentious practice to more quickly deport families is on hold. President Joe Biden took office in 2021 vowing to reverse many of the hardline immigration policies of his Republican predecessor Donald Trump. The Biden administration said in early 2022 that it was repurposing family detention centers, which Trump had tried to expand.

SEE THE ALTERNATIVES THE BIDEN ADMINISTRATION MAY USE

T-Rex skeleton scares up millions at auction

A composite Tyrannosaurus rex skeleton called Trinity, made up of bones from three different T-Rexes, sold for 5.5 million Swiss francs ($6.1 million U.S.) in a rare auction on Tuesday. Estimated to be 65 to 67 million years old, the skeleton was sold at the Koller auction house in Zurich after being shipped from the U.S. in nine giant crates. Trinity was put up for sale by an anonymous individual and it was bought by a private European collector of modern art and dinosaur relics.

SEE THE BACK STORY TO TRINITY'S DISCOVERY AND AUCTION

Dino-might!

Who was the first fossil hunter to discover remains of a T-Rex species?

Tuesday's answer: McDonald's character "The Hamburglar" originally wore a T-shirt over his stripe clothes calling himself the "Lone Jogger."

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