'Dilapidated' beach town roars to life as a new American hotspot after finally catching a wave
Now filled with luxury condos that sell for $4 million, upscale restaurants, wine bars and beautiful beaches, Long Branch has landed on the map for many East Coasters who can travel easily to the shore.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
a minute ago
- Reuters
Dollar drifts as investors ponder Fed independence ahead of Powell speech
SINGAPORE, Aug 21 (Reuters) - The U.S. dollar drifted on Thursday as investors fretted about the Federal Reserve's independence after yet another attack from President Donald Trump ahead of remarks from Chair Jerome Powell later this week that could influence the outlook for rates. Trump called on Fed Governor Lisa Cook to resign on the basis of allegations made by one of his political allies about mortgages she holds in Michigan and Georgia, intensifying his effort to gain influence over the U.S. central bank. Cook said she had "no intention of being bullied to step down" from her position at the central bank. Trump has also told aides he is considering trying to fire Cook, the Wall Street Journal reported on Wednesday. "It has the potential to raise questions around the Fed's oversight and regulatory functions but it has little to no near-term monetary policy implications," said Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities. That explained the relatively muted reaction in the currency markets to the news as the dollar initially dipped on the news but was mostly calm into the Asian session. The Japanese yen held onto gains made in previous sessions and was little changed at 147.41 per dollar, while the euro was steady at $1.1642. Sterling last fetched $1.34535. That left the dollar index , which measures the U.S. currency against six other peers, steady at 98.301. Trump has repeatedly criticised Powell for being too slow to cut rates, stoking investor worries about the central bank's independence and its credibility. Investors expect Trump will replace Powell with a more dovish appointment when his term ends in May. Trump earlier this month said he would nominate Council of Economic Advisers Chairman Stephen Miran to serve out the final few months of a vacant Fed seat after Adriana Kugler unexpectedly resigned. Kristina Clifton, a senior economist at the Commonwealth Bank of Australia in Sydney, said if Cook resigns it would create another opening for Trump to appoint a Fed Governor who will vote to lower interest rates. "Perceived political interference in the Federal Reserve can undermine its independence, steepening the yield curve and denting the USD's safe haven status." The main focus this week has been on whether Powell will push back against market expectations for a rate cut at the Fed's September 16-17 meeting when he speaks on Friday at the Jackson Hole meeting, following a weak jobs report for July. "Markets are adamant that recent labour market data necessitates some policy calibration and are expecting Chair Powell to tip his hat in that direction," TD's Newnaha said. Traders are pricing in an 82% chance of a 25-basis-point rate cut next month, CME FedWatch tool showed. While the odds have lowered from last week after hotter than expected producer price inflation tempered expectations, investors are still pricing in over 50 bps of easing this year. Some analysts cautioned that markets could end up being disappointed by Powell's speech, noting that the impact of Trump's tariffs on inflation remains uncertain. "It is not clear that Powell will deliver strong guidance," said Benoit Anne, managing director in the investment solutions group at MFS Investment Management. If the dovish signals elude us, there will be significant pricing out of the odds for a September cut." In other currencies, the New Zealand dollar was nursing steep overnight losses at $0.58205 after diving 1.2% to its lowest level since April. New Zealand's central bank cut interest rates on Wednesday as expected but left the door wide open to yet more easing if needed. The Australian dollar eased 0.13% to $0.64245, hovering near a two-week low.
BBC News
a minute ago
- BBC News
Sony raises PlayStation 5 prices in US as tariff fears persist
Sony is PlayStation 5 gaming consoles in the US will jump by around $50 (£37.16) from Thursday as the Japanese technology giant grapples with rising costs and a slowing video game many global businesses, the firm faces a "challenging economic environment", Isabelle Tomatis, Sony Interactive Entertainment's vice president of global marketing said in a blog three PlayStation 5 consoles will see a similar price increase. The most expensive Pro version now has a recommended retail price of $ price hikes come after US President Donald Trump imposed tariffs on most of America's trading partners, including Japan, which has led to fears of rising costs. "We've made the difficult decision to increase the recommended retail price for PlayStation 5 consoles in the US starting on 21 August," Ms Tomatis base model of the PlayStation 5 will cost $499.99 in the US, she blog post went on to say that the recommended retail prices for PlayStation 5 accessories will remain unchanged and the firm has no other price changes to announce for other exporters currently face a 15% tariff on the goods they sell to the raised console prices in the UK and Europe earlier this year, citing high inflation and fluctuating exchange gamers have seen similar price hikes from other companies like Nintendo, which recently increased the price of the original Nintendo £75 price tag on titles like Mario Kart World has sparked criticism from players over the rising cost of also raised the price of its Xbox consoles and accessories in various countries this companies have warned in recent months about the impact of week, US home improvement chain Home Depot said some of its prices could be increased because of the new import taxes."For some imported goods, tariff rates are significantly higher today than they were at this time last quarter," the firm's finance chief Richard McPhail told the Wall Street Journal."So as you would expect, there will be modest price movement in some categories, but it won't be broad based," he July, German sportswear giant Adidas warned that US tariffs would cost it a further €200m (£173m;$232.9m) and confirmed that it will raise prices for American rival Nike said in May that it would raise prices on some trainers and clothing for US customers from June, and later warned that tariffs could add about $1bn (£730m) to its costs.
Reuters
32 minutes ago
- Reuters
Meta freezes AI hiring, WSJ reports
Aug 20 (Reuters) - Meta Platforms (META.O), opens new tab has paused hiring in its artificial intelligence division after bringing on more than 50 researchers and engineers, the Wall Street Journal reported on Wednesday. Reuters could not immediately verify the report.
