- Restaurants in Palo Alto, California have extended onto the sidewalk and street for outdoor dining during the pandemic.
- The land grab benefits property owners more than the restaurants themselves.
- The extension onto sidewalks and streets creates a negative externality, imposing costs on pedestrians, drivers, and neighboring businesses.
- Local governments are stepping in to regulate the use of sidewalk and roadway dining.
- A potential solution is to peg the rental for sidewalk and roadway use to the rental rate that the landlord charges.
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