This article is an on-site version of The Lex Newsletter. Sign up here to get the complete newsletter sent straight to your inbox every Wednesday and Friday
Dear readers,
Easy money policies by the US Federal Reserve have played a part in the resurgence of price inflation. That hits the wallets of ordinary Americans. Those policies have also pumped up asset inflation, boosting the savings of those at the other end of the pay scale.
The average household obsessively follows recent announcements of the US consumer price index. That recently clocked annualised inflation at 6.2 per cent, the highest reading in 30 years. In particular, petrol prices have surged. Jay Powell, the recently renominated chair of the Fed, faces increasing pressure to tighten monetary policy quickly and sharply before inflation spirals out of control.
Apart from choking off the price increases of everyday goods and services, higher interest rates should also let the air out of the bubble in risk assets which one-percenters have been inflating.
The market capitalisation of recently listed electric truckmaker Rivian has touched more than $100bn, despite only assembling relatively few vehicles. The net present value of companies such as this, whose profits are so far distant, should suffer badly if discount rates bump up even slightly. That assumes, of course, that traditional valuation techniques still hold.
And then there are those assets that do not throw off consistent cash flow. Divorcing New York City power couple, Harry and Linda Macklowe, just sold 35 pieces of their acclaimed art collection for $676m, well ahead of the $400m estimated by auction house Sotheby’s. In today’s hot art market, a Basquiat priced at $400,000 in 1998 now changes hands for $40m.
But that’s old economy stuff. A package of physical, digital and non-fungible token — unique and non-interchangeable units of data — works from the trendy digital artist Beeple just went for $25m at auction.
Speaking of older works, hedge fund billionaire Ken Griffin late last week purchased a rare copy of the US constitution. The auction had attracted attention after a DAO — a decentralised group of cryptocurrency mavens — vainly attempted to pool their resources to win the artefact.
Once, professional sports teams offered the savvy a place to park wealth. Asset price inflation for those, too, continues unabated. In a partial sale earlier this year, the Sacramento Kings, a small market pro basketball franchise, was valued at $1.8bn. Just eight years ago, control of it was purchased for $530m.
In Manhattan, just finding a place to show off your art (at least the physical pieces) gets no cheaper either. The number of apartments selling in Manhattan above $4m in the third quarter has not only increased from last year but has more than doubled from the same period in 2019, according to research firm Miller Samuels.
Rising asset values, however, has meant more business for investment banks. According to New York State data, bonuses at Wall Street broker-dealers will break the post-financial crisis record set in 2017. Last year’s average payout to securities workers was $184,000. These figures do not cover those in the even more lucrative hedge fund and private capital arenas, whose bounties should handily top that number.
Economists have asked themselves to what extent loose money since 2009, designed to avoid economic recession, has caused even more yawning income and wealth inequality. Even so, much tighter monetary conditions would surely cause suffering at the bottom of the wealth pyramid, a point those who have cried for higher rates rarely acknowledge.
One can only hope that the US economy no longer requires the Fed’s continuing paternalistic monetary support. An economic soft landing could bring some much-needed sanity to asset prices of all types, the real and the virtual.
Have a good rest of your week.
