Good Morning and Happy Friday! All the talk about layoffs and moving to Miami might have been smoke and mirrors - New York City is back, and finance jobs in the city hit their highest level in 20 years. And the city won’t rest on its laurels with Wall Street. They’re hosting a 370-event “Tech Week” starting Monday, aiming to become the world capital for AI and unseat the Bay Area.

Economists say to brace yourself for lower raises next year. But some investment bankers might get a solid bonus - Disney just hired a bunch to help out with the Hulu sale.

_{SQUEEZ OF THE DAY}

NYC’s Rental Rollercoaster

If you live in New York City, there’s a glimmer of hope that your astronomical rent might fall marginally - at least over the next year.

In September, the median price to rent an apartment dropped $50 from the record-breaking high of $4,400 in July and August. So, congratulations, New Yorkers, you're now only parting with a mere $4,350 per month for a tiny space to call your own!

And hey, landlords feel a little generous, offering concessions on nearly 12% of new leases in September. And vacancy rates are now above 3%, the highest they've been since the end of the pandemic in August 2021.

But tenants aren’t out of the woods yet. While rents might have taken a slight nosedive, you shouldn’t expect relief, not immediately at least.

The NYC rental market is always cyclical - it heats up in the summer when fresh grads are looking for new places before they start work.

Takeaway: In other NYC rental news, Bad Bunny might have signed the most expensive lease in NYC yesterday, at $150k/month. Click here to see the StreetEasy listing.

_{CAPITAL PULSE}

Markets Rundown

Stocks closed lower as inflation data reignites interest rate fears.

Movers & Shakers

• (+) Fastenal ($FAST) +8% after the industrial supplies company beat Q3 earnings.

• (+) Walgreens ($WBA) +7% after the pharmacy chain made progress on its cost-cutting program.

• (–) Birkenstock ($BIRK) -7% after the sandals chain extended IPO losses.

Private Dealmaking

• Stabilus bought DESTACO, an industrial automation components unit, for $680 million

• Apollo bought Wagamama owner Restaurant Group for $623 million

• Post Holdings bought Perfection Pet Foods for $235 million 

• Northleaf Capital Partners invested $200 million in EVPassport

• InsuranceDekho, an Indian insurtech company, raised $60 million

• LimmaTech, a Swiss vaccine developer, raised $37 million

Get access to private deal flow here.

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_HEADLINES

Top Reads

• What needs to happen to get to 2% inflation (CNBC)

• Sculptor accepts Rithm’s sweetened $12/share deal (YF)

• Wall Street prepares to dish economic dirt on the U.S. (Reuters)

• Biotech venture capitalist says bad industry outlook will continue (Axios)

• Corporate giants are the new hedge funds of FX markets (YF)

• Blackstone’s Gray sees opportunities in sports financing (Axios)

• HBSC makes global push to broker deals in private credit market (BB)

• Mortgage rates push closer to 8% (YF)

• How JPMorgan plans to beat competitors to become Silicon Valley’s top bank (BB)

• What Tesla’s 2021 whistleblower complaint said (CNBC)

_{BOOK OF THE DAY}

Fatal Conveniences

Fatal conveniences are the toxic products we routinely use and the unhealthy things we do that our culture and corporations have made us believe are safe and necessary for living well and efficiently.

These things—from deodorant, cosmetics, dental floss, and sunscreen to laundry detergent, air fresheners, carpets, and crayons to candles, tea bags, cell phones, and chewing gum—are ubiquitous in daily life . . . and they are wreaking havoc on our health and our planet.

The environmental toxins found in these products create a cascade of problems, including chemical sensitivities, auto-immune issues, obesity, chronic health diseases, and more.

Darin Olien has spent most of his adult life obsessively researching these “conveniences” and in this book, he raises our awareness of their dangers, demolishes the myth that “if it’s easy, it must also be good,” and gives us alternative choices to take control of our lives and our health.

Fatal Conveniences offers a fresh perspective and achievable, small tweaks that will lead to big, life-enhancing changes.

“Understand the invisible challenges of how our health is being harmed by modern toxic exposures.”

_{ENLIGHTENMENT}

Short Squeez Picks

• How to climb the corporate ladder

• The workplace skills AI can’t replace

• Why the most successful marriages are startups, not mergers

• Microsoft CEO on what separates successful people

• 5 types of manipulators at work

_{DAILY VISUAL}

Consumer Price Index

Year-over-year change in CPI

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_{DAILY ACUMEN}

Love Maps

Can you buy love with a diamond necklace or a fancy car? Well, if you've been ignoring your spouse's existence for half a decade, you might want to hold off on the bling. The last time you asked them a question was when you wondered if they remembered how to breathe.

But let's not forget those ordinary, yet extraordinary, moments that make relationships truly sizzle. Picture Jack and Susan having a meaningful dinner conversation instead of staring at the TV. It's like "The Notebook" without the rain and dramatic letters.

Dr. John Gottman, the relationship guru, uncovered a nifty thing called "bids." It's when your partner throws out little emotional feelers, and you have two choices: turn toward them (score points) or turn away (activate the emotional doghouse). Turns out, emotional investment is worth more than a two-week vacation in Tahiti.

So, when your partner says, "You never unload the dishwasher," don't hear criticism, hear opportunity. It's like decoding a secret message from Mars, but it saves you from sleepless nights on the couch.

Next up, understand each other's Love Maps. No, it's not a treasure map; it's a map of your partner's inner world. What's on their mind? What are their hopes and dreams? If their favorite movie changed in five years, you better know the new one; it's like relationship homework.

Lastly, build a culture of appreciation and respect. Instead of dwelling on your partner's quirks, embrace them. It's like saying, "I see your weirdness, and I dig it."

So, skip the bling, embrace the dishwasher duty, and keep the love sizzling in the ordinary. You'll build an Emotional Bank Account that'll keep your relationship solvent through thick and thin.

_{MEME-A-PALOOZA}

Memes of the Day