- Fraudulent Covid aid has led to higher real-estate prices in some US ZIP codes.
- House prices in ZIP codes with high fraud were 5.7% higher than in low-fraud ZIP codes.
- Fraudulent loan recipients were more likely to buy a home during the pandemic, driving up prices for everyone.
- Upstart fintech companies provided many of the loans, with some taking a relaxed approach to controls.
- Fraudulent loans may have had an impact on prices for goods whose markets are harder to study, such as cars and luxury goods.
Central banks around the world are pausing tightening campaigns as inflation eases and economies slow. Inflation-targeting regimes are keeping their own houses in order, while the US Fed's key inflation gauges fell to the slowest annual paces since late 2021.
Two massive earthquakes on Monday have devastated cities and towns across Turkey and Syria, with death toll of over 16,000. This is one of the worst natural disasters this century, alongside the 2004 Sumatran Tsunami, 2010 Haiti earthquake and 2008 Cyclone Nargis.
A raft of U.S. data and European inflation numbers will give guidance on how the world's top central banks will navigate the way ahead, including the hotly debated "no landing" scenario. Reports on U.S. durable goods orders, home prices, manufacturing and consumer confidence threaten to cement expec