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- 💲 Inflation Drops to Lowest Level in Three Years, Federal Reserve Eyes Possible Rate Cut in September
💲 Inflation Drops to Lowest Level in Three Years, Federal Reserve Eyes Possible Rate Cut in September
Issue #251 - August 14, 2024
John Wu
14 Aug
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💲 Inflation Drops to Lowest Level in Three Years, Federal Reserve Eyes Possible Rate Cut in September
📆 Weekly Local Events for August 2024
Regular weekly events in or near Summerlin, Las Vegas are listed below.
Visit here to lookup specific venue information or for upcoming and/or non-weekly events on Meetup.
Monday
Monday Classes At Latin Blendz: (Every week on Monday @ 10AM)
Socially Vegas - Monday Night Bowling @ The Orleans Bowling Center: Must arrive/check-in before 7pm; 7 - 10pm (Every week on Monday); COST (CASH Only) $10 for 2 games (includes shoes) COST: $12 for 3 games (includes shoes)
Monday Night TRIVIA at ReBAR, 1225 S Main St, Las Vegas: (Every week on Monday @ 7PM)
Tuesday
Terrific Tuesday Fun Pickleball @ Police Memorial, Bring a Chair: (Every week on Tuesday @ 2PM)
Sand Volleyball Intermediate, Rusty and Old Time Players @ Aloha Shores Park (NW), Cheyenne & Buffalo, 7550 Sauer St, Las Vegas: (Every week on Tuesday @ 6 - 8 PM)
Run Drink Las Vegas - Weekly Tuesday Run @ Frankie’s Uptown patio: 6:30 - 8:30 PM (Every week on Tuesday), FOLLOW US ON INSTAGRAM @rundrinklv FOR THE LATEST WEATHER/TIMING UPDATES
Coed Soccer - Summerlin: Crossings Park, 1111 Crestdale Ln, Las Vegas: 7:30 - 9:45 PM (Every week on Tuesday/Thursday)
Wednesday
Business Leads Group - Networking Breakfast @ Summit Restaurant, Eagle Crest Golf Course, 2215 Thomas W Ryan Blvd, Las Vegas: Cost $20 cash, 7 - 8:30 AM (Every week on Wednesday)
Early Risers Toastmasters Meeting (In-Person - Summerlin Egg Works / Online Event: 7 - 8 AM (Every week on Wednesday)
Las Vegas Valley Bicycle Club - Wednesday Morning Ride @ Einstein Bagels: 9 - 11:30 AM (Every week on Wednesday)
Speakers & Leaders of Summerlin Toastmasters Meeting, Summerlin Egg Works, 2025 Village Center Cir, Las Vegas: 12 - 1:30 PM (Every week on Wednesday)
Live Music Yoga w/ Cheryl Slader @ Blue Sky Yoga: (Suggested Donation $12); 5:30 - 6:45 PM (Every week on Wednesday)
Country Crossroads Dance, Rhythms Dance Studio & Event Center, 4545 W Sahara Ave, Las Vegas: $15 Drop-in Rate / $50 for the whole month: 8 - 9 PM (Every week on Wednesday)
Thursday
Abundance Business Networking Group Online Event: 7 - 8:30 AM (Every week on Thursday). Please arrive 10-15 minutes early for networking. Steps to access our BNI Online™ Virtual Chapter Meeting, visit website.
Las Vegas Real Estate Investors Association - Weekly Power Lunch For Real Estate Investors: 11 AM - 1 PM (Every week on Thursday). Request to join here.
Free Salsa Classes @ Feel The Music Dance Studio: 7 - 8 PM (Every week on Thursday). Visit the website to register online.
Summerlin Bitcoin Happy Hour, SG Bar, 9580 W Flamingo Rd, Las Vegas: 6:30 PM (Every week on Thursday)
Coed Soccer - Summerlin: Crossings Park, 1111 Crestdale Ln, Las Vegas: 7:30 - 9:45 PM (Every week on Tuesday/Thursday)
Friday
Find Your Yoga Las Vegas - Flow & Yin W / Noé Hilyard @ Yoga Sanctuary: 6 - 7:15 PM (Every week on Friday) View Yoga Sanctuary's full schedule.
Swing Dancing in Las Vegas Vintage and Modern Swing Dances @ The Mint Tavern: 7:30 - 8:30 PM (Every week on Friday)
Saturday
Vino Las Vegas Wine & Yacht Club Brunch: 9 AM - 2 PM (Every Saturday and Sunday)
Find Your Yoga Las Vegas - Saturday Morning Meditation with Practitioner Selina Kelly @ Yoga Kandy, LLC. Cost: Love Donation $5-$10 suggested. 11 - 11:45 AM (Every week on Saturday)
Sunday
Las Vegas Valley Bicycle Club - Sunday Morning Ride @ Einstein Bagels: 9 - 11:30 AM (Every week on Sunday)
Vino Las Vegas Wine & Yacht Club Brunch: 9 AM - 2 PM (Every Saturday and Sunday)
Level 1 West Coast Swing @ 2580 N Rancho Dr, North Las Vegas: 7 - 8 PM (Every week on Tuesday); Drop in Rate is $15, Monthly pass is $50; Register online.
