KBW CEO on Re-Building Manhattan After 9/11
Source: Bloomberg Markets โ (cross-verified by 2 outlets โ full list below)
Tom Michaud describes how KBW responded in the aftermath of Sept. 11 by focusing first on helping the families of victims and then on rebuilding the firm.
He speaks with Tyler Kendall Romaine Bostick on "The Close." (Source: Bloomberg) Matt Di Liberto discussed the 25-year transformation of Lower Manhattan after Sept.
11, saying the area has been โreimaginedโ from a largely nine-to-five financial district into a vibrant neighborhood where people live, work, study, and visit.
โก Effects Interpreter
๐World Economylow impact
What this means for you
- โถTrading floors from Tokyo to New York could all feel this within a session.
- โถBond markets may gradually reprice risk once this news circulates.
๐๏ธLocal Economylow impact
What this means for you
- โถHigh street footfall and spending can shift subtly after this kind of news.
- โถEveryday essentials could nudge in price as suppliers adjust.
๐ฆRates & Bankslow impact
What this means for you
- โถWatching how currency markets react can hint at where rates head next.
- โถSavings accounts may see their rates nudged only after a broader trend emerges.
โค๏ธHealthlow impact
What this means for you
- โถA story like this can linger in the back of people's minds for a while.
- โถNeighbours and families might feel more anxious until the dust settles.
๐ทWealthlow impact
What this means for you
- โถIt might be a day to check, but rarely a day to panic, over your portfolio.
- โถLong-term goals rarely need rewriting over a single day's trading.
๐ Housinglow impact
What this means for you
- โถFirst-time buyers watching the market closely might see little change in the short term.
- โถAny effect on bricks and mortar is likely to be slow and modest.
๐ Effects for your country
The U.S.'s central bank rate currently stands at 3.75%, so a global rates move like this could feed through to local borrowing costs. The U.S.'s economy is growing at 2.3% with inflation at 3.2%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the U.S.'s own central bank rate closely. With the U.S.'s unemployment at 4.4%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone โ the real impact in the U.S. depends more on local healthcare capacity than the figures above.
The UK's central bank rate currently stands at 3.75%, so a global rates move like this could feed through to local borrowing costs. The UK's economy is growing at 0.8% with inflation at 3.2%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the UK's own central bank rate closely. With the UK's unemployment at 5.6%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone โ the real impact in the UK depends more on local healthcare capacity than the figures above.
France's central bank rate currently stands at 2%, so a global rates move like this could feed through to local borrowing costs. France's economy is growing at 0.9% with inflation at 1.8%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track France's own central bank rate closely. With France's unemployment at 7.9%, personal-finance effects like this land on a labour market that is already under strain. Health-system effects are harder to localise from economic indicators alone โ the real impact in France depends more on local healthcare capacity than the figures above.
Romania's central bank rate currently stands at 6.5%, so a global rates move like this could feed through to local borrowing costs. Romania's economy is growing at 0.7% with inflation at 7.8%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track Romania's own central bank rate closely. With Romania's unemployment at 6%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone โ the real impact in Romania depends more on local healthcare capacity than the figures above.
The UAE's central bank rate currently stands at 3.65%, so a global rates move like this could feed through to local borrowing costs. The UAE's economy is growing at 3.1% with inflation at 2.5%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the UAE's own central bank rate closely. Health-system effects are harder to localise from economic indicators alone โ the real impact in the UAE depends more on local healthcare capacity than the figures above.