ReportWire

Tag: hike

  • How to actually make getting fit a successful New Year’s resolution

    [ad_1]

    FROM TOWSON. A NEW YEAR’S RESOLUTION IS I HAVE A TWIN SISTER, SO OUR GOAL IS TO ACCOMPLISH ALL OUR FITNESS GOALS, BE DISCIPLINED AND THAT’S WHY KARISMA GREEN IS UP EARLY AT PLANET FITNESS IN TOWSON. FOR TYRA WHEELER. CONSISTENCY HERE HASN’T JUST HELPED HIM CHANGE HIS BODY, IT’S CHANGED HIS LIFE. WITH MY CAREER, MY SCHOOLING, MY FAMILY, IT JUST MAKES ME WANT TO GO HARDER IN EVERY ASPECT OF MY LIFE. REALLY. ABOUT THREE YEARS AGO, ON NEW YEAR’S DAY, IN FACT, TYRELL SET OUT TO GO FROM FROM EXTREME BEING TO, YOU KNOW, A MEAN GREEN. AND BY NOT GIVING UP, HE’S GONE FROM THIS TO THIS. PUTTING ON NEARLY 30 POUNDS OF MUSCLE. AND ONCE YOU START TO SEE A CHANGE IN YOUR BODY, IT’S NO STOPPING THERE. PLANET FITNESS GENERAL MANAGER QUINTIN DAILEY SAYS THE KEY TO MAKING SURE YOU DON’T GIVE UP WITHIN THE FIRST MONTH, LIKE SO MANY PEOPLE DO, IS IT’S FINDING YOUR WHY, FINDING WHY YOU WANT TO DO THIS. IT MIGHT BE FOR HEALTH, IT MIGHT BE FOR YOUR MENTAL HEALTH. IT MIGHT BE FOR TO YOUR FAMILY CAN SEE YOU A LITTLE LONGER SO YOU CAN MOVE A LITTLE BIT BETTER SO YOU CAN GET A LITTLE STRONGER. ONCE YOU FIND YOUR WHY IT BECOMES A LOT EASIER. GETTING FIT IS A NUMBER ONE RESOLUTION ACCORDING TO YOUGOV.COM. ALSO ON THE LIST. BEING HAPPY, EATING HEALTHIER AND SAVING MORE MONEY. ADULTS UNDER 45 ARE ALSO ABOUT TWICE AS LIKELY AS OLDER AMERICANS TO SAY THEY WILL MAKE A NEW YEAR’S RESOLUTION. DO YOU HAVE A NEW YEAR’S RESOLUTION? NO, I DON’T HAVE A NEW YEAR’S RESOLUTION. I BELIEVE IN MAKING PLANS EVERY DAY AND CARRYING THEM OUT EVERY DAY, INSTEAD OF JUST SAVING THEM UP FOR ONE DAY A YEAR. IF YOU KNOW SOMETHING IS THE RIGHT THING TO DO IT, DO TODAY. MY NEW YEAR RESOLUTION IS TO BE AT THE BE AT PEACE WITH THE WORLD. THE FIRST ONE IS FINISH COLLEGE. THAT’S THAT’S LIKE BOTTOM LINE, WORK IN THE FIELD WOULD BE THE SECOND GOAL AND JUST KEEP GROWING. IF YOU HAVE RESOLVED TO GET OUTDOORS MORE, WHY NOT JUST TAKE A HIKE? FIRST DAY HIKES IS A NATIONWIDE INITIATIVE THAT THE MARYLAND DEPARTMENT OF NATURAL RESOURCES IS TAKING PART IN. SO YOU CAN GO AHEAD AND GO ONLINE TO FIND OUT WHERE YOU CAN DO A SELF-GUIDED TOUR OR A RANGER LED TOUR. AND IT RUNS THROUGH JANUARY THE 2ND H

    Getting fit, healthy is a common New Year’s resolution. Here’s how to actually find success

