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Sen. Joe Manchin, D-W.Va., said Sunday that Manhattan District Attorney Alvin Bragg must ‘remove all doubt’ in the American judicial process after a grand jury voted Thursday to indict former President Trump following the DA’s years-long investigation.

During an appearance on CNN’s ‘State of the Union,’ Manchin argued that the indictment risks further dividing Americans and battering their trust in the justice system.

‘It’s a very sad time for America to go through what we’re going through now,’ he said. ‘People are being divided, and they think that justice might be biased. We have to make sure that we wait to see what comes out next week, and I hope they do their job. And I’ve said this, no one’s above the law, but no one should be targeted by the law, especially through the political process. So we’ll just wait and see next week. I hope they are very thorough.’

CNN anchor Dana Bash asked Manchin to clarify whether he thinks Trump, who is the current front-runner in the 2024 Republican presidential race, is being targeted by Bragg for political reasons.

‘Is that what you think is going on here? That he is a political target?’ she asked.

‘No, I’m saying you have to remove all doubt,’ Manchin replied. ‘You have to remove all doubt. You have to make sure you cross every t and dot every i, as they say. But you know that no person, the president, myself or anybody else in Congress, no matter what your status is, in the United States of America, you’re not above the law. And on the other hand, no person should be targeted by the law either. So let’s make sure that’s cleared up, and let’s see where it goes.’

There’s a ‘segment of society who believes that maybe it’s biased, that the system doesn’t work for all,’ Manchin said during a subsequent appearance on NBC News’ ‘Meet the Press.’

‘We must come together. The American people want us to do our job,’ he continued. ‘Let’s wait until what comes out next week. Let’s see the direction this goes. But the bottom line is it’s a very sad time in America. You have geopolitical unrest around the world. Just think of the people who don’t wish our society or our form of democracy to work, whether it be China, Russia or whoever. They’re looking and saying, ‘Oh my goodness, let’s just sit back and kind of watch this melee unfold.’ Well, I want to show them that as Americans, we can work together.’

Trump raked in more than $5 million in donations in the 48 hours after he was indicted on Thursday. The exact charges of the indictment are still under seal, but Trump attorney Joe Tacopina said Thursday evening Trump could face more than 30 counts next week when he’s arraigned.

The charges relate to Trump’s role in sending alleged hush payments to adult film star Stormy Daniels in an effort to prevent her from speaking out about their relationship.

The former president is expected to travel from his home in Mar-a-Lago to New York City on Monday before spending his final night before his arraignment in Trump Tower.

The Secret Service will be attending him as New York authorities book the president, take his fingerprints and photograph him on Tuesday.

Fox News’ Anders Hagstrom contributed to this report.

This post appeared first on FOX NEWS

Sen. Joe Manchin, D-W.Va., said Sunday that criticism of his apparent 180 on the Inflation Reduction Act is ‘ridiculous.’

Manchin appeared on ‘Fox News Sunday’ after slamming the Biden administration’s ‘political malpractice’ in a Wall Street Journal op-ed last week, in which he argued that they were ‘ignoring the debt and deficit implications’ of the Inflation Reduction Act.

In the op-ed headlined ‘Biden’s Inflation Reduction Act Betrayal,’ Manchin said the Biden administration is ‘determined to violate and subvert the law to advance a partisan agenda that ignores both energy and fiscal security.’

‘The administration is attempting at every turn to implement the bill it wanted, not the bill Congress actually passed. Ignoring the debt and deficit implications of these actions as the time nears to raise the debt ceiling isn’t only wrong, it’s policy and political malpractice,’ he wrote.

The op-ed sparked criticism on the right, including from Hot Air’s Ed Morrissey, who said Manchin could use a dose of self-reflection.

‘Manchin wants to distance himself from the administration he enabled with the Inflation Reduction Act, and really wants to distance himself from its results, but that’s impossible,’ Morrissey wrote. ‘The vote on the IRA came down to Manchin; Manchin negotiated its terms; and Manchin endorsed its policies and the lack of control the legislation had on [President Joe] Biden’s use of the bill. If Manchin wants to talk about ‘political malpractice,’ maybe he should look in the mirror.’

Manchin responded to Morrissey’s criticism on Fox News, calling it ‘ridiculous.’

‘Well, that’s ridiculous,’ he said. ‘I mean, from the standpoint – we write pieces of legislation, we expect the administration to adhere to the intent and how we wrote it. It’s in the bill, read the law. So, anybody who has that opinion has not read the bill.’

