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There are 498 AI unicorns (private companies worth $1B+) and 1,300 AI startups worth $100M+. This is one reason why the Bay Area’s millionaire count has doubled in the past decade, with more billionaires now in San Francisco (82) than in New York (66). 1
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45% of U.S. women are now household breadwinners, up from 14% in 1967. Prenuptial agreements are also on the rise—15% of married/engaged people have one (vs. 3% in 2020). 2
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Since 2020, the number of metropolitan areas offering luxury homes for under $1 million has dropped from 30 to 7. Detroit is the most affordable ($754K), while San Francisco tops the list at $6M. 3
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Yields on 20- and 30-year Japanese government bonds have reached their highest since 2006 (2.6% and 3.2%). Some fear this could reduce demand for U.S. Treasuries from Japanese investors, who hold just over $1 trillion in U.S. debt. *4
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MFS - "Beyond the News"
- MarketWatch- "If Taylor Swift gets a prenup, she joins a ‘generational shift’ of millennial women demanding one before marriage"
- Redfin - "There Are 7 Major Metros Where You Can Still Buy a Luxury Home For Less Than $1 Million. Five Years Ago There Were 30."
- Barrons - "Japan’s Surging Bond Yields Are a Headache for U.S. Treasuries"
*Past performance is not indicative of future performance
Economic Calendar
Monday:
Labor Day holiday
Tuesday:
S&P final U.S. manufacturing PMI (Aug), ISM manufacturing (Aug), Construction spending (Jul)
Wednesday:
St. Louis Fed President Alberto Musalem speaks, Job openings (Jul), Factory orders (Jul), Minneapolis Fed President Neel Kashkari speaks, Fed Beige Book, Auto sales (Aug)
Thursday:
ADP employment (Aug), Initial jobless claims (Aug), U.S. productivity (revision) (Q2), U.S. trade deficit (Jul), S&P final U.S. services PMI (Aug), ISM services (Aug), Senate Banking nomination hearing for Stephen Miran to be Fed governor, New York Fed President John Williams speaks, Chicago Fed President Austan Goolsbee speaks
Friday:
U.S. employment report (Aug), U.S. unemployment rate (Aug), U.S. hourly wages (Aug), Hourly wages year over year
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