    Updated: 10:38 AM EST Jan 4, 2026

    Editorial Standards

    People typically consider setting goals at the new year, so how does one find success?When it comes to New Year’s resolutions, many people got up early Thursday morning with a goal of getting fit in 2026.At Planet Fitness in Towson, Maryland, Tyrell Wheeler said consistency helped him change more than his body — it changed his life.”With my career, with my schooling, with my family, it just makes me want to go harder in every aspect of my life,” Wheeler said.On New Year’s Day about three years ago, Wheeler set out to “(go) from a string bean to a mean green.” And, by not giving up, he put on almost 30 pounds of muscle.Quintin Dailey, the gym’s general manager, said the key to making sure you don’t give up within the first month, as he sees most people do, is to find your why.”Once you start to see a change in your body, there’s no stopping there,” Dailey said. “(Find) the why you want to do this: It might be for health, it might be for your mental health, it might be so your family could see you longer, move a little bit better, so you can get stronger. Once you find your why, it becomes a lot easier.” Getting fit is the No. 1 resolution, according to a YouGov survey. Also on the list: Being happy (23%), eating healthier (22%) and saving more money (21%).The survey found adults under 45 are about twice as likely as older Americans to say they will make a New Year’s resolution (43% vs. 21%).”I don’t have a New Year’s resolution. I believe in making plans every day, carrying them out every day, (not) just saving them up for one day a year. If it’s the right thing to do, do it today,” said Bernie Simon, a gym patron.”The first one is finish college, bottom line. Second would be to work in the field. And then, just keep growing,” said Dylan Johnson, a gym patron.

    People typically consider setting goals at the new year, so how does one find success?

    When it comes to New Year’s resolutions, many people got up early Thursday morning with a goal of getting fit in 2026.

    At Planet Fitness in Towson, Maryland, Tyrell Wheeler said consistency helped him change more than his body — it changed his life.

    “With my career, with my schooling, with my family, it just makes me want to go harder in every aspect of my life,” Wheeler said.

    On New Year’s Day about three years ago, Wheeler set out to “(go) from a string bean to a mean green.” And, by not giving up, he put on almost 30 pounds of muscle.

    Quintin Dailey, the gym’s general manager, said the key to making sure you don’t give up within the first month, as he sees most people do, is to find your why.

    “Once you start to see a change in your body, there’s no stopping there,” Dailey said. “(Find) the why you want to do this: It might be for health, it might be for your mental health, it might be so your family could see you longer, move a little bit better, so you can get stronger. Once you find your why, it becomes a lot easier.”

    Getting fit is the No. 1 resolution, according to a YouGov survey. Also on the list: Being happy (23%), eating healthier (22%) and saving more money (21%).

    The survey found adults under 45 are about twice as likely as older Americans to say they will make a New Year’s resolution (43% vs. 21%).

    “I don’t have a New Year’s resolution. I believe in making plans every day, carrying them out every day, (not) just saving them up for one day a year. If it’s the right thing to do, do it today,” said Bernie Simon, a gym patron.

    “The first one is finish college, bottom line. Second would be to work in the field. And then, just keep growing,” said Dylan Johnson, a gym patron.

    [ad_2]

    Source link

  • First Day Hike at Stowe Conservancy Jan. 1 – Charlotte On The Cheap

    [ad_1]

    Photo: Depositphotos

    Daniel Stowe Conservancy, 6500 South New Hope Road, Belmont, North Carolina, is hosting a First Day Hike on the trails outside of the Garden.

    It takes place Thursday, January 1, 2026, at 10 a.m. It’s free to attend. Registration is not required but does help with planning. Register here.

    Meet at the Trailhead Store.

    This guided hike will move at a comfortable, steady pace. Participants with all levels of experience are welcome.

    Look for updates on the Facebook event.

    Check out this list of things to do New Year’s Day in Charlotte!

    Double-Check Before You Head Out!

    We make every effort to make sure that everything on Charlotte on the Cheap is 100% accurate.
    However, sometimes things change without notice, and we are not always notified. It’s also possible that we can make a mistake. 
    Please verify all deals and events with the venue or organizer before you go.

     

     

           You might also be interested in:

    Upcoming Events in the Charlotte area

    Check out our full events calendar, where you can enter any date, or look at the events for the next few days here:

    Loading…

    Loading…

    Loading…

    First Day Hike at Stowe Conservancy

    When

    January 1, 2026 @ 10:00 am

    What

    First Day Hike at Stowe Conservancy

    Where

    Trailhead Store at Daniel Stowe Conservancy, Belmont

    6500 South New Hope Road

    Reader Interactions

    [ad_2]

    Jody Mace

    Source link

  • New Year’s Day Hikes in North Carolina State Parks – Charlotte On The Cheap

    [ad_1]

    Every year, many North Carolina State Parks host First Day Hikes led by park staff. We will add them as they’re announced.

    What a better way to ring in the New Year than by taking a hike with a Ranger? Meet at the swim beach parking lot for a 1 to 1.5-mile hike. Participants will get a First Day Hike sticker following the hike! No registration needed. Bring water and dress for the weather. Closed-toed shoes are recommended.


