J.P. Morgan Asset Management Acquires Timberland Investment Firm | Sidnaz Blog


One of the biggest names on Wall Street is getting into the timber business, and a big part of its plan to make money involves less logging.

J.P. Morgan Asset Management said Monday that it has acquired Campbell Global LLC, a Portland, Ore., firm that manages $5.3 billion worth of timberland on behalf of institutional investors, such as pensions and insurance companies.

The deal gives the $2.5 trillion asset manager a position in the booming market for forest-carbon offsets, tradable assets that are created by paying landowners to not cut down trees and leave them standing to sponge carbon from the atmosphere. Offsets are used by companies to scrub emissions from their internal carbon ledgers, which track progress toward pollution-reduction goals.

Terms of the deal with Campbell’s seller,

BrightSphere Investment Group Inc.,

weren’t disclosed.

Many of the world’s largest companies, including

Apple Inc.,

Microsoft Corp.

and

Royal Dutch Shell

PLC, have promised investors they will reduce their carbon footprints. Many emissions are unavoidable for global businesses, which has made standing timber a hot commodity.

J.P. Morgan


JPM 1.51%

is betting that carbon markets will add value to timberlands beyond the income they generate as a source for building products, said

Anton Pil,

the firm’s head of alternatives.

“We wanted to play an active role in carbon-offset markets as they’re developed,” Mr. Pil said. “We want to be viewed as a global leader in the carbon-sequestration market.”

Other big names are angling for similar status.

BP

PLC last year bought a controlling stake in Finite Carbon, the country’s largest forest-offset producer.

Salesforce.com Inc.

Chief Executive

Marc Benioff,

Microsoft and others recently invested in NCX, a firm that matches offset buyers with timberland owners willing to defer harvests for a fee.

Campbell Global oversees about 1.7 million acres of forestland in the U.S., New Zealand, Australia and Chile. About two-thirds of its 150 employees are involved in managing the forests, while the others are investment professionals, said

John Gilleland,

the firm’s chief executive.

Campbell Global for more than three decades has managed timberland to produce logs for lumber and pulp mills, but has moved into carbon markets in recent years.



Photo:

Campbell Global

Campbell for more than three decades has managed timberland to produce logs for lumber and pulp mills. In recent years, it has moved into carbon markets, selling offsets in California’s regulated cap-and-trade market as well as in the unregulated voluntary markets that have boomed with the rise of green investing.

“We do believe this is the future for this asset,” Mr. Gilleland said.

Timberland investing became popular in the 1980s after the tax code was made more favorable to owners of income-producing real estate, Congress allowed pensions to diversify beyond stocks and bonds and Wall Street analysts convinced forest-products companies to sell off their timberlands.

Investors reasoned that trees would grow, and thus gain value, no matter what the stock market did. Timberland was viewed as a good hedge against inflation.

Demand for lumber has skyrocketed during the pandemic, sending prices to all-time highs. This video explains what’s driving the lumber boom, who’s profiting, and why those growing the trees aren’t reaping the benefits. Illustration: Liz Ornitz/WSJ

But it hasn’t always been a good investment: At the same time timberland investing was gaining momentum, the federal government was paying landowners in the South to plant pine trees on worn-out farmland to boost crop prices. Decades later, the resulting surfeit of pine has pushed log prices to their lowest levels in decades even as the resurgent housing market has lifted prices for lumber and other wood products to records.

Investors such as the California Public Employees’ Retirement System have suffered big losses on southern timberland in recent years. Though log prices in the West still move in unison with those of lumber, timberland there is threatened by fires and wood-boring beetles. In the North, mills have closed and rendered many wood lots uneconomical to log and worth more leased to companies as carbon sinks.

Write to Ryan Dezember at [email protected]

Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8



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Latest News Today – Samsung Odyssey G3, Odyssey G5, Odyssey G7 Gaming


Samsung Odyssey G3, Samsung Odyssey G5, and Samsung Odyssey G7 gaming monitors have been unveiled. Samsung Odyssey G3 comes in 24-inch and 27-inch display size, Samsung Odyssey G5 comes with a 27-inch display, and Samsung Odyssey G7 comes with a 28-inch display. Samsung claims that the new gaming monitors deliver “hyper-real picture quality, a higher response level, tailored ergonomics, and intuitive usability.” The Odyssey G5 and G7 come with Nvidia G-Sync compatibility and all three gaming monitors are compatible with AMD FreeSync Premium.