The Republican National Committee’s (RNC) research Twitter account highlighted Manchin’s dismissal of Morrissey’s comments.

In his op-ed, Manchin called on the president to implement the Inflation Reduction Act, which was signed in August 2022, as it was written.

‘Mr. Biden was elected to lead us all to solve problems. We can’t allow them to be made worse by ignoring them. The president has the power, today, to direct his administration to follow the law, as well as to sit down with congressional leaders and negotiate meaningful, serious reforms to the federal budget,’ he wrote. 

Fox News Digital’s Hanna Panreck, Gabriel Hayes and Peter Kasperowicz contributed to this report.

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Former national security adviser John Bolton argued that the indictment of Donald Trump may ultimately help the former president politically, saying it could be ‘rocket fuel’ that helps him secure the Republican nomination.

‘I’m not worried about Alvin Bragg hurting Donald Trump. I’m worried about Alvin Bragg benefiting Donald Trump,’ Bolton said during a Sunday ‘Face the Nation’ appearance on CBS. ‘If Trump is acquitted or he gets the case dismissed because it’s not legally sufficient… that will be rocket fuel because he can say, ‘I told you this was a political prosecution.’’

Bolton, who served in the Trump administration for just over a year, made the comments just days after a grand jury in New York voted to indict the former president on charges believed to be related to alleged ‘hush money’ payments made to adult film star Stormy Daniels during the 2016 campaign.

Trump is scheduled to be arraigned in the case in New York on Tuesday, with Bolton arguing the implications of a conviction or acquittal would be massive.

‘I think he does have reason to be concerned about the substance of the case here,’ Bolton said. ‘I think while we’re all obviously focused on the indictment, that’s just the beginning. The real issue here is whether Alvin Bragg gets a conviction at some point in the near term, or whether Trump springs free, because the political implications are vasty different.’

 If Trump isn’t convicted, Bolton said the former president will claim to be vindicated and be able to use that as ammunition on the campaign trail.

A LOOK AT DONALD TRUMP’S ARRAIGNMENT SCHEDULE AHEAD OF TUESDAY COURT APPEARANCE  

But if Trump were to be convicted before next year’s election, Bolton believes ‘that will have a very different impact on people.’

‘If he’s convicted of a crime, I think most Americans actually don’t want a convicted felon to be the president,’ Bolton said.

Bolton, who said he is still considering a run for president himself, argued the right thing for Trump to do would be to step aside and let another candidate carry the torch for the Republican Party in 2024. However, he lamented that Republicans appear to be circling the wagons in support of the former president.

‘I have to say, watching the response to the indictment has not been encouraging for the future of the party,’ Bolton said. ‘Trump is a cancer on the Republican Party.’

This post appeared first on FOX NEWS

Former U.S. Attorney General Bill Barr said Sunday he would advise against putting former President Donald Trump on the stand if the grand jury case were to go to trial, claiming it would be a ‘particularly bad idea’ to do so.

‘Generally, I think it’s a bad idea to go on the stand, and I think it’s a particularly bad idea to put Trump because he lacks all self-control and it’d be very difficult to prepare him and keep him testifying in a prudent fashion,’ Barr told ‘Fox News Sunday’ host Shannon Bream.

Trump, who is seeking the 2024 Republican presidential nomination, is expected to be arraigned in New York City on Tuesday after being indicted last week. The indictment in the case remains under seal.

Barr said Manhattan District Attorney Alvin Bragg appears to be stepping into federal boundaries with the charges, arguing that Bragg is ‘interfering with a federal election process.’

‘It’s actually Bragg that seems to me that’s jumped into the federal arena,’ Barr said. ‘He’s interfering in a federal election process and his case is built on an alleged violation of federal law. He wouldn’t be able to survive the statute of limitations and not be able to juice what is a misdemeanor into a felony without claiming there’s a violation of federal law. So, he’s the one that’s essentially weighed into the federal arena.’

House Republicans demanded to see documents and testimony in the case against the former president, with Bragg later firing back by calling the GOP lawmakers’ demands ‘unlawful political interference’ in an ongoing criminal case.

The charges against Trump are expected to relate to his alleged 2016 hush-money scandal that the Manhattan DA’s office has already been investigating for five years.

If the charges are related to the 2016 scandal, prosecutors are expected to argue that the $130,000 sum given to adult film actress Stormy Daniels and the $150,000 given to former Playboy model Karen McDougal were improper donations to the Trump campaign, which helped his candidacy during the 2016 election.

