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Business

The stock market is sliding because investors fear recession more than inflation

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A stock-market paradox, in which bad news about the economy is seen as good news for equities, may have run its course. If so, investors should expect bad news to be bad news for stocks heading into the new year — and there may be plenty of it.

But first, why would good news be bad news? Investors have spent 2022 largely focused on the Federal Reserve and its rapid series of large rate hikes aimed at bringing inflation to heel. Economic news pointing to slower growth and less fuel for inflation could serve to lift stocks on the idea that the Fed could begin to slow the pace or even begin entertaining future rate cuts.

Conversely, good news on the economy could be bad news for stocks.

So what’s changed? The past week saw a softer-than-expected November consumer-price index reading. While still running mighty hot, with prices rising more than 7% year over year, investors are increasingly confident that inflation likely peaked at a roughly four-decade high above 9% in June.

See: Why November’s CPI data are seen as a ‘game-changer’ for financial markets

But the Federal Reserve and other major central banks indicated they intend to keep lifting rates, albeit at a slower pace, into 2023 and likely keep them elevated longer than investors had anticipated. That’s stoking fears that a recession is becoming more likely.

Meanwhile, markets are behaving as if the worst of the inflation scare is in the rearview mirror, with recession fears now looming on the horizon, said Jim Baird, chief investment officer of Plante Moran Financial Advisors.

That sentiment was reinforced by manufacturing data Wednesday and a weaker-than-expected retail sales reading on Thursday, Baird said, in a phone interview.

Markets are “probably headed back to a period where bad news is bad news not because rates will be driving concerns for investors, but because earnings growth will falter,” Baird said.

A ‘reverse Tepper trade’

Keith Lerner, co-chief investment officer at Truist, argued that a mirror image of the backdrop that produced what became known as the “Tepper trade,” inspired by hedge-fund titan David Tepper in September 2010, may be forming.

Unfortunately, while Tepper’s prescient call was for a “win/win scenario.” the “reverse Tepper trade” is shaping up as a lose/lose proposition, Lerner said, in a Friday note.

Tepper’s argument was that the economy was either going to get better, which would be positive for stocks and asset prices. Or, the economy would weaken, with the Fed stepping in to support the market, which would also be positive for asset prices.

The current setup is one in which the economy is going to weaken, taming inflation but also denting corporate profits and challenging asset prices, Lerner said. Or, instead, the economy remains strong, along with inflation, with the Fed and other central banks continuing to tighten policy, and challenging asset prices.

“In either case, there’s a potential headwind for investors. To be fair, there is a third path, where inflation comes down, and the economy avoids recession, the so-called soft landing. It’s possible,” Lerner wrote, but noted the path to a soft landing looks increasingly narrow.

Recession jitters were on display Thursday, when November retail sales showed a 0.6% fall, exceeding forecasts for a 0.3% decline and the biggest drop in almost a year. Also, the Philadelphia Fed’s manufacturing index rose, but remained in negative territory, disappointing expectations, while the New York Fed’s Empire State index fell.

Read: Still a bear market: S&P 500 slump signals stocks never reached ‘escape velocity’

Stocks, which had posted moderate losses after the Fed a day earlier lifted interest rates by half a percentage point, tumbled sharply. Equities extended their decline Friday, with the S&P 500
SPX,
-1.11%
logging a 2.1% weekly loss, while the Dow Jones Industrial Average
DJIA,
-0.85%
shed 1.7% and the Nasdaq Composite
COMP,
-0.97%
dropped 2.7%.

“As we move into 2023, economic data will become more of an influence over stocks because the data will tell us the answer to a very important question: How bad will the economic slowdown get? That’s the key question as we begin the new year, because with the Fed on relative policy ‘auto pilot’ (more hikes to start 2023) the key now is growth, and the potential damage from slowing growth,” said Tom Essaye, founder of Sevens Report Research, in a Friday note.

Recession watch

No one can say with complete certainty that a recession will occur in 2023, but it seems there’s no question corporate earnings will come under pressure, and that will be a key driver for markets, said Plante Moran’s Baird. And that means earnings have the potential to be a significant source of volatility in the year ahead.

“If in 2022 the story was inflation and rates, for 2023 it’s going to be earnings and recession risk,” he said.

It’s no longer an environment that favors high-growth, high risk equities, while cyclical factors could be setting up nicely for value-oriented stocks and small caps, he said.

Truist’s Lerner said that until the weight of the evidence shifts, “we maintain our overweight in fixed income, where we are focused on high quality bonds, and a relative underweight in equities.”

Within equities, Truist favors the U.S., a value tilt, and sees “better opportunities below the market’s surface,” such as the equal-weighted S&P 500, a proxy for the average stock.