    Morrow Mountain State Park First Day Hike
    Thursday, January 1, 2026
    10 a.m. to 4 p.m.
    Morrow Mountain State Park, Boathouse Parking Lot
    49104 Morrow Mountain Road, Albemarle, NC
    Free

    Join us on January 1st where we can all start the new year with a heart healthy hike! We will be meeting at the boathouse parking lot at 10 am.
    This year will include a Ranger-led hike on the 3 Rivers Trail (1 mile) and an optional, self-led longer hike on the Fall Mountain Trail (4.1 miles) for those wanting a little more challenge. Come join us to kick off 2026 surrounded by nature!

    Check out this list of things to do New Year’s Day in Charlotte!

    Double-Check Before You Head Out!

    We make every effort to make sure that everything on Charlotte on the Cheap is 100% accurate.
    However, sometimes things change without notice, and we are not always notified. It’s also possible that we can make a mistake. 
    Please verify all deals and events with the venue or organizer before you go.

     

     

           You might also be interested in:

    Upcoming Events in the Charlotte area

    Check out our full events calendar, where you can enter any date, or look at the events for the next few days here:

    Loading…

    Loading…

    Loading…

    First Day Hike at Lake Norman State Park (follow link for exact address)

    When

    January 1, 2026 @ 10:00 am-11:00 am

    What

    First Day Hike at Lake Norman State Park (follow link for exact address)

    Where

    Lake Norman State Park

    759 State Park Road
    Troutman,NC

    When

    January 1, 2026 @ 10:00 am-4:00 pm

    What

    Morrow Mountain State Park First Day Hike

    [ad_2]

    Jody Mace

    Source link

  • Correction

    [ad_1]

    The Gloucester Daily Times aims to be accurate. If you are aware of a factual error in a story, please call Times Editor Andrea Holbrook at 978-675-2713.

    A quotation in a story, “At-large candidates debate spending,” published Monday online and in print, requires correction. “So there is not a lot of slack to play with,” said incumbent Councilor at-Large candidate Jason Grow during a debate at the Lanesville Community Center on Thursday, Oct. 16.

    [ad_2]

    Source link

  • Hike, once a unicorn, shuts down as India cracks down on real-money gaming | TechCrunch

    [ad_1]

    Hike, once one of India’s most valuable startups with unicorn status, has become the latest casualty of New Delhi’s recent real-money gaming ban, with the company — led by Kavin Bharti Mittal, son of Airtel founder Sunil Bharti Mittal — now shutting down.

    On Saturday, Hike founder Mittal (pictured above) said that the startup’s U.S. business, which launched nine months ago, was “off to a strong start.” But he said scaling it globally would require “a full recap, a reset that is not the best use of capital or time.”

    Initially launched as an instant messaging app rivaling WhatsApp in 2012, Hike pivoted to real-money gaming in recent years, with its primary platform, Rush, offering casual games like carrom and ludo for cash prizes, following the shutdown of Hike Messenger in 2021. Rush attracted over 10 million users and generated more than $500 million in gross revenue over its four-year run, Mittal said.

    Storied investors including Tiger Global, SoftBank, and Tencent backed Hike’s early ambition to take on WhatsApp with a youth-focused messaging app. The startup was valued at $1.4 billion in 2016.

    “We could raise the capital, but the real question is: is it worth it? Is this a climb worth pivoting for?” Mittal wrote in a Substack post. “For the first time in 13 years, my answer is no. Not for me, not for my team, and not for our investors.”

    Last month, the Indian government shocked the $23-billion real-money gaming industry by introducing the Promotion and Regulation of Online Gaming Act, 2025, which imposed a blanket ban on such platforms. The federal government said the decision was aimed at addressing incidents of harm, including cases where individuals reportedly died by suicide after losing money in these games.

    In response, top industry players including Dream Sports and Mobile Premier League (MPL) began shutting down their real-money gaming operations in India. While some started pivoting to new ventures like micro-dramas and financial services, others began exploring international markets to keep parts of their gaming businesses alive.

    Techcrunch event

    San Francisco
    |
    October 27-29, 2025

    The crackdown has also triggered a wave of layoffs, with around 2,000 job losses reported across companies like Games24x7, Head Digital Works, MPL, and Zupee. Some of them are planning to cut up to 90% of their workforce as they attempt to adapt or exit the space, sources told TechCrunch.