‘I think the case, based again on what’s been reported, the case lacks any legal basis,’ Barr said Sunday. ‘There’s nothing inherently wrong or illegal about making a hush payment. … The idea that this was a campaign finance violation is simply wrong, it’s wrong on the law.’

Fox News’ Marta Dhanis and Brooke Singman contributed to this report.

This post appeared first on FOX NEWS

Rep. Adam Schiff, D-Calif., slammed Florida Republican Gov. Ron DeSantis as ‘cowardly’ on Sunday after the governor vowed his state would not assist in any extradition request by Manhattan District Attorney Alvin Bragg regarding the indictment of former President Donald Trump.

Schiff said DeSantis ‘will say anything, do anything in hopes of becoming president,’ though the governor has yet to officially announce a run.

‘It says also a lot about the state of the GOP, and that is you have to attack the justice system you have to speculate about motives, you have to assume the worst,’ Schiff said.

The congressman made the comments on former White House press secretary Jen Psaki’s new MSNBC show after DeSantis slammed Trump’s indictment as politically motivated.

‘The Soros-backed Manhattan District Attorney has consistently bent the law to downgrade felonies and to excuse criminal misconduct,’ DeSantis tweeted Thursday. ‘Yet, now he is stretching the law to target a political opponent.’

DeSantis added, ‘Florida will not assist in an extradition request given the questionable circumstances at issue with this Soros-backed Manhattan prosecutor and his political agenda.’

Schiff said DeSantis, a Harvard Law graduate, is ‘not stupid’ and ‘knows what his obligation is – to extradite someone who is accused of crime in another state.’

‘And in that statement as well, you have to disregard the law – say won’t extradite someone accused of a crime in order to be competitive in the Republican primary,’ he said. ‘He goes beyond that and tries to tie George Soros to this, which is, you know, this not-so-thinly veiled antisemitic element that is very popular within certain portions of Trump’s base.’

Schiff labeled DeSantis’ statement a ‘cowardly action’ to try to ‘compete with Donald Trump on Trump’s own turf.’

‘But one thing he also understands is: What’s the path to power in the GOP? And the path to power is now catering to the lowest common denominator. That’s, I think, a terrible use of his legal education,’ Schiff said. ‘It is putting ambition over any principle, scruple, nothing else matters except ambition.’

DeSantis’ team did not immediately respond to Fox News Digital’s request for comment.

This post appeared first on FOX NEWS

Florida Gov. Ron DeSantis has slammed Manhattan District Attorney Alvin Bragg Jr.’s indictment of former President Donald Trump, while avoiding using Trump’s name in speeches.

‘Now you have this Manhattan district attorney who has made his whole platform from when he got elected was that he was going to downgrade as many felonies as possible to misdemeanors,’ DeSantis said during an event in Pennsylvania on Saturday.

‘He was going to keep as many people out of jail, even habitual criminals as possible. And he was going to go light on all these things as part of, quote, criminal justice reform,’ DeSantis added. ‘So, that’s his posture. He doesn’t want to charge people with felonies. So, now he turns around purely for political purposes and indicts a former president on misdemeanor offenses that they’re straining to try to convert into felonies.’

DeSantis, a potential rival to Trump in the Republican primary, was seemingly alluding to Bragg’s successful indictment of Trump last week, though the Florida governor declined to name either individual.

DeSantis said the indictment was an example of the law being ‘weaponized for political purposes’ by the left, who are using it to ‘target their political opponents.’

‘I can tell you this: These [billionaire George] Soros-backed DAs, they are a menace to society,’ DeSantis continued. ‘They are a menace to the rule of law. And I’m just proud to say that when we had one of those days in Tampa that said he wasn’t going to enforce some of our duly elected, duly enacted laws in the state of Florida, we didn’t let that stand. I removed him from his post, and he is out.’

DeSantis struck a similar tone during a different speech in Long Island, New York, on Saturday, again appearing to defend Trump without using his name.

‘His whole thing is he doesn’t want people to be in jail, he wants to downgrade felonies to misdemeanors. … And then he turns around, does a flimsy indictment against a former president of the United States,’ DeSantis said of Bragg, according to the New York Post.

Trump is scheduled to appear for arraignment in the case, which centers around alleged ‘hush money’ payments to adult film star Stormy Daniels, on Tuesday in New York.

DeSantis’ office did not immediately respond to a Fox News request for comment.

This post appeared first on FOX NEWS

The following was a special educational Daily Market Report that I sent to our EB.com members last week….