The South Korean tech giant announced its three new gaming monitors — Samsung Odyssey G3, Samsung Odyssey G5, and Samsung Odyssey G7 — will start selling globally starting today, June 21.

Samsung Odyssey G7 specifications

Let’s start with the biggest monitor from the lineup, Samsung Odyssey G7. Samsung has given it a 28-inch 4K UHD (3,840×2,160 pixels) display with 178-degrees viewing angle, HDR400 support, 144Hz refresh rate, and 1ms response time. It is also compatible with Nvidia G-Sync and AMD FreeSync Premium Pro for real world accuracy. Samsung Odyssey G7 also features HDMI 2.1 compatibility that can help it connect with next-gen gaming consoles with 4K 120Hz support. Other connectivity options include a Display Port 1.4 and a USB 3.0 port. The Odyssey G7 features height-adjustable stand that can tilt, swivel, and pivot the monitor.

Samsung Odyssey G5 specifications

Samsung Odyssey G5 is offered with a 27-inch QHD (2,560×1,440 pixels) display with 178 degrees viewing angle, 165Hz refresh rate, 1ms response time, and HDR10 support. It is also offered with Nvidia G-Sync and AMD FreeSync Premium compatibility for high graphic performance. Samsung has given the Odyssey G5 a height-adjustable stand that can tilt, swivel, and pivot the monitor as per the user’s preferences. Connectivity options include a Display Port 1.2 and HDMI 2.0.

Samsung Odyssey G3 specifications

Samsung is offering the Odyssey G3 in two display sizes — 24-inch and 27-inch. The gaming monitor offers 178 degrees viewing angle, 144Hz refresh rate, a full-HD (1,920×1,080 pixels) display, and 1ms response time. However, the Odyssey G3 only comes with AMD FreeSync Premium, unlike the other models in the range. It also comes with a height-adjustable stand. Connectivity options on the Odyssey G3 include a display port 1.2 and HDMI 1.4.

The Odyssey G5 and Odyssey G7 also feature picture-by-picture (PBP) and picture-in-picture (PIP) with flexible customisation for better multitasking. Samsung has also added an Auto Source Switch+ feature that lets users shift between sources to instantly recognise and switch to the active input.




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Latest News Today – Smart Cities Mission Goes Past Five Years Deadline. Read


Smart Cities Mission has completed only 17 per cent worth of projects sanctioned for selected cities

The ambitious Smart Cities Mission project was launched on June 25, 2015 by Prime Minister Narendra Modi. It envisaged creation of 100 ‘smart cities’ over a period of five years, i.e. till 2020.

The objective of the scheme was to promote cities that provide core infrastructure and give a decent quality of life to its citizens, a clean and sustainable environment and application of ‘smart’ solutions.

The ‘smart city’ proposal included core-infrastructure elements such as assured water supply, electricity supply, sanitation and solid waste management, efficient mobility and public transport, affordable housing, safety and security, health and education.

To achieve these objectives, several projects for the selected cities were envisaged which would enable them to achieve the tag of ‘smart cities’ at the end of the mission. 

However more than five years down the line, as on January 31, 2021, the Smart Cities Mission has managed to complete only 17 per cent of total worth of projects sanctioned under it.

According to data provided by the Ministry of Urban Development, till January 31, 2021, out of the total proposed projects worth Rs 2,05,018 crore (as per the approved smart cities proposals), only projects worth Rs 35,457 crore or only 17 per cent of the total worth of projects have been completed.

Under the Smart Cities Mission, 5,422 projects worth Rs 1,76,911 crore (86 per cent of the total amount of Rs 2,05,018 crore) were tendered. Out of these, work orders had been issued for 4,636 projects worth Rs 1,41,857 crore.

Out of these too, work has been completed only in 2,189 projects worth Rs 35,457 crore.