    Some VC firms backing these startups have also questioned their founders on whether there had been any early signs of regulatory action — and if so, why no steps were taken to mitigate the impact, sources familiar with the conversations told TechCrunch.

    Earlier this week, the Indian Supreme Court transferred all petitions challenging the new law — the rules of which are yet to be notified — from multiple state courts across the country. However, the top court has yet to begin hearing the matter.

    “This is both a disappointment and a hard outcome. But I choose to look on the bright side: the learnings are invaluable, and my conviction for what’s next is even stronger,” Mittal wrote.

    [ad_2]

    Jagmeet Singh

    Source link

  • Woman who went missing during hike near Angeles National Forest found dead, authorities say

    Woman who went missing during hike near Angeles National Forest found dead, authorities say

    [ad_1]

    A woman who went missing during a hike near the Angeles National Forest was found dead on Monday, a day after she was reported missing.

    Julia Li, 21,was last seen near Bailey Canyon Park in Sierra Madre at 4 p.m. Sunday, according to the Los Angeles County Sheriff’s Department. Li’s mother reported her missing after they were separated during a hike and Li didn’t meet her at their car at the agreed-upon time, according to KTLA-TV.

    Julia Li, 21, was last seen alive near Bailey Canyon Park in Sierra Madre on Sunday afternoon, authorities said.

    (LAPD)

    Early Monday morning, the Sheriff’s Department sent out an alert for Li, describing her as being 5 feet 2 and 110 pounds. Later that day, her body was found by the sheriff’s search and rescue personnel, the Sheriff’s Department said.

    The L.A. County coroner’s office listed Li’s cause of death as blunt trauma. The Sheriff’s Department said foul play is not suspected at this time.

    [ad_2]

    Melissa Gomez, Summer Lin

    Source link

  • Powell surprises with dovish turn; economists mull how many Fed rate cuts in '24

    Powell surprises with dovish turn; economists mull how many Fed rate cuts in '24

    [ad_1]

    Federal Reserve Chairman Jerome Powell startled economists with a press conference Wednesday that was viewed as much more dovish than expected.

    It was “12 doves a-leaping,” said Michael Feroli, U.S. economist at JPMorgan Chase.

    “The Fed can’t believe its luck. The data is going their way,” said Krishna Guha, vice chairman of Evercore ISI.

    The first dovish signals came in the Fed’s statement and economic forecasts at 2 p.m. Eastern. First, the Fed penciled in three rate cuts in 2024 instead of two that were projected in September. The Fed also softened its tightening bias by saying they were mulling the need for “any” more hikes.

    Then, half an hour later at his press conference, “Chair Powell did nothing to undo the impression of those signals,” said Feroli, in a note to clients. Powell said Fed officials were starting to discuss when to cut rates.

    “The question of when it will be appropriate to begin dialing back the policy restraint” was clearly “a discussion for us at out meeting today,” Powell said. Fed officials think the Fed is “likely at or near the peak rate for this cycle.”

    While Powell didn’t take rate cuts “off the table,” they are “collecting dust,” said Michael Gregory, deputy chief economist at BMO Capital Markets.

    Markets reacted with the 10-year Treasury yield
    BX:TMUBMUSD10Y
    falling to 4.025%.

    Traders in derivative markets now see an 80% chance of the first rate cut in March, and now see five quarter-point cuts next year.

    Matt Luzzetti, chief U.S. economist at Deutsche Bank, said the main thing learned from Wednesday’s press conference was that Fed Gov. Chris Waller’s dovish comments a few weeks ago were a reflection of the mainstream view at the central bank, rather than a dovish outsider.

    In a speech late last month, Waller raised the possibility of a rate cut by spring if inflation keeps slowing.

    Some economists think that March is too soon for a rate cut.

    “We still judge rate cuts will commence later rather than sooner, still by the end of the third quarter of 2024,” Gregory of BMO Capital Markets said.

    Feroli said he now sees the first rate cut in June, instead of his prior forecast of July, and predicted that the Fed will cut five times by the end of 2024.

    Luzzetti of Deutsche Bank sees six rate cuts next year, but not beginning until June as the economy falls into a mild recession.

    The Fed doesn’t forecast a recession. Its rate cuts are purely a story of weakening inflation. If there is a recession, the Fed will cut very fast, Luzzetti said.

    Diane Swonk, chief economist at KPMG, said the odds of a recession are lower now that the Fed has signaled it will actively take steps to try to avoid one.

    The Fed wants the economy to cruise at a lower altitude, and no longer wants a landing, Swonk said in an interview.