I always refer to EarningsBeats.com as a “Research, Guidance, and Education Platform”, because that’s truly what we strive to be. HERE IS WHAT WE ARE NOT – REGISTERED INVESTMENT ADVISORS. I’d love to try to help everyone on an individual basis, but it’s virtually impossible. There isn’t enough time in the day for me to work with our members on a 1-on-1 basis and the even-bigger issue is that I’m not licensed to do so. It’s vital to understand each individual’s risk profile and tolerance before considering/implementing any type of investment or trading plan. Therefore, we’re limited at EarningsBeats.com to providing each of you information in the form of market research, guidance, and education, and then what you do with it is completely up to you. I’ve learned a lot about the stock market over the years and my passion is teaching others what I’ve learned. I give plenty of credit to John Murphy, whose books taught me so much and inspired me to do the research that I’ve done over the years. Perhaps the biggest lesson I’ve learned is that we have all the information we need in the price action on the charts. We don’t need an MBA in Finance. I honestly don’t need my CPA license. The big Wall Street firms do all the heavy lifting and they essentially provide us personal reports based on the price action. We simply need to know how to use it.

In this special report, I want to focus on leveraged ETFs, providing you key information to help you better trade these products.

I’ve been requested on many occasions to keep everyone posted on my use of leveraged ETF products, specifically relating to the timing of purchase and sale. I don’t mind discussing this when I believe it’s appropriate to do so, but let me also say that I cannot be held responsible for anyone’s personal decision to use these leveraged products. That’s completely up to you. I discuss it to help further educate the use of such products. I am NOT recommending or advising any of our members to buy or sell ANY INVESTMENT PRODUCTS – EVER. I don’t even like to use the words “recommending” or “advising”, because I believe that’s best left to those who manage money or are registered investment advisors.

So now that all of that is out of the way, let me discuss how leveraged ETFs are designed to work. First of all, there are two very important elements of leveraged products that you MUST be aware of:

They are designed to track at a 2x or 3x rate on a daily basis, not long-termHolding leveraged ETFs for extended periods of time (especially during volatile periods) can and usually does result in “erosion” (meaning that your returns will be worse than promised – 2x or 3x)

I want to give you two examples – the first will be a long-term example, explaining why holding leveraged ETFs for the long-term makes little sense. The second will be a short-term example that hopefully highlights the PERFECT way to use leveraged ETFs.

Example 1 – Holding Long-Term

I called an S&P 500 bottom in June 2022. If you had timed your entry into the NASDAQ at the close on June 16, 2022, that would have represented darn-near perfect timing (a slightly-lower bottom printed in October, just below the June low):

As of the March 27th close, the QQQ had risen 14.64% from the June 16, 2022 close. That’s awesome, but what if you had been aggressive and decided to purchase the QLD or, even better yet, the TQQQ. These leveraged ETFs track the QQQ at a 2x and 3x rate, respectively. You’d have made a KILLING, right? After all, that 14.64% return would balloon to 29.29% and 43.93% on the QLD and TQQQ, respectively – at least in theory. But how did the QLD and TQQQ actually perform? Here’s how…..

QLD: +18.37% (should have been +29.29% in theory)TQQQ: +16.98% (should have been +43.93% in theory)

During a period in which the QQQ gained more than 14%, the 3x leveraged ETF (TQQQ) barely outperformed the QQQ and it UNDERPERFORMED the 2x leveraged ETF (QLD)! In the end, you took on inordinate amount of risk and your results simply didn’t justify taking that risk. If you want to see it on the chart, check this out using a 194-day rate of change (ROC):

There were 194 trading days from June 16, 2022 through yesterday, March 27, 2023. Now, to prove the numbers that I gave you above on the QLD and TQQQ, here are those two charts using the same 194-day ROC:

QLD (2x leveraged ETF):

TQQQ (3x leveraged ETF):

Let me ask you a question. Do you feel differently about those leveraged ETFs now after reading this? I’ve been trying to educate folks that it makes no sense financially to take on the risk of leveraged ETFs and hold on for the long-term. However, not all is lost. The time when these ETFs do what they’re supposed to do…..and then some…..is when the market is trending.

Example 2: Trading Short-Term

Timing is EVERYTHING with leveraged ETFs. Think about the best times to buy the QQQ. I’d say either on a major breakout or when it pulls back to key price or moving average support. The QQQ is currently in a cup and pulling back within a handle:

If you’re bullish, the pullback into a potential handle and the rising 20-day EMA provides an excellent opportunity to take a shot with leverage. My strategy is to use this short-term weakness to build a reasonably-sized leverage position. If the QQQ were to trade down below the 300 level, I’d likely take a fairly small loss on my leveraged position and move back entirely to the QQQ. If you’re bullish and decide to use leverage, the decision whether to buy the QLD (2x) or TQQQ (3x) simply comes down to how much additional risk you’re willing to assume.

