- In today’s CEO Daily: Diane Brady on how high housing costs can hold business back.
- The big story: American retailers brace for empty shelves as U.S. imports collapse.
- The markets: Surprisingly buoyant, despite everything.
- Analyst notes from Apollo on the China trade collapse, JPMorgan on “Trump exhaustion,” Goldman Sachs on the “flight of foreign investors out of US assets,” and UBS on Trump.
- Plus: All the news and watercooler chat from Fortune.
Good morning. Americans face a litany of economic woes at the moment, and while tariffs are dominating the headlines, housing costs are a constant strain for workers—and thus for bosses too. In my building on Manhattan’s Lower East Side, I’ve met several professionals in their thirties who have a roommate because they can’t afford to rent on their own. I know people who switched jobs or turned down transfers because of housing costs. It’s especially hard on younger or lower-income consumers: A starter home now costs $1 million in half the states, according to a new Zillow report, and California legislators are considering a bill that would let homeless students sleep in their vehicles. (So much for this traditionally being peak homebuying season.)