Sujeet Indap
Lex US editor
If you would like to receive regular updates whenever we publish Lex, do add us to your FT Digest, and you will get an instant email alert every time we publish. You can also see every Lex column via the webpage
thank you so much for this awful internet site me and my sept precious this satisfied and brainstorm
[url=http://baclofen.store/]how to get baclofen in australia[/url] [url=http://buyglucophage.shop/]glucophage xr 500mg[/url]
cialis no prescription Clinical Trial
medunitsa.ru Medunitsa.ru
видео смотреть онлайн фильмы музыка сериалы
эпрон сокровища погибшего корабля 2018 смотреть онлайн
зачарованные сериал
youtubefpv.ru
order levaquin sale order levofloxacin 250mg generic
avodart cost order dutasteride for sale order zofran 8mg online cheap
buy generic aldactone spironolactone for sale online diflucan canada
ampicillin 500mg cheap erythromycin 500mg price erythromycin 250mg brand
fildena over the counter buy careprost online cheap robaxin 500mg
sildenafil us order sildenafil 50mg without prescription buy estradiol 1mg
order lamictal 50mg pills buy minipress 2mg for sale tretinoin order online
buy tadalafil sale voltaren drug voltaren 50mg canada
accutane buy online accutane 40mg without prescription buy generic zithromax
order indocin 75mg pills indocin 75mg generic trimox 250mg for sale
levitra or cialis 20mg cialis versus 2.5mg cialis order sildenafil generic
164 This approach was applied to a high throughput screen for regulatory elements of 49 genes that modulate Ricin susceptibility nolvadex for sale usa No BRISDELLE dose adjustment is considered necessary in patients with renal or hepatic impairment
arimidex 1 mg for sale order biaxin 500mg sale order viagra generic
tadalafil 5mg gГ©nГ©rique pharmacie en ligne tadalafil viagra 100mg sans ordonnance en france
buy generic prednisone 40mg buy generic sildenafil order sildenafil 50mg online cheap
cialis 20mg kaufen ohne rezept sildenafil 100mg kaufen viagra 100mg generika
doxycycline tablet purchase clomid lasix 100mg oral
altace 10mg drug generic altace 10mg purchase azelastine for sale
catapres 0.1 mg tablet buy antivert 25mg sale tiotropium bromide brand
order buspar sale generic ditropan 5mg brand ditropan
buy generic hytrin hytrin order online azulfidine canada
benicar 20mg price diamox 250mg ca acetazolamide 250mg canada
buy imdur without prescription buy azathioprine 25mg sale order micardis 80mg sale
zyban 150 mg generic buy atomoxetine online quetiapine 50mg for sale
buy molnunat generic buy generic naprosyn 500mg order prevacid 15mg
zoloft 50mg ca order escitalopram 20mg pill real viagra pharmacy prescription
order tadalafil pill purchase fluoxetine without prescription viagra canada
free shipping cialis cheap cialis pills buy symmetrel without prescription
generic revia 50 mg cheap naltrexone 50 mg aripiprazole 20mg sale
order avlosulfon 100 mg sale allegra pill perindopril 8mg uk
purchase provera online cheap order generic biltricide cyproheptadine 4mg drug
order provigil generic stromectol price stromectol ivermectin 3 mg
buy fluvoxamine 50mg online cheap cymbalta over the counter glipizide 5mg without prescription
isotretinoin 40mg brand buy prednisone 20mg generic order deltasone 40mg online cheap
nootropil online viagra brand usa viagra overnight
azithromycin oral order gabapentin 100mg generic buy gabapentin 800mg generic
lasix brand plaquenil sale order plaquenil 200mg online
order chloroquine for sale order chloroquine 250mg generic olumiant 4mg brand
itraconazole drug sporanox pill order generic tindamax 300mg
order glycomet 500mg online atorvastatin pills cialis india
buy olanzapine 10mg pills buy olanzapine 10mg without prescription valsartan 160mg pill
norvasc brand viagra sildenafil 25mg tadalafil 40mg cost
clozaril 50mg uk buy dexamethasone sale decadron online buy
sildenafil 50mg generic sildenafil 50mg order lisinopril 2.5mg pill
omeprazole 10mg without prescription online casinos wind creek casino online play
order zyvox 600 mg generic slot machine best casino slot games
lopressor 100mg tablet levitra 20mg canada buy vardenafil generic
term papers writing best no deposit free spins burton brunette
academic writing generic sildenafil 100mg sildenafil next day delivery usa
clomiphene 100mg without prescription clomid 100mg pill that roulette
order tadalafil 5mg sale brand cialis pills sildenafil 100mg us
triamcinolone 4mg cheap purchase triamcinolone sale buy clarinex pill
dapoxetine 30mg pill buy priligy 90mg pills cheap generic levothyroxine
buy orlistat 120mg order acyclovir 800mg online cheap zovirax 400mg for sale
order cialis 5mg without prescription order cialis online cheap order plavix pills
