Supreme Court blocks Biden-Harris student debt forgiveness plan. Early in the health crisis, the CARES Act froze repayment and interest accumulation on federal student loans. In 2022, the Biden Administration introduced a forgiveness plan for qualifying borrowers, worth between $10,000-$20,000. Borrowers have not had to make monthly payments in over [...]
Employment growth strong, but down from recent periods. Monthly hiring dropped below the 300,000 mark for the fourth time this year with the creation of 209,000 jobs in June. While the softest period for employment growth since December 2020, June’s total is still well above the past 30-year average of [...]
RaceTrac making largest acquisition in its history: Gulf Oil LLC RaceTrac, a family-owned convenience store retailer, announced that its subsidiary, Metroplex Energy, has reached a definitive agreement with Gulf Oil L.P. to acquire Gulf Oil LLC. The financial details of the deal were not disclosed. As part of the agreement, [...]
Consumers’ priorities reinforce positive outlook. One of the nation’s least-vacant commercial real estate segments, the retail sector entered the second half in a favorable position. Labor market resiliency, wage growth and easing inflationary pressures are aiding consumers’ purchasing power, with households concentrating more of their spending on groceries, personal care [...]
Sellers retain leverage amid deficient supply. Homebuyers have yet to see the market turn in their favor as of mid-2023, despite predictions offered earlier by some prognosticators. Many anticipated that higher interest rates would stymie purchases and prompt sellers to drop prices. While part of this has come to fruition [...]
The 10-Year Treasury sits in the upper-3 percent range, with one-month Term SOFR in the low-5 percent zone. The cheapest interest rates for new origination are almost 6 percent, with max leverage agency debt constantly pricing north of that for non-mission executions. CMBS debt for riskier property types, such as [...]
Consecutive months of broad growth encouraging. Households increased their spending across a broad spectrum of stores in May, supporting a 0.4 percent rise in core retail sales. For the second straight month, eight categories registered sales growth, a testament to consumers’ spending power. The addition of 339,000 new jobs last [...]
Walgreens to close 150 stores in the U.S. In a recent announcement, Walgreens revealed its plans to close a total of 150 stores in the U.S. and 300 stores in the U.K., as stated by Walgreens Boots Alliance Chief Financial Officer, James Kehoe. This strategic decision is part of the [...]
Inflation slows to 27-month low. The headline consumer price index rose by 4.0 percent year-over-year in May, less than half the 9.1 percent pace recorded last June. While consumer prices are still rising more rapidly than the Federal Reserve prefers, the cool down from peak levels encouraged officials to hold [...]
Terminations of bank mergers have reached a record high this year and it could well be next year before M&A activity in the sector can restart, according to one analyst. “It won’t be a 2023 event,” says Nathan Stovall, director of financial institutions research at S&P Global Market Intelligence. “It will be [...]