⛽ Las Vegas Gas Prices
💲 Inflation Drops to Lowest Level in Three Years, Federal Reserve Eyes Possible Rate Cut in September
In July, year-over-year inflation in the U.S. reached its lowest level in more than three years, signaling that the worst price surge in four decades may finally be easing. According to a report from the Labor Department released on Wednesday, consumer prices rose by just 0.2% from June to July, a continuation of the slow increase seen in recent months. On an annual basis, prices rose by 2.9%, down slightly from 3% in June, marking the mildest year-over-year inflation rate since March 2021.
Impact on the Federal Reserve's Strategy
This downward trend in inflation could pave the way for the Federal Reserve to consider cutting interest rates as early as September. Fed Chair Jerome Powell has indicated that further evidence of slowing inflation is needed before the central bank moves to lower its benchmark rate. Such a move would likely reduce borrowing costs for consumers and businesses, potentially sparking more economic activity.
Mortgage rates, which have already begun to decline in anticipation of a potential rate cut, are one area where consumers might feel immediate relief. Lower rates could also influence other types of loans, including auto loans and credit card interest rates.
Inflation's Role in the Presidential Election
Inflation has been a central issue in the ongoing presidential election campaign. Former President Donald Trump has criticized the Biden administration's energy policies, blaming them for the rise in prices. Meanwhile, Vice President Kamala Harris has announced plans to introduce new proposals aimed at reducing costs and bolstering the economy.
Sector-Specific Inflation Trends
The latest data show that the monthly inflation increase was primarily driven by higher rental prices and housing costs, though real-time data suggests that these pressures are beginning to ease. Grocery prices rose by a modest 0.1% in July and are just 1.1% higher than a year ago—a significant slowdown compared to previous years. However, many Americans continue to struggle with elevated food prices, which remain 21% higher than they were three years ago, despite substantial wage increases.
Gasoline prices remained flat from June to July and have actually decreased by 2.2% over the past year. Other sectors, such as clothing and automobiles, saw price drops in July, with used car prices—a major source of inflation during the pandemic—falling nearly 11% over the past year.
Economic Outlook and Future Rate Cuts
Core inflation, which excludes volatile food and energy prices, rose by 0.2% from June to July, and by 3.2% compared to the previous year—down from 3.3% in June. This is the lowest core inflation rate since April 2021, and it is closely monitored by economists as a better predictor of future inflation trends.
Economists now widely expect the Federal Reserve to implement its first rate cut in mid-September, with many predicting additional cuts in November and December. The Fed’s benchmark interest rate currently stands at 5.3%, a 23-year high.
Labor Market and Economic Stability
As inflation cools, the Fed is increasingly focusing on the labor market. The latest government report indicated that hiring slowed more than expected in July, with the unemployment rate rising for the fourth consecutive month to 4.3%. However, this increase is largely due to a rise in job-seekers, particularly new immigrants, rather than an uptick in layoffs. This suggests that the job market remains relatively stable, even as inflation eases.
The Federal Reserve’s dual mandate is to maintain price stability and support maximum employment. As inflation continues to decline, the Fed's attention is shifting toward ensuring that the job market remains robust without stoking inflationary pressures.
Looking Ahead
On Thursday, the government will release its latest retail sales data, which are expected to show modest increases in consumer spending for July. As long as consumers continue to spend, businesses are likely to retain their workers, which could help sustain economic momentum even as the Fed prepares to adjust its monetary policy.
With inflation showing signs of continued cooling, the economy appears to be on a more stable footing. However, the Fed’s upcoming decisions on interest rates will be critical in determining whether this stability can be maintained in the months ahead.
⚾ Las Vegas Stadium Authority to Review Updated Lease for A's Planned $1.5B Ballpark
The Las Vegas Stadium Authority is set to unveil an updated draft of the Oakland Athletics' lease agreement for their planned $1.5 billion ballpark on the Las Vegas Strip during a meeting on Thursday. This lease agreement, originally introduced last year, is a crucial component of the A's planned relocation to Las Vegas and their projected debut in the city by 2028. The agreement, along with a draft non-relocation agreement, will both span 30 years, detailing the terms under which the A's will operate at the new ballpark after transferring ownership of the stadium and the 9-acre land it will occupy to the stadium authority.
The lease and non-relocation agreements are two of the four major agreements that must be finalized before the release of public funds for the ballpark’s construction. The other essential agreements include a community benefits agreement, already approved earlier this year, and a development agreement, which was introduced to the stadium authority in July.
In addition to these agreements, the Athletics must secure financing for the project. The current financial plan includes approximately $300 million in debt and up to $850 million in equity from the family of team owner John Fisher. The A’s are also seeking local investors who would acquire a minority stake in the team to further fund the stadium's construction. Any contributions from these investors would reduce the Fisher family's financial commitment to the project.