    That is a 180-degree turn from Powell’s speech in Jackson Hole, Wyo., in the summer of 2022 when he spoke for less than 10 minutes but warned of “pain” and the unfortunate costs of fighting inflation. That speech, “a bucket of ice water,” Swonk said, sent the stock market reeling at the time.

    [ad_2]

    Source link

  • Column: With friends in tow at Griffith Park, Pete Teti walks out of one century and into another

    Column: With friends in tow at Griffith Park, Pete Teti walks out of one century and into another

    [ad_1]

    If the key to a long life — along with good genes and lots of luck — is to keep moving, Pete Teti is on the right trail.

    He started Thanksgiving Day as he has begun most every other day for more than 20 years — with a hike in Griffith Park. Teti, three days away from his 100th birthday, met up with his usual cohort of friends near the Griffith Observatory and began the climb toward Mt. Hollywood, a roughly two-mile round trip.

    He stopped briefly to take a seat on a park bench that has his name engraved on it — he’s a bit of a legend in these parts — and played his harmonica for a few minutes. Then he was back up and moving.

    Pete Teti, middle, turns 100 years old on Sunday. Pete is hiking with his buddies Kori Bernards, left, and her dog Lucca, and Annette Sikand, right, in Griffith Park early in the morning on Thursday in Los Angeles. Teti is mentally sharp and physically fit, an inspiration to friends.

    (Francine Orr / Los Angeles Times)

    Los Angeles stretched out beneath us, skyscraper to sea, in the silver, cloud-filtered light of a newborn day. In a city of strivers ricocheting around in congested isolation, the park is an island of repose, a place where lives intersect and time slows. Teti exchanged smiles, waves and greetings of “good morning” and “happy Thanksgiving” with fellow travelers he’s come to know.

    “They leave all their problems down there in the city,” Teti said, moving with the ease of a man half his age.

    “He’s got a lot of swagger,” said his friend and walking mate Annette Sikand, who took note of Teti’s erect posture and steady gait.

    Teti, wearing a charcoal colored newsboy cap, paused at a turnout in the trail and blew into his harmonica again, the Hollywood sign clinging to the mountain at his back. Then the World War II vet, who served in Europe, Africa and the Pacific with the U.S. Army, decided to keep advancing up a steeper portion of the incline.

    “I thought we were … ready to go down again, but no,” said Teti’s friend Jay Miller, who is 20 years younger than Teti. “No, you have to keep going up.”

    Pete Teti, who turns 100 on Sunday, takes regular hikes in Griffith Park.

    Pete Teti, who turns 100 on Sunday, takes regular hikes in Griffith Park.

    (Francine Orr / Los Angeles Times)

    Tom McGovern met Teti several years ago, when McGovern accompanied the late Councilman Tom LaBonge on daily hikes, and the men bonded under the hypnotic spell of the park. The senior member of the walking club may have slowed a bit over time, McGovern said, but not much.

    “His pace, for his age, is remarkable. No doubt about it,” said McGovern. “For any age, his pace is good.”

    Along the dusty trail we bumped into Mozhi Jabberi, who said she was walking once or twice a week until she met Teti recently. Inspired by him, she decided to hike more frequently.

    “I want people to know he started his serious hiking at the age of 79,” said Jabberi, 52.

    Nancy Kristol and her husband, Mark, were heading up the trail with Rocco, one of the many dogs who seem to enjoy being serenaded by the harmonica-playing hiker. The Kristols met Teti during the pandemic, Nancy said, and she enjoys her encounters with a man so “in tune with his environment and the love of his mountain.”

    “It’s very special to have met him up here,” she said, “when there’s all this chaos down there and all this insanity that we’ve all experienced. To meet him up here was just a gift, and we appreciate him every day.”

    He follows no secret diet, Teti told me. He eats what he feels like eating — including a pastry at Figaro Bistro, if the mood strikes him, or a burger from In-N-Out. But all things in moderation, he said. He began hiking when he had trouble tying his shoes one day and decided to slim down, and the park is conveniently located not far from his home in Silver Lake.

    But there are a couple of things about Teti’s lifestyle that belong in any textbook on aging well. He does not live in isolation, and his physical activity is matched — actually, it’s surpassed — by his intellectual curiosity.

    Teti worked for half a century as a teacher in Los Angeles, mostly in the arts, but late in life, he has reinvented himself in pursuit of new interests. Many people, as they age, resist change. Teti embraces it.