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Latest News Today – Flash sales banned, platform to face action if sellers


New Delhi:

The government of India today proposed several tweaks to the country’s e-commerce rules to curb widespread cheating and unfair trade practices in the ecosystem. Among the changes proposed are a ban on certain kinds of flash sales and punitive action against the platform if sellers don’t deliver, according to a statement issued by the Centre issued today.

The proposed amendments to the rules aim to bring transparency and strengthen the regulatory regime, the statement said.

“Views/comments/suggestions are sought on the amendments to Consumer Protection (E-commerce) Rules, 2020, within 15 days (by July 6, 2021),” it said.

The rules were notified with effect from July 23 last year for the purposes of preventing unfair trade practices in e-commerce.

“However, since the notification, the Government has received several representations from aggrieved consumers, traders, and associations, complaining against widespread cheating and unfair trade practices being observed in the e-commerce ecosystem,” the statement said.



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Couple killed in road accident in Hyderabad | Hyderabad News | Live Newspaper Hyderabad


HYDERABAD: A couple died and their daughter suffered severe injuries in a road accident at Bibinagar in Yadadri Bhuvanagiri district on Sunday night.
The mishap occurred when the victim’s car rammed into a parked truck.
According to Bibinagar police, the deceased were Singavarapu Prashanth, 43, a private employee from HMT Nagar in Nacharam and his wife, Shirisha, 38. Their daughter, S Sarah, 16, suffered injuries in the accident and she is undergoing treatment at a private hospital.
Bibinagar SI H Raghavender said that the accident occurred when Prashanth along with his wife and daughter was travelling from Bhongir to Nacharam at around 11.30pm on Sunday.
“Due to tyre burst, Prashanth lost control over his car and the vehicle rammed into a parked truck on the left side of the road. Due to the crash, all three members of the family suffered severe injuries,” the SI said.
Alerted by the relatives of Prashanth who were travelling in other vehicles, police rushed to the spot and shifted the injured family members to Bhongir area hospital for treatment.
While undergoing the treatment, Prashanth and Shirisha succumbed to injuries. Their daughter, Sarah was shifted to a private hospital in Hyderabad for better treatment and her condition is critical,” the SI said. A case was registered under sections 304-a and 337 of the IPC.



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Latest News Today – OnePlus Nord CE 5G vs OnePlus Nord Comparison: Finding


The OnePlus Nord CE 5G is the latest addition to the OnePlus lineup, and will appeal to people on a budget since it is now the most affordable model. OnePlus promises to provide the core OnePlus experience with the Nord CE 5G, as it covers all the basics one would look for. However, the higher variants are priced similar to the original OnePlus Nord, which is meant to cater to a higher tier in the market. So is the new Nord CE 5G worth your money or was the original Nord a better device? I compare the Nord CE 5G to the original Nord to find out.

 

OnePlus Nord CE 5G vs OnePlus Nord price

The new OnePlus Nord CE 5G starts at Rs. 22,999 for the base variant with 6GB of RAM and 128GB of storage. The higher variants with 8GB RAM/ 128GB storage and 12GB RAM/ 256GB storage are priced at Rs. 24,999 and Rs. 27,999 respectively.

The OnePlus Nord on the other hand was priced starting at Rs. 24,999 for the 6GB RAM 64GB storage variant, though this was not easily available. The 8GB RAM/ 128GB storage variant was priced at Rs. 27,999 while the 12GB RAM/ 256GB storage variant was priced at Rs. 29,999. This model has just been discontinued but it looks as though a refresh could be coming soon, based on leaks and rumours.

The Nord CE 5G is more affordable going by starting prices but things begin to overlap if you are looking for more RAM and storage.

OnePlus Nord CE 5G vs OnePlus Nord design

The OnePlus Nord CE 5G and the OnePlus Nord take slightly different approaches to design. Pick the two smartphones up and you’ll notice that the OnePlus Nord feels more premium thanks to its Corning Gorilla Glass 5 rear glass panel. The Nord CE 5G has to settle for a plastic back. You might confuse one device for the other, but an easy way to distinguish them is by the design of their camera modules. While both smartphones have pill-shaped modules, the Nord has a quad-camera setup while the Nord CE 5G has only three cameras.