purchase zyloprim online cheap order ezetimibe cheap zetia 10mg
motilium 10mg cheap oral motilium 10mg oral cyclobenzaprine
cozaar 25mg cheap buy topamax 100mg for sale buy topamax 100mg for sale
purchase ozobax generic order baclofen 25mg generic generic ketorolac
imitrex drug order sumatriptan 25mg pill brand avodart 0.5mg
colchicine for sale online casino real money us live online blackjack
order ranitidine for sale buy celecoxib 100mg online celebrex order online
luckyland slots blackjack vegas free online games online casino for real cash
order flomax 0.2mg online order aldactone 25mg without prescription spironolactone for sale online
buy zocor pill order proscar 1mg online order proscar 1mg pill
purchase flagyl online buy clavulanate pill buy trimethoprim generic
fluconazole 100mg generic sildenafil citrate 50mg order sildenafil 100mg online
buy cephalexin 500mg without prescription generic clindamycin erythromycin online buy
order cialis 10mg generic cialis 20mg drug purchase sildenafil pills
buy sildenafil online viagra overnight buy cialis without prescription
ceftin 250mg tablet cefuroxime 500mg brand buy generic methocarbamol 500mg
casino slots gambling play roulette free for fun cialis 20mg uk
Unless you have celiac disease, there is no definitive medical research showing that a gluten- free diet will help you get pregnant cheap priligy
cheap desyrel order desyrel 50mg sale buy aurogra without prescription
research paper website pay for research papers ivermectin where to buy for humans
sildenafil 150mg price lamotrigine 50mg without prescription purchase lamotrigine online cheap
order prednisone 40mg generic accutane 20mg pills purchase amoxil
free online slots cialis online order order cialis generic
online gambling slots games slot casino provigil 200mg over the counter
buy lasix 40mg generic buy hydroxychloroquine 400mg generic purchase plaquenil
deltasone sale oral prazosin mebendazole online order
buy sildenafil 100mg buy nolvadex 10mg generic buy rhinocort without prescription
retin order online order avana 200mg sale avana 100mg tablet
tadacip online order diclofenac oral indocin order
terbinafine medication purchase trimox generic oral trimox 250mg
purchase clarithromycin sale meclizine order online oral antivert 25mg
order naproxen 500mg online prevacid 30mg without prescription order generic prevacid 15mg
cost tiotropium bromide generic tiotropium bromide order hytrin pills
albuterol online buy order ciprofloxacin 1000mg online cheap ciprofloxacin 500mg uk
buy pioglitazone 30mg pill brand actos 15mg viagra 50mg pills
buy singulair 10mg pill buy sildenafil 100mg generic buy sildenafil 100mg generic
tadalafil oral Brand cialis for sale hollywood casino online real money
order generic cialis 20mg Discount cialis buy cialis 40mg online cheap
ivermectin lice oral buy stromectol 3mg for sale avlosulfon brand
global poker online good academic writing buy dissertation online
buy ramipril pills buy ramipril for sale order arcoxia 120mg pill
pay to do my assignment buy generic sulfasalazine azulfidine 500mg us
oral doxycycline cost cleocin cost cleocin
order benicar 10mg generic olmesartan online order divalproex 250mg over the counter
order mesalamine 800mg generic avapro online buy brand avapro 150mg
order diamox pills buy isosorbide imuran 25mg price
purchase temovate without prescription buspar 5mg cheap generic cordarone 200mg
lanoxin 250 mg usa micardis sale order generic molnupiravir 200 mg
buy amoxicillin 1000mg pills purchase stromectol online ivermectin price usa
coreg price order coreg 6.25mg brand amitriptyline 10mg
dapoxetine brand avana 200mg ca order domperidone 10mg online
alendronate 70mg without prescription order fosamax pills buy motrin pill
Klein be used overnight it is performed cialis tablets for sale
[url=https://zakazat-natjazhnye-potolki-v-kieve.dp.ua]натяжные потолки[/url]
Расценки сверху натяжные потолки в течение Краснодаре со установкой. ? Установка потолков от 160 руб за кв метр. От шопинг натяжных потолков ут монтажа натяжного полотна …
натяжные потолки
indomethacin 75mg pills buy indocin 75mg pills cenforce 100mg us
[url=https://mkrvtbskv.dp.ua/]mkrvtbskv[/url]
Сверху сегодняшний день живет множество многоплановая микроавтобусов. Составили рейтинг славнейших, чтоб угощение вам удосужиться транспорт. ЯЗЫК почти всех автомобилистов …
mkrvtbskv
oral nortriptyline 25mg order paracetamol 500 mg paroxetine order
doxycycline 100mg pills doxycycline 200mg for sale medrol cheap
[url=https://dubrovski.by/]3D печать[/url]
АBS-пластик – современный химический термопластик, цифра из сугубо широкошенько применяемых конструкционных полимеров.
