Business

Wall Street’s Bond ‘Vigilantes’ Are Back
Business

Wall Street’s Bond ‘Vigilantes’ Are Back

Typically, the esoteric inner workings of finance and the very public stakes of government spending are viewed as separate spheres.And bond trading is ordinarily a tidy arena driven by mechanical bets about where the economy and interest rates will be months or years from now.But those separations and that sense of order changed this year as a gargantuan, chaotic battle was waged by traders in the nearly $27 trillion Treasury bond market — the place where the U.S. government goes to borrow.In the summer and fall, many investors worried that federal deficits were rising so rapidly that the government would flood the market with Treasury debt that would be met with meager demand. They believed that deficits were a key source of inflation that would erode future returns on any U.S. bonds they...
It Took 10 Years to Grow This Christmas Tree. The Price? $105
Business

It Took 10 Years to Grow This Christmas Tree. The Price? $105

Every day since the trees were planted has been a roll of the dice.Unlike commodities like corn and soybeans, which Mr. Wyckoff grows on another 90 acres he owns, there is no good way to insure Christmas trees against the harm caused by extreme weather, or the effects of an overseas war or a pandemic that freezes supply chains, he added.“Farmers are the biggest gamblers there are,” Mr. Wyckoff, 57, said. His family has been growing Christmas trees in Belvidere, N.J., about a 90-minute drive from Midtown Manhattan, since his grandfather started the business in the 1950s.Christmas trees grow slowly, about 12 to 14 inches a year, and can take 10 years to go from seed to harvest. Most trees he plants are 3 to 5 years old by the time he buys them from nurseries.To keep up with costs, Mr. Wyckof...
The Debt Problem Is Enormous, and the System for Fixing It Is Broken
Business

The Debt Problem Is Enormous, and the System for Fixing It Is Broken

Martin Guzman was a college freshman at La Universidad Nacional de La Plata, Argentina, in 2001 when a debt crisis prompted default, riots and a devastating depression. A dazed middle class suffered ruin, as the International Monetary Fund insisted that the government make misery-inducing budget cuts in exchange for a bailout.Watching Argentina unravel inspired Mr. Guzman to switch majors and study economics. Nearly two decades later, when the government was again bankrupt, it was Mr. Guzman as finance minister who negotiated with I.M.F. officials to restructure a $44 billion debt, the result of an earlier ill-conceived bailout.Today he is one of a number of prominent economists and world leaders who argue that the ambitious framework created at the end of World War II to safeguard economi...
William G. Connolly, Editor Who Updated The Times, Dies at 86
Business

William G. Connolly, Editor Who Updated The Times, Dies at 86

William G. Connolly, who over a long career as an editor at The New York Times raised its journalistic standards, opened new opportunities for a more diverse range of employees and in 1999 brought that experience to bear in a wholesale revision of the newspaper’s venerable style guidebook, died on Tuesday in Maplewood, N.J. He was 86.His daughter, Kathleen, confirmed the death. He was in a rehabilitation facility recovering from a fall, she said.After more than 20 years at The Times — minus a few in the early 1980s, when he left to work at a Virginia paper — Mr. Connolly was elevated in 1987 to a new senior position in which he managed training and recruitment.In that role he oversaw the paper’s ethical guidelines, brought in new faces from a broader pool of applicants and turned a critic’...
Inflation Holds Roughly Steady Ahead of Fed Meeting
Business

Inflation Holds Roughly Steady Ahead of Fed Meeting

Inflation data released on Tuesday showed that price increases remained moderate in November, the latest sign that inflation has cooled substantially from its June 2022 peak. That’s likely to keep the Federal Reserve on track to leave interest rates unchanged at its final meeting of the year, which takes place this week.The Consumer Price Index came out just hours before the Fed began its two-day gathering, which will conclude with the release of an interest rate decision and a fresh set of quarterly economic projections at 2 p.m. on Wednesday. Jerome H. Powell, the Fed chair, is then scheduled to hold a news conference.Central bankers have embraced a recent slowdown in price increases, and Tuesday’s data largely suggested that inflation remains lower than earlier this year. Overall inflat...
The Nation Magazine to Become Monthly
Business

The Nation Magazine to Become Monthly

The Nation, the progressive magazine that has published since 1865, will publish monthly instead of every other week starting in January.As part of the change, the magazine will now be a “bigger, richer” 84 pages, instead of the current 48 pages, Bhaskar Sunkara, the president of The Nation, said.D.D. Guttenplan, The Nation’s editor, and Katrina vanden Heuvel, its editorial director, said that the publication would continue to focus on long-form analysis and news from the political left. Ms. vanden Heuvel said that the staff was reconsidering the role the print magazine plays alongside the brand’s other products, including its website, podcasts, events and a possible book imprint — and that the coverage in print had a long shelf life.“People put aside magazines, circle what they want to re...
New York Plans to Invest $1 Billion to Expand Chip Research
Business

New York Plans to Invest $1 Billion to Expand Chip Research

Gov. Kathy Hochul of New York is expected to announce on Monday a plan to invest $1 billion to expand chip research activities in Albany, N.Y., as the state aims to continue as a global semiconductor center.The plan is expected to create 700 new permanent jobs and retain thousands more, and includes the purchase of new version of one of the world’s most expensive and sophisticated manufacturing machines, along with constructing a new building to house it.The initiative should draw $9 billion in additional investments from chip-related companies, according to state officials. They expect it to boost New York’s chances to be selected to host a new National Semiconductor Technology Center, a planned centerpiece of the research portion of federal money that Congress allocated in 2022 as part o...