The OnePlus Nord CE 5G is slightly taller than the older Nord but both felt comfortable for one-handed use. The buttons on both devices are placed low enough on the sides to be within reach. The Nord has an alert slider like all other premium OnePlus phones, but the new Nord CE 5G misses out on it. On the other hand, the Nord CE 5G sports a 3.5mm headphone jack which is quite handy to have.

The Nord CE 5G (right) and the Nord (left) look very similar at first glance

 

Both these smartphones have a single speaker and a USB Type-C port at the bottom. The Nord has its SIM tray at the bottom, while the Nord CE 5G has it on the left side of the frame. These two smartphones only have a secondary microphone at the top.

The display on the OnePlus Nord measures 6.44 inches and the one on the Nord CE 5G is roughly the same at 6.43 inches. Both phones’ displays have 90Hz refresh rates. However, the OnePlus Nord gets Corning Gorilla Glass protection while the Nord CE 5G gets Asahi Dragontrail protection. Both smartphones feature embedded front cameras with the Nord having a dual-camera setup at the front, while the Nord CE 5G has a single one.

The Nord is noticeably heavier at 184g compared to the Nord CE 5G, which weighs 170g. This is surprising considering that the Nord CE 5G has a bigger 4,500mAh battery compared to the 4,115mAh battery in the original Nord.

OnePlus Nord CE 5G vs OnePlus Nord specifications and software.

OnePlus offers AMOLED displays on both these smartphones. These panels have full-HD+ resolutions and 90Hz refresh rates. Both also have in-display fingerprint scanners that are easy to reach and work well.

The spec sheet is where you will see major differences, the Nord CE 5G is powered by the Qualcomm Snapdragon 750G processor, while the OnePlus Nord is powered by the Snapdragon 765G. The latter is based on a 7nm process and has a slightly higher clock speed as well.

Both these OnePlus smartphones come in 6GB, 8GB and 12GB RAM options. The new Nord CE 5G offers 128GB and 256GB storage options while the older Nord offers 64GB on the (now discontinued) base model.

OnePlus nord vs nordce frontcameras OnePlus Nord CE vs OnePlus Nord

The Nord CE (left) has a single selfie camera compared to the dual selfie camera setup on the original Nord (right)

You get support for dual-band Wi-Fi, Bluetooth 5.1, NFC, 4G VoLTE and 5G on both models. Both are dual-SIM devices and lack storage expansion. You get support for 30W fast charging on both these devices. The Nord comes with a Warp Charge 30T charger while the Nord CE 5G comes with a newer Warp Charge 30T Plus unit.

The OnePlus Nord shipped with OxygenOS 10 but was running OxygenOS 11 at the time of this comparison. The OnePlus Nord CE 5G ships with OxygenOS 11 out of the box. Both smartphones promise two years of software updates and three years of security updates, so the Nord CE 5G has the advantage here as it is newer.

Since both smartphones run OxygenOS,11, you are going to get pretty much the same software experience on them. The UI is clean and I did not find a lot of preinstalled apps on either device. OnePlus has added features such as Game Mode in OxygenOS which lets you play games without being interrupted by incoming calls and messages.

OnePlus Nord CE 5G vs OnePlus Nord performance

The OnePlus Nord CE 5G and the OnePlus Nord both have powerful processors and you will not notice any lag or stutter during regular usage. Since both these smartphones have 90Hz refresh rates, the UI felt super smooth and responsive. The AMOLED panels on both these devices are good to look at and you do get the option to tweak the output on them.

I had the top-spec variants of the Nord and the Nord CE 5G which made it fair to put these devices through benchmarks. In AnTuTu, the OnePlus Nord CE 5G scored 391,813 points while the Nord was slightly behind at 383,134. In GeekBench 5’s single core and multi-core tests respectively, the OnePlus Nord managed 592 and 1,822 points, while its younger sibling managed 639 and 1,830. In graphics benchmark 3DMark Slingshot, the Nord managed the lead again with 4,537 points while the Nord CE 5G wasn’t far behind with 3,902 points.