3D печать
tadacip 20mg pill generic tadacip 20mg buy amoxicillin sale
narukova.ru
Авансцена
order requip online rocaltrol generic order labetalol 100mg without prescription
esomeprazole 40mg cheap clarithromycin usa purchase furosemide pills
order tricor 200mg sildenafil 25mg viagra usa
Пацаны 2 сезон
minocin 50mg price neurontin 800mg generic terazosin tablet
buy tadalafil 10mg without prescription Brand name cialis sildenafil generic
buy tadalafil 40mg sale Buy cialis in us best ed pill for diabetics
cheap glucophage 1000mg order metformin 1000mg without prescription order tamoxifen 20mg online cheap
provigil online order generic promethazine phenergan ca
buy serophene generic prednisolone prednisolone 5mg cheap
order deltasone 10mg without prescription buy prednisone 5mg sale buy amoxicillin 250mg without prescription
isotretinoin 10mg price isotretinoin medication ampicillin 500mg for sale
Всё везде и сразу
best ed medications order pregabalin 150mg sale finasteride buy online
ivermectin 6mg otc prednisone pills order deltasone 5mg generic
[url=https://kmssport-dsk.ru/]Детские спортивные комплексы[/url]
Спорт учение имеют огромное значение для самочувствия детей. Город не чуть только споспешествуют физиологическому раскручиванию, но также растят дисциплину, выносливость а также настойчивость.
Детские спортивные комплексы
buy zofran 4mg generic ondansetron brand buy bactrim generic
buy accutane for sale azithromycin online buy cost azithromycin 500mg
buy asthma pills buy levoxyl sale purchase amoxiclav sale
prednisolone 20mg drug buy prednisolone 10mg generic furosemide 100mg without prescription
provigil 200mg without prescription zestril medication buy lopressor 100mg online
doxycycline online buy vardenafil 20mg uk zovirax oral
dutasteride cost buy xenical 60mg generic orlistat 120mg cost
cddb
inderal 10mg oral propranolol pill cost carvedilol
order azathioprine generic buy telmisartan 80mg pill oral naproxen
order oxybutynin for sale tacrolimus order online buy generic trileptal 600mg
Одним из символов соития в сновидении является подъем на лестницу
и резкий, в несколько прыжков, спуск с нее.
А поднятие по ступеням и учащающееся при этом дыхание означает ритм самого полового акта.
Как продавать через интернет: идеи
order cefdinir 300 mg protonix generic buy pantoprazole without prescription
dark web sites dark market
buy simvastatin zocor 20mg oral sildalis pills
avlosulfon 100 mg brand cheap mesalamine 800mg order tenormin 50mg for sale
order uroxatral 10 mg pills order desyrel brand diltiazem 180mg
viagra ca cialis us cialis tadalafil 10mg
buy ezetimibe 10mg online buy methotrexate 5mg generic order generic methotrexate
promethazine over the counter generic modafinil real cialis sites
coumadin brand order reglan 20mg generic purchase zyloprim online
[url=https://privat-vivod1.ru/]вывод из запоя[/url]
Анонимный постоянный лечебница в течение Москве. Я мухой и безопасно оборвем плавание энный тяжести. Прогрессивные палаты всяческого степени комфорта.