    “He’s made two violins, he does engraving, he’s a painter, he’s currently creating animation, he’s constantly learning about physics, geometry, fractiles,” said Jay Miller.

    The day before our hike, I visited Teti at his home, where he built a stained-glass gazebo in the front yard and laid tiles in the back patio. His studio is stuffed with books, computers and his most recent abstract paintings. He works in one corner of the house while his equally artistic wife, Rose Marie, 89, works in a room that serves as an ever-growing museum of her vibrantly colored paintings and whimsical home-made chandeliers.

    Pete Teti holding the harmonica he plays while hiking.

    Pete Teti holds the harmonica he plays while hiking. He is a hiker, artist, teacher and WWII veteran as he approaches his 100th birthday.

    (Francine Orr / Los Angeles Times)

    Teti — who took up the harmonica just a few years ago — told me his curiosity dates back to his childhood in southern Italy.

    “I was nosey, and from school, I would stop at the cabinetmaker’s and stand by the door and sometimes he invited me in and put a tool in my hand,” Teti said. “And then I’d go to the blacksmith, and he invited me in to make a horseshoe, and I was excited.”

    His family moved to Pennsylvania in the 1930s, and Teti settled in Los Angeles after serving in World War II and earning a master’s in art at USC. When school ended, his lifelong course in continuing education began. Teti showed me the bank of screens and keyboards in his workshop, where he’s teaching himself to convert sounds, shapes and colors into computer-driven art and animation.

    A lot of it was beyond my comprehension, but Teti bubbled with childlike enthusiasm. Sometimes, he said, it’s impossible for him to get a good night’s sleep. His imagination keeps waking him up.

    “It’s pretty incredible that a 100-year-old guy knows how to use this software,” said Les Camacho, a sound engineer who is half Teti’s age and helped him with the computer setup.

    Not long ago, Teti called Camacho midday and said hey, let’s go get a burger.

    “On the way back from In-N-Out we were listening to KLOS and all of a sudden AC/DC’s ‘Highway to Hell’ comes on, so I wanted to change it, and he said, ‘No, no, leave it, I like that,’” said Camacho, 47. “He was head-banging in my car.”

    There’s such unbridled optimism and positivity about him, Teti’s friends say, he’s something of a pied piper in the park, where he’s been known to dance a jig while playing his harmonica.

    “In a city so big and sometimes so lonely and troubled, he’s a constant light to those who get to be around him,” said Kori Bernards, another hiker.

    Pete Teti, second from right, hikes with his buddies in Griffith Park early on Thanksgiving morning.

    Pete Teti, second from right, hikes with his buddies in Griffith Park early on Thanksgiving morning.

    (Francine Orr / Los Angeles Times)

    A man of 100 might be inclined toward disillusionment at the state of the world, given domestic fracturing, the devastation in Ukraine, the war in the Middle East and the acceleration of climate change. But when I asked him about this, Teti told me he remembers the dirt floors of his childhood home, the Great Depression, the millions of lives lost in World War II and so much more.

    “It’s a cycle,” he said. “It seems like I’ve lived from the Renaissance to modern times, and I look back and say what’s happening now is nothing new. It’s happened throughout history. So I tell my friends this is a low cycle right now. … But I trust in younger people who come into the world without the prejudice of adults. I trust young people to change things.”

    So how did Teti intend, on Sunday, to celebrate 100?

    You guessed it. The plan was to meet pals near the bench with the L.A. Parks Foundation dedication that reads: “Pete Teti. Harmonica man, avid Griffith Park hiker, artist, teacher and WWII veteran.”

    And then Teti would lead the walk up the trail and into the next century.

    Steve.lopez@latimes.com

    [ad_2]

    Steve Lopez

    Source link

  • U.S. economy seen growing at about a 2.2% annual rate in the July-September quarter, according to real-time New York Fed estimate

    U.S. economy seen growing at about a 2.2% annual rate in the July-September quarter, according to real-time New York Fed estimate

    [ad_1]

    The U.S. economy could expand at about a 2.2% annual rate in the current quarter, according to a revamped real-time estimate from the New York Federal Reserve released Friday.

    According to the weekly New York Fed’s Staff Nowcast, the economy has been on an upward trend since late July.

    The regional Fed bank had discontinued the real-time estimate during the pandemic. The New York Fed said the series will now be available weekly.

    The New York Fed’s estimate is much lower than the Atlanta Fed’s GDPNow model, which shows growth could expand at a 5.6% annual rate in the current quarter.