OnePlus nord vs nordce ports OnePlus Nord CE vs OnePlus Nord

The new Nord CE 5G (bottom) sports a 3.5mm headphone jack

 

I found the OnePlus Nord CE 5G to be slightly more power efficient than the OnePlus Nord. This was also evident in our HD video loop test – the Nord lasted only for 14 hours and 30 minutes while the Nord CE 5G went on for 19 hours and 59 minutes. Charging times were slightly lower for the Nord CE 5G as the phone was charged completely in an hour, the Nord only got to 93 percent in the same time. Overall, it’s the OnePlus Nord CE 5G that fared better on most performance parameters.

OnePlus Nord CE 5G vs OnePlus Nord cameras

The OnePlus Nord CE 5G and the OnePlus Nord take different approaches when it comes to the cameras. The Nord has a quad-camera setup while the new Nord CE 5G has a triple camera setup. Let’s take a look at the sensors before we proceed. The Nord has a 48-megapixel Sony IMX 586 sensor with OIS as its primary camera, an 8-megapixel ultra-wide angle camera, a 2-megapixel macro camera, and a 5-megapixel depth sensor. The OnePlus Nord CE 5G on the other hand has a primary camera with a 64-megapixel Omnivision sensor and EIS, an 8-megapixel ultra-wide angle camera, and a 2-megapixel monochrome camera.

OnePlus nord vs nordce cameras OnePlus Nord CE vs OnePlus Nord

The Nord (left) has a quad-camera setup while the Nord CE 5G (right) has three cameras

For selfies, the OnePlus Nord has a dual-camera setup consisting of a 32-megapixel primary and an 8-megapixel ultra-wide angle camera. The Nord CE only has a single 16-megapixel selfie shooter.

Daylight photos taken with both smartphones looked good, but the Nord CE 5G had a slightly brighter output. On zooming in to the images, it was the Nord that had the better details. It was the same with both phones’ ultra-wide cameras; the Nord CE had a slightly brighter image but the details on the shot taken from the OnePlus Nord were better. Photos taken with both phones had distortion on the sides.

Daylight camera samples (Tap for resized image)

Daylight wide-angle camera samples (Top to see resized image)

 

Close-up shots were nearly identical on the two smartphones, but the Nord CE 5G managed slightly better detail, and you can get good enough quality with the primary camera that you won’t miss having a low-resolution macro shooter. For portraits, both smartphones managed good edge detection but both lacked the option to set blur levels before taking the shot. Portraits taken with the OnePlus Nord were sharper but the colour tone was slightly off. The shot taken with the Nord CE 5G was not as sharp but had more accurate colours.

Closeup samples (Tap for resized image)

Portrait samples (Tap to see resized image)

 

In low light, it was the OnePlus Nord that got the better shot. Photos appeared brighter and objects in the shadows were more visible. With Nightscape enabled, both smartphones need 6-7 seconds to take a shot. It was the OnePlus Nord that managed better Nightscape shots as well.

Low-light samples (Tap to see resized image)

Nightscape samples (Tap to see resized image)

 

Selfies and selfie portraits were better on the Nord CE 5G, as the phone managed to meter light correctly in most conditions. The OnePlus Nord was way off with skin tones, which helped the Nord CE get an easy win.

Daylight portrait selfie sample (Tap to see resized image)

Low-light selfie portrait sample (Tap to see resized image)

 

In terms of video quality, the Nord and the Nord CE 5G are neck-and-neck when it comes to 1080p footage. There was slight shimmer in both sets of footage, and neither phone pulled ahead convincingly. The Nord takes the lead with 4K footage though, as I found it to be better stabilised than what the Nord CE produced. Low-light video was also handled slightly better by the Nord, while the Nord CE’s footage wasn’t well stabilised.

Verdict

After testing the OnePlus Nord (Review) and the OnePlus Nord CE 5G (Review) side by side, I was surprised to see that the differences between them aren’t as huge as I was expecting them to be. You will barely notice any difference between these devices while using them. In terms of build quality, it is the OnePlus Nord that feels more premium, in keeping with its price. You get the alert slider on the Nord, but there is no 3.5mm headphone jack.