вывод из запоя
order levofloxacin generic zyban 150 mg pills buy zyban without prescription
buy cenforce 50mg sale generic cenforce glucophage generic
buy lexapro generic escitalopram online buy naltrexone without a prescription
buy lipitor 80mg online cheap order lipitor 10mg without prescription purchase viagra pills
letrozole 2.5mg us sildenafil buy online viagra brand
cost cialis 10mg online ed medications buy ed pills generic
tadalafil 40mg without prescription cialis overnight delivery how to get ed pills without a prescription
ivermectin goodrx buy stromectol 12mg for sale buy isotretinoin cheap
provigil order provigil oral order prednisone 10mg without prescription
amoxicillin cost amoxil medication buy prednisolone pill
buy accutane for sale buy cheap amoxil buy generic zithromax 250mg
neurontin 600mg oral buy lasix 40mg for sale order doxycycline 100mg online cheap
order prednisolone generic order generic gabapentin 600mg how to buy furosemide
serophene uk buy serophene pill order hydroxychloroquine 400mg online cheap
doxycycline 100mg generic augmentin 625mg sale order augmentin 375mg generic
oral tenormin 50mg buy letrozole 2.5 mg online cheap femara 2.5 mg canada
buy synthroid pills buy clomiphene online vardenafil 10mg pills
order albendazole 400mg pill buy generic medroxyprogesterone online buy generic provera
cheap praziquantel 600mg buy praziquantel online periactin where to buy
order generic zestril 2.5mg how to buy prilosec lopressor canada
lyrica price generic loratadine order priligy 60mg pill
methotrexate 10mg over the counter purchase medex generic purchase reglan generic
order xenical 60mg generic generic xenical 120mg buy allopurinol 300mg for sale
когда фильм текст появится в интернете
fump.ru
buy cozaar tablets purchase esomeprazole pills topiramate order online
rosuvastatin ca rosuvastatin online order buy generic domperidone for sale
mirvelikolepen.ru
2023.vipspark.ru
buy generic sumatriptan order avodart sale oral avodart
generic sumycin 500mg purchase lioresal without prescription buy lioresal sale
ketorolac ca order colchicine 0.5mg online cheap buy propranolol generic
purchase zantac pill buy celecoxib pills for sale purchase celebrex pills
сколько серий в фильме спецы
buy generic clopidogrel buy plavix sale oral nizoral 200 mg
buy tamsulosin 0.4mg pill buy flomax 0.4mg sale buy spironolactone 100mg pills
buy duloxetine generic purchase duloxetine pill brand nootropil 800 mg
purchase betnovate generic clomipramine 25mg sale purchase itraconazole for sale
combivent us linezolid 600mg pills order linezolid 600mg
oral progesterone 200mg olanzapine 10mg without prescription olanzapine 10mg drug
nebivolol 5mg pill order bystolic 5mg generic purchase clozapine without prescription
cheap starlix 120 mg generic starlix 120 mg order atacand 16mg pills
buy zocor online cheap order sildenafil 50mg pills buy generic viagra 50mg
carbamazepine pill carbamazepine 400mg drug lincomycin 500 mg price
oral cialis 10mg buy cheap cialis real viagra pharmacy prescription
duricef pills duricef 250mg generic propecia 5mg for sale
buy generic estrace online order estrace 1mg online minipress uk
order generic fluconazole 200mg order ciprofloxacin 500mg for sale purchase cipro online cheap
purchase mebendazole without prescription buy tadalis 20mg online cheap buy tadalis medication
buy flagyl 200mg online cheap order cephalexin pill cephalexin 125mg for sale
order indomethacin 50mg for sale suprax order online cefixime 100mg cheap
order generic nolvadex 10mg order cefuroxime 250mg sale cefuroxime 500mg pill
purchase trimox sale biaxin us buy biaxin 500mg for sale
clonidine 0.1mg usa order spiriva 9 mcg without prescription purchase tiotropium bromide sale
order bimatoprost for sale order desyrel 50mg generic desyrel pills
order sildenafil 100mg sildalis oral purchase sildalis pills
accutane pills purchase amoxil without prescription azithromycin 250mg uk
buy leflunomide 20mg azulfidine 500mg over the counter order azulfidine 500mg pill
buy generic azithromycin online omnacortil without prescription purchase gabapentin pill
guaranteed cialis overnight delivery usa buy cialis online buy tadalafil 5mg sale
buy vardenafil without prescription plaquenil pills brand hydroxychloroquine
order altace 10mg online cheap order etoricoxib 120mg online cheap etoricoxib us
vardenafil 10mg over the counter levitra 20mg without prescription buy generic plaquenil
olmesartan 10mg drug buy cheap olmesartan buy depakote pill
buy coreg pill carvedilol 6.25mg pill chloroquine 250mg cheap