Let me show you what happens when you catch an uptrend and you use leverage, because that’s when leveraged products work really well. Back on Thursday, January 5th, I sent out a DMR (Special Report), highlighting that I was seeing positive correlation between the VIX and S&P 500 and that usually means a market reversal. The S&P 500 had been downtrending and I suggested that we could see a big rally out of nowhere and that I was using the opportunity to build a leveraged ETF position. If you bought the leveraged QLD or TQQQ at the close on January 5th and held through the entire uptrend that ended on February 2nd (19 trading days, so the charts below will show a 19-day ROC), you’d have done very well. How did the QQQ perform and how did those leveraged ETFs perform?

QQQ:

QLD:

TQQQ:

In this example, the QQQ and the leveraged products gained the percentages shown below for the 19-day holding period:

QQQ: +19.17%QLD (2x): +40.57% (should have been +38.34% in theory)TQQQ (3x): +64.49% (should have been +57.51% in theory)

Not only did the leveraged products achieve their desired 2x and 3x returns, but they also exceeded them! You’d have made MORE than what was expected. While erosion is a problem over the long-term, because of volatility (ups and downs), compounding actually provides BETTER RETURNS when the trend is primarily in one direction.

If you’re going to use leveraged products, you want to invest in them and hold while the trend is in play, then EXIT STAGE LEFT! Holding these products long-term can produce returns that are much worse than what you expect. They’re not worth the risk of holding long-term.

Current Environment

I like shifting a portion of my QQQ investment to either the QLD or TQQQ now, because of the following:

Bullish cup with handle continuation patternHistorical tendency (April is very bullish and the first half of calendar quarters – April 1 to May 15 – typically perform well)Despite the weakness since mid-February, the VIX currently resides just above 20; fear is erodingI can limit my risk as the QQQ is trading relatively close to its rising 20-day EMA

NONE of this guarantees us a higher market ahead. Trading success stems from patience, education, and managing risk. I believe the QQQ is a solid buy as it falls and approaches its rising 20-day EMA, which is currently just beneath 303. I’ve begun using leverage and will continue to do so down to the 20-day EMA. I will hold it unless the QQQ closes beneath 300. This is a prudent use of leverage, in my opinion. Many of you that are risk averse probably should simply stick with ETFs like the SPY or QQQ and avoid using leverage. But those of you that want to take on more risk for the potential of higher reward may find the use of leveraged products a major benefit – just pick your spots judiciously. I don’t believe in the philosophy of buying leverage and holding it long-term. The ultimate reward is not worth the additional risk, in my opinion.

UPDATE:

After this email to EB.com members, the QQQ spiked 3.94% over the next four trading days. On the chart below, I show the 4-day ROC on the QQQ, QLD, and TQQQ. You can see that leveraged products work GREAT while trending higher:

My suggestion: Please be careful when using these leveraged ETF products. They most definitely can help a portfolio achieve more aggressive positive results when a trend is in place, but periods of volatility and consolidation will result in considerable erosion.

Pre-Announcement: Big Event on Saturday, April 15th

We are going to open up registration this week for a HUGE event on Saturday, April 15th. It’ll be FREE to everyone and I’ll be:

discussing the current technical state of the stock marketproviding an update on sentiment and market manipulationreviewing key historical and seasonal tendenciesand much, much more!

Seating will be limited, so if you’d like to ensure your spot, sign up for our FREE EB Digest newsletter (we’ll send out invites to all EB Digest subscribers). Simply CLICK HERE and enter your name and email address. I’ll see you on the 15th!

Happy trading!

Tom

After a handful of influential voices took to social media during the meltdowns of Silicon Valley and Signature banks this month, some lawmakers have floated a new idea: Task bank regulators with keeping tabs on TikTok, Twitter and other platforms to head off future bank panics.

Rep. Ritchie Torres, D-N.Y., introduced legislation Wednesday that would require the Financial Stability Oversight Council, a coalition of U.S. financial regulators, to monitor social media platforms for “any indicator of a potential bank run or financial panic at a level that potentially threatened the financial stability of the United States.”

Torres, who announced the proposal on MSNBC, said monitoring social media could also address concerns over foreign interference.