While the Nord CE 5G has a slightly bigger battery than the OnePlus Nord, battery life is considerably better. You should be able to stay off the charger longer with the Nord CE 5G, and it also charges quicker. Pick up either smartphone and you won’t find a huge difference in daylight camera performance, but the Nord was better in low light.

Though I was hoping for better pricing for the Nord CE 5G, it seems to offer better value than the older OnePlus Nord. Sadly, OnePlus has now officially discontinued the Nord, so even if you were willing to spend extra for the alert slider and better fit and finish, it is no longer an option. However, I think this paves the way for the heavily rumoured successor of the Nord, which looks like it could be worth waiting for.



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Latest News Today – Government Incentivises States Ensuring Transparent


Government plans to incentivise states which ensure transparency in ration distribution

In order to incentivise states who are operating their e-point of sale (e-POS) devices judiciously and manage to generate savings while ensuring transparency in the public distribution system (PDS), the Government has facilitated changes in the food security legislation, where any savings accrued by such states can be used for purchasing electronic weighing scales and integrate them with e-POS devices.

The Ministry of Consumer Affairs has amended the Food Security (Assistance To State Government Rules) 2015, so that states are encouraged to generate savings through judicious use of e-POS devices.

The amendment has also been effected to ensure greater transparency in the PDS regime. While distribution through ePoS devices ensures that subsidised foodgrains are provided to the rightful beneficiary through biometric authentication, the integration of ePoS devices with electronic weighing scales would ensure that the beneficiary is given the right quantity of foodgrains by the fair price shop dealer, a statement issued by the ministry said.

Food Security (Assistance to State Government Rules) 2015 was notified to give additional margin to fair price shop dealers for sale through e-PoS as an incentive to ensure transparent recording of transactions at all levels.



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Why Is Everyone Putting Mustard on Watermelon? | Sidnaz Blog


Another day, another TikTok food trend; this time we’re putting mustard on watermelon, and we’re not even high. I’m not sure who made the first watermelon mustard video (I think it was this person), but I know that Lizzo made the most popular one.

In this recent episode of “Is It Bussing or Is It Disgusting?” Lizzo drizzles yellow mustard on juicy watermelon and eats it, and seems rather perplexed. Having now tried the combination myself, I understand—and relate to—her bewilderment.

As Joel notes at the beginning of this taste test, this pairing isn’t as wild as some of the stuff we’ve put in our mouths for the sake of entertainment (and, to a lesser degree, education). Sweet things often taste good with acidic things, and yellow mustard is one of the tangiest, least pungent mustards you can purchase.

But, unfortunately, the snack doesn’t feel complete. It tastes like watermelon and mustard—there is no sum that is greater than the parts. It is not revolting, or even unpleasant, but the application of French’s (or, in my case, the Kroger brand French’s dupe) did not elevate the watermelon-eating experience for me.

You know what does elevate the watermelon-eating experience? Salt. And Tajin, which has salt, chili, and acid in the form of dehydrated lime, which combines with the juices and sugars from the watermelon to create a complete, fully finished bite. Emboldened after a good salting, Joel and I dashed and sprinkled a variety of other seasoning blends onto the bright pink melon, just so you’d come away from our video with some actionable and delicious watermelon eating strategies (and so we could eat more melon).

Joel and I each had our favorites, which you’ll have to watch the video to see, but plain ol’ regular salt is hard to beat. (As a long-time melon salter, I was not at all shocked, but it’s nice to have my preferences validated every once in a while.)



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Long-Dated Treasurys Win Favor on Receding Inflation Bets | Sidnaz Blog


Investors are rushing into longer-dated Treasurys in a bet that the Federal Reserve will act more quickly against inflation, leading to slower growth and lower interest rates in the longer term.

Yields on shorter-dated bonds rose and their prices fell Monday, reflecting higher rate expectations after the Fed’s policy meeting last week. Meanwhile, longer-dated yields dropped because higher interest rates in the near term would likely mean slower growth and lower interest rates further into the future. The shifts combined to produce what is known as the flattening of the yield curve.

“It’s flattening massively. The move has been quite brutal in the market,” said Laurent Crosnier, chief investment officer at

Amundi SA’s

London branch.

