The Federal Reserve will begin selling off the corporate bonds and exchange-traded funds it amassed last year through an emergency-lending vehicle set up to contain the Covid-19 pandemic’s economic fallout. The Secondary Market Corporate Credit Facility holds $5.21 billion of bonds and $8.56 billion of exchange-traded funds that hold corporate debt.
Four NBA All-Stars are helping fund a new Harvard University real-estate development, joining more than 150 Black and Latino professionals in backing the roughly $1 billion project.
Projections show roughly 0.5% supply growth compared to the long-term average of about 2%. The average time it takes the industry to grow from its low supply pace back to its long term average is about five years.
Corporate trips remain 70% or more below pre-pandemic levels, according to airlines.
Hospitality jobs are rising but are still lower than a year ago. On the job site Indeed, hospitality and tourism job postings were 6.7% lower as of May 14 than on Feb. 1, 2020.
Year to date, U.S. hotels have sold an average of 56,000 group rooms per night, compared to 246,000 group rooms per night in 2019.
One hundred twenty-five years ago, the Dow Jones Industrial Average made its debut. The index of 12 smokestack companies closed that first trading day, May 26, 1896, at 40.94.
The Federal Reserve’s collection of bonds, cash and other holdings could reach $9 trillion by 2023, as compared to the currently level of $7.9 trillion and just over $4 trillion at the end of February last year before the coronavirus pandemic.
Visits to airports, hotels and theaters in less vaccinated states had recovered in April to 71.2% of pre-pandemic levels versus 52.7% in more vaccinated states.