    Economists say the strength of the economy will be critical going forward in deciding whether the Federal Reserve needs to continue to raise its policy interest rate to cool inflation.

    The Fed has been expecting the economy to slow in the second half of the year. Fed officials forecast only 1% growth for 2023. In the first six months of the year, U.S. gross domestic product is averaging about a 2% growth rate.

    If the economy reaccelerates, it is likely that inflation will also move higher. Fed officials had been hoping that slower economic growth would continue push down inflation.

    Faster growth means “you are probably going to get some inflation numbers that aren’t going to be as good as people were anticipating,” said James Bullard, the former president of St. Louis Fed president and now dean of Purdue’s business school.

    “There is some risk that the Fed will have to go a little bit higher” even than the one more interest rate hike that the central bankers have penciled in this year, he said, in a recent CNBC interview.

    The first official government estimate of third-quarter growth won’t be released until Oct. 26.

    The picture of the health of the economy painted by U.S. GDP statistics can change quickly.

    The growth estimates for the first half of the year could be revised at the end of September when the Commerce Department releases benchmark updates to GDP data.

    The sharp revisions are one of the reasons why the Fed typically pays more attention to the unemployment rate and the inflation data.

    [ad_2]

    Source link

  • Fed’s Williams says monetary policy is in a ‘good place,’ recession talk ‘has vanished’

    Fed’s Williams says monetary policy is in a ‘good place,’ recession talk ‘has vanished’

    [ad_1]

    New York Fed President John Williams on Thursday sounded content with the current level of interest rates, but said he will be watching data closely to make sure the level of rates is high enough to keep inflation moving down.

    “We’ve done a lot,” Williams said during a discussion at a conference sponsored by Bloomberg News.

    “Right now, we’ve…

    [ad_2]

    Source link

  • Jackson Hole recap: Fed rate hikes likely on hold for ‘several meetings’

    Jackson Hole recap: Fed rate hikes likely on hold for ‘several meetings’

    [ad_1]

    Federal Reserve Chair Jerome Powell set a high bar for additional interest-rate hikes, economists said Sunday in their commentary on all the talk at the U.S. central bank’s summer retreat in Jackson Hole, Wyo.

    Michael Feroli, chief U.S. economist for JPMorgan Chase, said that the Fed chair certainly did not give a clear signal that more tightening was coming soon. He noted that Powell stressed the Fed would “proceed carefully” and balance the risks of tightening too much or too little.

    “We remain comfortable in our view that the FOMC will stay on hold for the next several meetings,” Feroli said.

    Read: Powell unsure of need to raise interest rates further

    The caveat to this forecast is if inflation surprises to the upside or the labor market does not continue to soften.

    Ian Shepherdson, chief economist at Pantheon, said that Powell’s speech seemed hawkish to some, particularly because the Fed chair made threats to hike again.

    But Shepherdson said he thought the Fed “is likely done.”

    “Behind the caveats, Mr. Powell’s speech fundamentally was optimistic, though cautious,” Shepherdson said.

    Boston Fed President Susan Collins also emphasized patience in an interview with MarketWatch on the sidelines of the Jackson Hole summit.

    Read: Fed has earned the right to take its time, Collins says

    Other regional Fed officials who spoke “hinted that further action may be needed, but also observed that inflation is moving in the right direction and that the surge in yields would help cool down the economy,” said Krishna Guha, vice chairman of Evercore ISI, in a note to clients.

    Traders in derivative markets expect a rate hike in November, but it is a close call, with the odds just above 50%.

    The Monday following Jackson Hole has historically been an active one in the markets, across asset classes.

    The 10-year Treasury yield
    BX:TMUBMUSD10Y
    ended last week just above 4.2%.

    Read: Market Snapshot on Powell’s stance

    The first test of the careful and patient Fed will come this coming Friday, when the government will release the August employment report.

    Economists surveyed by the Wall Street Journal expect the U.S. economy added 165,000 jobs in the month. That would be the weakest job growth since December 2020.

    In his speech on Friday, Powell emphasized that evidence that the labor market was not softening could “call for a monetary policy response.”

    Economists at Deutsche Bank think an upside surprise in the employment data could provide enough discomfort for the Fed, and raise expectations for further tightening.

    Other top global central bankers spoke at Jackson Hole, including European Central Bank President Christine Lagarde, Bank of Japan Gov. Kazuo Ueda and Bank of England Deputy Governor Ben Broadbent.

    Guha of Evercore said he detected a careful effort by the officials not to surprise markets.