The Fed signaled last week that some policy makers expect two interest rate increases in 2023, and said officials had discussed an eventual tapering of bond-buying programs, although the timing remains uncertain. It also boosted inflation forecasts and said that if expectations of higher prices affect consumer and business behavior, they could act to address it. That marked a shift from a previous emphasis that inflation would be allowed to overshoot until the recovery is more certain.

The biggest moves since the Fed’s policy meeting have been in the difference between 2-year yields and 30-year yields. This has fallen by 0.25 percentage point, mostly driven by a 0.2 percentage point drop in 30-year yields to 2.023% on Monday, according to FactSet.

The gap between the 2-year and 10-year yields has also dropped significantly. Both these gaps are now back to their tightest levels since early February, before a selloff in Treasury markets that drove longer-term yields sharply higher.

A key change highlighted by Fed Chairman

Jerome Powell

came in his comments on labor markets and the high number of people who had retired during the Covid crisis, shrinking the size of the labor force. This means the economy is likely to hit full employment sooner than expected: High unemployment has been the Fed’s justification for allowing inflation to run hot in recent months.

“Employment is the key variable,” said

Alberto Gallo,

head of global credit strategies at fund manager Algebris.

Federal Reserve Chairman Jerome Powell described the outlook for inflation in the U.S. economy and said there are signs that prices that have moved up quickly should cease rising and retreat. Credit: Al Drago/Associated Press (Video from 6/16//21)

Shortages in some labor markets and higher retirements could lead to wage inflation, which has a longer term effect on other prices than commodities, for example. But it remains hard to predict how many new jobs will be created and how many retirements will prove permanent, Mr. Gallo said. “Wage inflation is not a bad thing for society, but it might mean more volatility for financial markets.”

Bond markets in particular could see more volatility because the Fed’s tolerance for inflation is lower than people thought, according to Seamus Mac Gorain, head of global rates at J.P. Morgan Asset Management. “What this means is that the market will be very sensitive to inflation data and jobs growth from here,” he said.

The U.S. consumer-price index surged 4.2% in April and 5% in May. The latter was the biggest move in nearly 13 years.

A worker sands components for a pool table at Diamond Billiard Products. High unemployment has been the Fed’s justification for allowing inflation to run hot.



Photo:

Luke Sharrett/Bloomberg News

Investors are having to rapidly unwind trades that were betting on the Fed letting inflation stay high without slowing bonds purchases or raising interest rates as the economy reopened. Money managers getting out of this so-called reflation trade is driving Monday’s moves, according to

James Athey,

an investment manager at Aberdeen Standard Investments.

“The market was sticking its fingers in its ears to all the signs that the Fed was shifting,” Mr. Athey said. “The positioning was heavily in reflation trades, a lot of positions are being cleaned out.”

Inflation expectations as measured by the Treasury market have declined in recent weeks. Five-year inflation expectations have eased from a peak of about 2.77% in mid May to less than 2.4%, while the 10-year forecast has dropped from 2.57% to less than 2.25%, according to

Tradeweb.

Betting on rising U.S. Treasury yields was seen as one of the most crowded trades, according to investors surveyed by

Bank of America

ahead of last week’s Fed meeting. At the same time, there had been a big fall in the share of investors expecting a steeper yield curve.

The flattening of the curve, meaning there is less difference between short-term and long-term interest rates, is seen as bad for bank profits. Stocks like

Citigroup Inc.,

JPMorgan Chase

& Co. and

Bank of America Corp.

have sold off sharply this month.

There are technical factors at play too. There is growing demand for bonds from several sources coming on top of the Fed’s ongoing purchases of about $120 billion worth of Treasurys a month.

Many investors have been plowing funds back into Treasurys in recent weeks. Bond funds saw inflows last week of $16 billion, the highest in two months, according to

Deutsche Bank.

This added to heavy buying by U.S. banks starved of loan growth: They have bought a combined $139 billion so far in the second quarter, which means they are buying at a faster pace than during the first quarter, according to Deutsche Bank.

Foreign investors have also picked up their purchases in recent weeks.

