ROARING 20S: Aspen Mansion Sells for Record $72.5 Million… Poultry Prices Highest Ever… Is Fed Planning Escape Route?

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ROARING 20S: Aspen Mansion Sells for Record $72.5 Million…

A mansion overlooking downtown Aspen has sold for $72.5 million, according to two people familiar with the deal. Appraiser Jonathan Miller said the transaction sets a price record for a single-family home in the upscale Colorado ski town.

The deal follows the sale last year of a $57.25 million home in nearby Vail, Colo., which also set a record for that area, The Wall Street Journal reported.

The seller is Lewis A. Sanders, founder and chief executive of New York investment firm Sanders Capital, the people familiar with the deal said. Mr. Sanders was formerly chairman and chief executive of Sanford C. Bernstein, according to a biography on his company’s website. That company is now part of AllianceBernstein.

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Poultry Prices Highest Ever…

Chicken-sandwich fever means poultry is pacing U.S. food inflation in the meat case.

U.S. producer prices for processed poultry jumped to an all-time high in May, climbing 2.1% in the eighth straight monthly increase, U.S. government data showed Tuesday. Gains in poultry outpaced the 0.8% increase in the broader producer price index.

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The surge comes after several large fast-food restaurant chains recently launched fried-chicken sandwiches in a bid to match Popeyes’ 2019 viral success. Sales have also surged with consumers preparing more meals at home during the pandemic. Meanwhile, poultry producers have struggled to keep up with the growing demand, with labor shortages at meat plants and severe winter storms that killed thousands of birds constricting chicken supplies.

McDonald’s Corp., KFC and Burger King have all recently introduced new chicken sandwiches. At U.S. restaurants, orders for chicken entrees were up 4% for the year ending in April 2021, according to market researcher NPD Group. Beef orders were down 14% and pork was down 18%.

Is Fed Planning Escape Route?

Economists and investors will scour the Fed’s policy statement and economic projections later today, looking for small tweaks that could have big implications. The central bank will announce its latest moves at 2 p.m. Eastern, followed by a highly anticipated news conference with Chair Jay Powell. Any signs — however subtle — that recent economic data have altered the Fed’s cheap-money policies would mark a major turning point for the markets.

“They are not running for the exits, but they are at least planning the escape route,” said Priya Misra of T.D. Securities. Rock-bottom interest rates and $120 billion in monthly bond purchases have propped up the economy and stock markets, and several Fed officials have said that they would like to soon discuss plans about how to start removing this support, even if that is months — or years — in the future.

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Producer Prices Surge 6.6% Year-Over-Year in May

  • Producer prices as of May rose 6.6% over the past 12 months, the fastest increase on record.
  • At the same time, retail sales declined 1.3%, worse than the 0.6% estimate.
  • Month over month, the producer price index increased 0.8%, also faster than the 0.5% estimate.
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