Tuesday's Scoop: Tired🌤️

Hey friend - what do you think of our new design? We’ve switched up the voting process because we’re launching a way better version in our app.

Premium subscribers - be on the lookout for the update! You can still click into our old app for a little longer, but now we’re also voting through the newsletter, too.

Here’s what you need to know today to inform your work, spending, and investments…

1. Costs for businesses picked up in January.

2. Rents are climbing again in NYC.

3. China may reach peak carbon emissions this year.

Inflation Rate: +3.1% (YoY), +0.3% (MoM)
^{Policymakers aim for 2% YoY inflation.}

Inflation picked up for businesses in January too. After reporting a surprise 0.3% jump in consumer price inflation, the Labor Department said wholesale costs jumped 0.3% in January, up 0.9% from a year ago. While the cost of goods fell, services got a lot more expensive. In particular, hospital outpatient care surged 2.2% last month, accounting for the most significant component of inflation.

30yr Mortgage Rate: 6.9%
^{That’s up from 6.4% a year ago. (MBA)}
Median Home Price: $382,600
^{That’s up from $367K a year ago. (NAR)}

America’s most expensive rental market keeps getting more expensive. Rent prices in Manhattan rose for the second month in a row after a four-month break, according to Miller Samuel and Douglas Elliman Real Estate. The median new lease was $4,150, up 1.3% from a year ago. Rental costs have fallen from their records last summer due to greater supply on the market, but leasing demand has remained strong. Apartment inventory has surged across the New York boroughs but is still historically low. Rent prices held steady in Brooklyn but fell in Queens.

The Market: ⬇️ -0.6%
S&P 500: 4,975.51
1Mo: +3% | 1Yr: +25% | 5Yr: +78%

The market came back from the holidays with a bit of negativity. The hot streak had to pause at some point, and investors are waiting to see how the most crucial stock in the market, Nvidia, does tomorrow.

China has been rapidly accelerating its investments in renewable energy and may reach peak fossil fuel pollution by the end of this year. The world’s biggest polluter ramped up solar power capacity by 55% last year by spending 40% more than the previous year. The country is six years ahead of schedule on the commitments it made under the international Paris Agreement, in which nations pledged to keep global warming to less than 1.5 degrees Celsius above pre-industrial levels. China expects to reach net-zero emissions by 2060.