|
After a yearlong assault on the Federal Reserve and its chairman, President Donald Trump has tapped two wildly different economists to the central bank's board who seemingly have one important thing in common, Bloomberg reported. They're both likely to support the President's call for lower interest rates. One, Christopher Waller, is the more conventional choice drawn from within the Fed's own ranks. The other, Judy Shelton, has spent decades outside mainstream economics and has already faced criticism for some of her unconventional views on monetary policy.
A Federal Reserve policymaker expressed skepticism that a U.S. interest rate cut is the right move until there are more signs the economy is moving to a truly weaker path, Reuters reported. "I prefer to gather more information before considering a change in our monetary policy stance," Cleveland Fed President Loretta Mester said in remarks prepared for delivery at an economics event in London that answers some colleagues of hers and the White House who are arguing for an immediate rate cut.
A bankruptcy auction has once again been set for One Bennett Park in Hudson Heights-and this time, it's for real, The Real Deal reported. The property, also known as 29 Overlook Terrace, is a notorious construction site that became one of the most prominent symbols of the country's economic collapse in 2008 due to how long it has sat vacant. It was headed for foreclosure last summer, and an auction had been scheduled for mid-August. However, this was delayed after developer Rutherford "Ruddy" Thompson filed for bankruptcy.
JPMorgan Chase filed the initial building plans for a Midtown East headquarters, on the site of its existing offices at 270 Park Ave, Crain's New York reported. The filing comes about two months after the City Council approved Chase's plans to build a supertall tower, the first project to be approved under the Midtown East rezoning.
The real estate industry was always going to fight the tenant-friendly rent laws to the bitter end, The Real Deal reported. On Monday, two of the city's largest landlord organizations announced plans to launch a constitutional challenge to the rent regulation package by mid-July. The industry organizations, the Rent Stabilization Association and the Community Housing Improvement Program, tapped Mayer Brown's appellate specialist Andrew Pincus to lead the case, which will likely be argued on the basis that the property owners' Fifth Amendment rights were violated.
|
