The great Rolex recession is here: How the Fed crushed the luxury watch boom
Since late 2022, Wall Street has been rife with predictions for the Federal Reserve's interest-rate increases to wreak havoc in the US economy and stock market.
The US central bank's aggressive monetary tightening over the past five quarters is seen as a key reason for the slump in watch prices. Higher interest rates have fueled fears of an economic downturn, spurring investors to scale back luxury spending and boost savings. The downturn in the crypto market, also precipitated by rate rises, has also hurt demand for watches.
Certain chronometer brands have felt the bite more than others. The Rolex Market Index, which tracks the top 30 most valuable models, is down 12.5% from a year ago, while the Patek Philippe index lost 18%. However, Audemars Piguet saw the sharpest losses, down almost 20% year-on-year, WatchCharts data show.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Arizona teen Alicia Navarro may have Stockholm syndrome: former fedAlicia Navarro, the Arizona teen who unexpectedly showed up in Montana almost four years after she disappeared, may have Stockholm syndrome, according to a former FBI agent.
Les mer »
The Fed's favorite inflation measure cooled down even further in June | CNN BusinessThe inflation gauge tracked most closely by the Federal Reserve showed that the pace of price increases slowed last month, according to Commerce Department data released Friday.
Les mer »
US economy unexpectedly accelerated to a 2.4% growth rate in April-June despite Fed hikesConsumer spending, the heart of the nation’s economy, was slowed but solid. Investment in housing fell, weakened by the weight of higher mortgage rates.
Les mer »
Fed’s preferred inflation gauge eases in June while Americans continue to spendLast month’s sharp slowdown in year-over-year inflation largely reflected falling gas prices, as well as milder increases in grocery costs.
Les mer »