    The exception to this rule might have been Bundesbank President Joachim Nagel, who said in a television interview that it was too early for the ECB to think about a rate-hike pause.

    [ad_2]

    Source link

  • Some Fed officials pushed for June rate hike, minutes show

    Some Fed officials pushed for June rate hike, minutes show

    [ad_1]

    There was support from an unspecified number of Federal Reserve officials for an interest rate hike at the central bank’s policy meeting in June, according to a summary of the discussions released Wednesday.

    “Some participants indicated that they favored raising the target range for the federal funds rate 25 basis points at this meeting or they could have supported such a proposal,” the minutes of the June 13-14 meeting said.

    These…

    [ad_2]

    Source link

  • The Fed will either pause or hike interest rates by 25 basis points. What are the pros and cons of each approach?

    The Fed will either pause or hike interest rates by 25 basis points. What are the pros and cons of each approach?

    [ad_1]

    The Federal Reserve will meet on Wednesday and, for once, the outcome is unclear.

    This is the most uncertain Fed meeting since 2008, said Jim Bianco, president of Bianco Research.

    Fed officials, starting with former chair Ben Bernanke, have perfected the art of having the market price in what the central bank will do — at least regarding interest rates — at each upcoming meeting. That has happened 100% of the time, Bianco said on Twitter.

    The Fed’s meeting this week is different because it follows the sudden collapse of confidence in the U.S. banking system following the government takeover of Silicon Valley Bank as well as the tremors around the world that have led to the shotgun wedding of Swiss banking giant Credit Suisse and its longtime rival, UBS.

    At the moment, the market probabilities are 73% for a quarter-percentage-point move and 27% for no move, according to the CME FedWatch tool. The market seems to be growing in confidence of a hike, analysts said, based on movements on the front end of the curve.

    The Fed’s decision will come on Wednesday at 2 p.m. Eastern and will be followed by a press conference from Fed Chair Jerome Powell.

    “Depending on your perspective, the Fed’s decision will be seen as either capitulation to the markets or ivory-tower isolation from the markets,” said Ian Katz, a financial sector analyst with Capital Alpha Partners.

    Here are the pros and cons for both a pause and a 25-basis-point hike.

    The case for and against a pause

    The main rationale for a pause is that the banking system is under stress.

    “While policymakers have responded aggressively to shore up the financial system, markets appear to be less than fully convinced that efforts to support small and midsize banks will prove sufficient. We think Fed officials will therefore share our view that stress in the banking system remains the most immediate concern for now,” said Jan Hatzius, chief economist at Goldman Sachs, in a note to clients Monday morning.

    Former New York Fed President William Dudley said he would recommend a pause. “The case for zero is ‘do no harm,’” he said.

    The case against a pause is that it could spark more worries about the banking system.

    “I think if they pause, they are going to have to explain exactly what they are seeing, what is giving them more concern. I am not sure a pause is comforting,” said former Fed Vice Chair Roger Ferguson in a television interview on Monday

    The case for and against a 25-basis-point hike

    The main reason for a quarter-percentage-point rate increase, to a range of 4.75%-5%, is that it could project confidence.

    “What you need from policymakers is steady hands, steady ship,” said Max Kettner, chief multi-asset strategist at HSBC. “You don’t need overaction … flip-flopping around in projections or opinions.”

    The Fed should say that it has managed to contain confidence so far and that “we can press ahead with the inflation fight,” he added.

    Oren Klachkin, lead U.S. economist at Oxford Economics, said he didn’t think “the recent bank failures pose systemic risks to the broad financial system and economy.”

    He noted that “inflation is still running hot” and the Fed has better ways to alleviate banking-sector stress than interest rates.

    The case against hiking is that doing so could further exacerbate concerns about the stability of the banking sector.

    “A rate hike now might have to be quickly reversed to deal with a deeper, less contained recession and disinflation. Why would the Fed raise rates when it may be forced to cut rates so much sooner than previously hoped?” asked Diane Swonk, chief economist at KPMG.

    Gregory Daco, chief economist at EY, said he thinks economic activity is slowing, which gives the Fed time.

    “There is no rush to hike. We are not going to see hyperinflation as a result,” he said.

    Stocks
    DJIA,
    +1.20%

    SPX,
    +0.89%

    rose Monday. The yield on the 10-year Treasury note
    TMUBMUSD10Y,
    3.485%

    inched up to 3.46%, still well below the 4% level seen prior to the banking crisis.

    [ad_2]

    Source link