Sandy Dean, an executive with the A’s, stated last month that the team is likely to use $350 million of the $380 million in public funding allocated through Senate Bill 1. This bill, passed earlier this year, provides significant financial support for the ballpark's development.
Steve Hill, Chairman of the Las Vegas Stadium Authority, indicated last month that the three outstanding agreements are expected to be refined over the coming months, with final approval anticipated in December.
🏫 LVR CEO Suspended for 30 Days as Board Probes Election Irregularities
Wendy DiVecchio, Chief Executive Officer of Las Vegas Realtors (LVR), has been suspended for 30 days following allegations of interference in the 2025 election of LVR board officers and directors. This suspension, confirmed by multiple real estate agents, comes as the organization investigates the claims, which suggest irregularities in the election process.
An internal memo, obtained by the Las Vegas Review-Journal and sent by LVR President Merri Perry to members, announced the investigation into "election impropriety." Although the memo didn't directly name DiVecchio or provide specific details about the allegations, it emphasized that the board is taking the situation seriously. The LVR, Nevada's largest real estate organization, represents nearly 16,000 members.
The memo outlined the sequence of events, starting with the leadership team's notification of potential issues on August 8, followed by an emergency board meeting on August 9. During this meeting, findings related to the election process were reviewed. Despite the ongoing investigation, the memo reassured members that the election's outcome likely wasn't impacted by these alleged irregularities. However, the board is committed to ensuring the fairness and integrity of the election process and has engaged a neutral third party to investigate further.
DiVecchio, who has been with LVR for over 25 years according to her LinkedIn profile, is a paid employee and not an elected official. The Review-Journal attempted to contact DiVecchio for comment but received no response.
In response to the situation, Perry stated, “For the privacy and protection of our employees and staff, we are unable to comment about employment or personnel matters.”
This incident follows a previous controversy within the LVR earlier this year. In March, a physical altercation between two local real estate agents at a LVR Brokers Forum led to the involvement of the Las Vegas Metropolitan Police. Although the organization acknowledged the incident, no names were released, and it was emphasized that no physical violence occurred.
The ongoing investigation into the election process and the temporary suspension of DiVecchio highlight the organization's focus on maintaining transparency and fairness within its operations, particularly during critical moments like board elections. Further updates will be provided to LVR members as the investigation progresses.
❎ Clark County Sends Signature Update Mailers to Streamline November Voting
As the November election approaches, Clark County voters are being reminded to ensure their signatures are up-to-date with the Election Department. To streamline the voting process, the department is sending out mailers to all active registered voters, providing an easy way to update their signature on file.
These mailers will be arriving in mailboxes shortly, and the process to update your signature is straightforward. Voters simply need to sign their name in the red box provided on the mailer, seal it, and send it back—no postage required. This step is crucial, as Nevada state law mandates a signature verification at the ballot box to confirm the voter’s identity. By having a current signature on file, voters can help make the verification process quicker and more efficient on election day.
While updating your signature is entirely optional, it is strongly encouraged to prevent any potential issues or delays when casting your ballot. Voters who choose to update their signature must return the completed mailer to the Election Department by September 12. This deadline ensures that the department has ample time to process the updated signatures before the election.
The signature on file plays a key role in the election process, especially for those who vote by mail or use absentee ballots. A mismatch between the signature on the ballot and the one on file could lead to complications, including the ballot being flagged for further verification. By proactively updating their signatures, voters can avoid these potential issues and contribute to a smoother, more secure election process.
Clark County’s effort to update voter signatures reflects the broader goal of maintaining accurate and current voter records. This initiative is part of a series of measures aimed at enhancing the integrity and efficiency of the voting process, ensuring that every eligible voter has the opportunity to participate without unnecessary hurdles.
For those who receive the mailer and decide to update their signature, it's a quick and simple task that can save time and prevent possible complications on election day. By returning the signed mailer promptly, voters will be doing their part to ensure a seamless election experience for everyone involved.
Summerlin South, NV Demographics
What is the population of Summerlin South?
What are the employment statistics in Summerlin South?
How many households are there in Summerlin South?
What are the median and average incomes in Summerlin South?
How many homeowners and renters are there in Summerlin South?
What is the level of education in Summerlin South?
What is the marital status of Summerlin South residents?
What are the most common means of transportation in Summerlin South?
Methodology & Disclaimers
Demographic data shown in this section was gathered from the latest U.S. Census Bureau release, the 2022 American Community Survey. The information is updated yearly, as soon as new data is made available by the US Census Bureau.
No representation, guarantee or warranty is made as to the accuracy or completeness of information modified or aggregated for specific neighborhoods and/or zip codes.
Zip codes included in this demographic data: 89135
Summerlin Area Command - Week Ending: August 2, 2024
Courtesy of The Las Vegas Metropolitan Police Department.
📌 🏠 Summerlin South - July 2024
*Median Sold Price By Bedroom Count
This is the middle price for which all homes in the area were sold based on the number of bedrooms. Half of all the homes sold were below this price, and half were above.
Visit here to see the entire report.
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Until next time, John Wu.