Write to Anna Hirtenstein at [email protected] and Paul J. Davies at [email protected]

Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8



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Latest News Today – India vs New Zealand WTC Final, Day 4, Live Score: 1st


India vs New Zealand Live Score: The first session on Day 4 was washed out due to rain.© Twitter/ICC




As per the latest updates, rain continued to play spoilsport after the opening session of Day four was washed out due to rain. After weather-related interruptions on the first three days of play in the World Test Championship (WTC) final between India and New Zealand, the rain Gods didn’t seem to be kind on Day 4 as well. On Day 3, New Zealand were excellent with both bat and ball, bowling out India for 217 runs before a 70-run opening stand between Devon Conway and Tom Latham put India on the backfoot. However, in the last session, Ravichandran Ashwin and Ishant Sharma got the Indian team back into the game with the wickets of both openers. Captain Kane Williamson is at the crease along with the most senior batsman of the side in Ross Taylor. New Zealand were 101/2 at stumps on Day 3. While the advantage of two wickets in the final session lay with India, everything depends on how both the teams go in the first session on Day 4. Ravichandran Ashwin and Ravindra Jadeja will look to exploit the rough patches on the pitch while New Zealand will be hoping to go past the Indian score and take a big first-innings lead. (LIVE SCORECARD)

WTC Final Live Updates Of India vs New Zealand, Day 4 From The Ageas Bowl, Southampton

  • 18:10 (IST)

    Moments Of The WTC Final!

    Although only limited cricket has taken place till now, but what a show it has been. Here’s looking at the top moments from this match.

  • 17:54 (IST)

    Middle-Session!

    According to bcci.tv, the second session on Day 4 is officially underway, but there’s still no hint of play as of yet.

    Waiting game continues…

  • 17:21 (IST)

    No Ball Bowled On Day 4 Yet!

    ICC updated that Lunch was taken on Day 4 as rain forced players and umpires to stay indoors.

  • 17:15 (IST)

    Lunch Taken- Day 4!

    According bcci.tv, Lunch has been taken on Day 4 in the WTC Final without a ball being bowled at The Ageas Bowl in Southampton.

    Let’s hope for some action in the second session today.

  • 16:35 (IST)

    Still Raining!

    Rain not letting go on Day 4.

  • 16:31 (IST)

    Rain Rain Go Away!

    That reaction is all of us right now.

  • 16:03 (IST)

    Test Cricket!

    Heres’ what the WTC finalists think about the longest format of the game. Watch!

  • 15:39 (IST)

    Jamieson On Kohli’s Wicket!

    In the post-day virtual press conference, Kyle Jamieson spoke on the importance of Virat Kohli’s wicket for his team. Here’s what he had to say:

    “I think he is (Kohli) world class batter and those guys don’t tend to have too many chinks in their armoury. He is obviously a massive part of their line-up and to get him early certainly set things up nicely for us.”

  • 15:30 (IST)

    Jamieson Speaks!

    Here’s what the man-of-the-moment had to say on NZ’s plans for Day 4.

  • 15:22 (IST)

    DK- Our Weather Man!

    Cricketer turned analyst for the time being, DK seems to be enjoying life away from the 22 yards.

  • 15:10 (IST)

    Jaffer At His Hilarious Best!

    Jaffer on social media is a different beast altogether. A meme-king in millennials’ language but with a 80’s touch.

  • 15:08 (IST)

    ICC’s Official Update!

    The pictures are disheartening on Day 4.

  • 15:03 (IST)

    Its Raining- Start Of Play Delayed!

    BCCI have confirmed that it’s drizzling and the start of Day 4 has been delayed.

  • 14:55 (IST)

    Quick Recap- Day 3!

    Ian Bishop and Kumar Sangakkara looking back at Day 3 and what holds in store for both teams.

  • 14:42 (IST)

    Not Looking Nice!

    Players are seen chilling as pitch is still under the covers.

  • 14:27 (IST)

    Covers are on in Southampton!

    The BCCI have tweeted a picture in which the Southampton pitch can be seen under covers.

  • 14:20 (IST)

    Hello and Welcome!

    Hello and welcome to Day 4 of the World Test Championship final between India and New Zealand. Not a good news for cricket fans around the globe as it’s drizzling in Southampton and we are expected to have a delayed start.

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