“I worry that a malicious foreign adversary could manufacture financial panic on social media to destabilize the American banking system,” Torres said on MSNBC’s “Morning Joe.”

At a House Financial Services Committee hearing Wednesday, several other lawmakers expressed worry about social media’s role in triggering bank runs. Rep. Blaine Luetkemeyer, R-Mo., said he had “grave concerns” about that possibility.

Bank regulators acknowledged this week that online panic may have helped hasten SVB’s failure, although they also cited the ease of pulling deposits due to digital banking.

“I do agree that the runs that occurred at Silicon Valley [Bank] were unprecedented in speed and size, aided by social media and technology,” Nellie Liang, the undersecretary of the treasury for domestic finance, said in congressional testimony Wednesday. “Those are new risks that challenge the banking system and the financial system and are those we definitely need to be considering and working with Congress.”

Three weeks ago, SVB dumped a bad bet on interest rates that cost it $1.8 billion, sparking fears among depositors that it was strapped for cash.

This post appeared first on NBC NEWS

Just weeks before Florida Gov. Ron DeSantis announced a new, hand-picked board to take over Disney’s long-held special governing district in Orlando, the entertainment giant created a declaration that said any changes to the district must be made to benefit Walt Disney World.

The development threatens to reignite the spat between DeSantis and Disney. The disagreement reached a tipping point last year amid Disney’s opposition to a state law banning the teaching of gender and sexual orientation to students from kindergarten to third grade.

The Feb. 8 document, first reported by the Orlando Sentinel, grants Disney “prior review and comment” over any changes made to properties in the district, formerly known as the Reedy Creek Improvement District and now known as the Central Florida Tourism Oversight District.

Walt Disney World Resort in Lake Buena Vista, Fla. Ted Shaffrey / AP file

That document also states that the declaration shall be enforceable ‘in perpetuity’ or, if that is deemed unenforceable, ‘until 21 years after the death of the last surviving descendants of King Charles III, King of England.”

According to the BBC, these ‘royal lives’ clauses date to the 17th century, though are rarely used.

NBC affiliate WESH of Orlando reported Tuesday that, while the document was created more than a month ago, the new oversight board members only just found out about it.

“I can’t think of a more naked attempt to circumvent the will of the voters and the will of the Florida Legislature,” new member Brian Aungst Jr. said according to the station. “That is offensive to me.”

New board chairman Martin Garcia said challenging the document would likely result in “protracted litigation,” and suggested the case could go to the U.S. Supreme Court, the affiliate reported. The board voted to hire two outside law firms to look into the legal challenges, it said.

In a statement, a representative for DeSantis said his office was aware of what it called Disney’s ‘last-ditch efforts’ to give itself ‘new rights and authorities’ in advance of the special district’s change in status.

‘An initial review suggests these agreements may have significant legal infirmities that would render the contracts void as a matter of law,’ said communications director Taryn Fenske. ‘We are pleased the new Governor-appointed board retained multiple financial and legal firms to conduct audits and investigate Disney’s past behavior.”

Representatives for the Walt Disney Co. did not immediately respond to a request for comment.

This post appeared first on NBC NEWS

America’s downtowns are in the doldrums.

As the Covid-19 pandemic began to fade and the U.S. economy began to boom, there was hope that a wave of return-to-office announcements would quickly revive downtown metropolitan centers that were hit hard by lockdowns. That hope even extended to some business centers that had never fully recovered from the great financial crisis of 2007-2008.

But the post-pandemic office revival appears to have plateaued, leaving cities with millions of square feet of unused commercial space.

Meanwhile, other ‘urban-esque’ neighborhoods have sprung up — sometimes far from the traditional central business district — as most vibrant parts of many metropolitan economies.

‘We have a big mismatch of space between what tenants want and what’s available,’ said Phil Ryan, a director in the City Futures, Global Insight practice at the JLL real estate company.

‘We have a huge undersupply of quality office space that’s hindering the return to work.’

Empty offices abound

Nationally, office real estate vacancies stand at 12.8%, the highest percentage since the Great Recession, according to data from CoStar, a commercial property information company. Other data shows it’s even higher — as high as 20%, according to JLL.

And it’s the largest cities with the biggest problems. In New York’s Manhattan, office vacancies are at a record high, Bloomberg reported last week, even as new properties come online, adding even more space to the struggling market. And in Los Angeles and Chicago, office vacancies sat at 22.5% as of the fourth quarter of 2022.

This post appeared first on NBC NEWS