Mortgage Rates Increase: “Mortgage rates resumed their climb this week as the 30-year fixed reached its highest point since 2009,” said Sam Khater, Freddie Mac’s Chief Economist. “While housing affordability and inflationary pressures pose challenges for potential buyers, house price growth will continue but is expected to decelerate in the coming months.”
Shanghai Lockdown Reignites Supply-Chain Problems for U.S. Companies - WSJ: Some companies are warning that Covid-19 lockdowns are denting sales, disrupting operations and adding a strain that could be felt well into the summer.
Mastercard SpendingPulse U.S. Snapshot - April 2022: Mastercard SpendingPulse tracks April retail sales, excluding autos, up 7.2% vs. last year, with in-store sales rising 10% and online transactions dropping 1.8%. Biggest year-over-year gains in jewelry, luxury and department stores.
Wayfair loses customers and money in a messy quarter, announces its CFO will retire: Wayfair co-founder and Chief Executive Officer Niraj Shah said, despite sliding sales, consumer health remains "relatively strong."
Wayfair’s Earnings Miss Portends More Trouble For “Disruptor” Brands: While inflation and supply chain woes may explain part of these brands’ profit shortfalls, the underlying troubles appear more pernicious. It turns out that many of their market share gains are likely coming from both unsustainable pricing models and over-investment in marketing.
Worker output fell 7.5% in the first quarter, the biggest decline since 1947: At the same time, labor costs as measured against productivity soared 11.6%, bringing the increase over the past four quarters to 7.2%, the fastest rise in about 40 years.
A Better Guard for the Henhouse: Should Creditors’ Committees Control Estate Litigation? - Yale Journal on Regulation: This article summarizes the current law on creditor control of estate litigation, explores the arguments for proposed legislation, discusses its limitations, and suggests possible alternatives.
Bankruptcy Battle for InfoWars: How A Subchapter V Case Filed by Controversial Alex Jones Could Shape the Scope of Subchapter V Cases | Nelson Mullins Riley & Scarborough LLP: While the underlying factual basis for the case is certainly headline-worthy, the bankruptcy case itself could be instrumental in shaping the contours of Subchapter V of chapter 11 of the Bankruptcy Code, a statutory scheme still in its relative infancy.
On Deck cuts 25% of staff, scales back accelerator | TechCrunch: On Deck, a tech company that connects founders to each other, capital and advice, has laid off 25% off its staff, per sources familiar with the company.
MainStreet Cuts a Third of Its Employees, Citing Market Conditions: In January 2022, MainStreet flew its employees to Hawaii for a week. Now it's laying off a third of its workforce.
Peloton Seeks Minority Investment to Shore Up Business - WSJ: The fitness company is targeting potential investors including industry players and private-equity firms that could take a stake of around 15% to 20%, according to people familiar with the matter.