Highlights of the economic calendar for the week ahead include a revised look at third-quarter gross domestic product on Thursday, along with the November index of leading economic indicators. On Friday, November personal consumption and spending data, including the Fed’s preferred inflation gauge are set for release.

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Health

Eating 400 calories a day from these foods could raise dementia risk by over 20%

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Talk about food for thought.

A growing body of research suggests that ultra-processed foods like frozen pizzas and breakfast cereals high in sugars, fats and empty calories are bad for your health. Now, a new large-scale study presented at the 2022 Alzheimer’s Association International Conference in San Diego this week offers more evidence that people who get a high percentage of their daily calories from ultra-processed foods are also at a higher risk of cognitive decline.

A team of researchers from the University of São Paulo Medical School in Brazil followed a diverse sample of more than 10,000 Brazilians for up to 10 years. The subjects filled out food frequency questionnaires to note how often they were eating foods including: unprocessed or minimally processed ingredients (aka whole foods like fresh, dry or frozen fruits, vegetables, whole grains, meat, fish and milk that underwent minimal processing, like pasteurization); processed foods (canned fruits, artisanal bread and cheese, and salted, smoked or cured meat or fish); and ultra-processed foods (industrial formulations of processed food substances like oils, fats, sugars, starch, artificial flavors and colorings, but containing little or no whole foods). 

The subjects also took cognitive tests up to three times a year, including memory tests and word recognition tests, to monitor their cognitive functioning; aka, mental abilities such as learning, thinking, reasoning, remembering, problem-solving, decision-making and attention. They also took regular verbal fluency tests to track their executive functioning; aka the mental skills that help an individual plan, monitor and successfully meet their goals. 

The findings? Those who ate 20% or more of their daily calories from ultra-processed foods had a 28% faster rate of cognitive decline, and a 25% faster rate of executive function decline, compared to the subjects in the study who ate the least amount of processed foods. In other words, someone following a 2,000-calorie-a-day diet who consumed 400 of their daily calories from ready-to-eat frozen meals, processed meats, breakfast cereals and sugar-sweetened beverages each day saw a faster rate of cognitive decline. 

Opinion: Your diet isn’t just making you obese, it could be speeding up cognitive decline

And many of us are fueling ourselves with these ultra-processed foods. The researchers noted that a whopping 58% of the calories consumed by U.S. citizens come from ultra-processed foods. We’re not alone; 56.8% of the calories consumed by British citizens, 48% of the calories consumed by Canadians, and up to 30% of the calories eaten by Brazilians also typically come from these ultra-processed foods, the researchers added. And despite the rise in plant-based alternatives (some of which are highly processed, themselves) and poultry consumption — and a dip in buying and eating unprocessed red meat — another recent report noted that Americans are still eating as much processed food as they did two decades ago, particularly deli meats, sausage, hot dogs, ham and bacon.

Related: Putting less sugar in packaged foods could prevent millions of Americans from getting sick — and save the U.S. over $160 billion

But there was an interesting catch in the cognitive decline study: If the overall quality of a subject’s diet was otherwise very high (meaning they ate a lot of unprocessed whole foods like fruits and vegetables, whole grains and lean proteins), then this association between ultra-processed foods and dementia disappeared. So the good news is, you can counter consuming these often cheap and easily-accessible ultra-processed foods by cooking more at home (which can also save you money) and preparing your food with whole foods like fresh or frozen produce, whole grains and lean meats and proteins. 

“Limiting ultra-processed food consumption, particularly in middle-aged adults, may be an efficient form to prevent cognitive decline,” the researchers wrote in their findings published in the journal JAMA Neurology this week. Indeed, this aligns with what health officials such as the American Heart Association have been saying: rather than calling out “good” or “bad” individual foods, folks should focus on eating an overall healthy diet that is high in fruits and vegetables, whole grains and lean/high-fiber proteins that are minimally processed. 

Read more: No more ‘good’ vs. ‘bad’ foods: 10 healthy eating ‘patterns’ to prevent heart disease and death

But brain health isn’t the only concern when it comes to ultra-processed foods. Here are four other ways that these ready-made meals and snacks can hurt your health. 

Processed foods raise your risk of heart disease

An analysis of almost 30,000 people published in the JAMA Internal Medicine journal in 2020 suggested that eating two servings of red meat and processed meat each week – such as two hot dogs or four pieces of bacon – was “significantly associated” with heart disease.

“It’s worth trying to reduce [consumption of] red meat and processed meat like pepperoni, bologna and deli meats,” wrote senior study author Norrina Allen, associate professor of preventive medicine at the Northwestern University Feinberg School of Medicine.

Researchers from the University of Paris collected data on the diets and health of more than 105,000 people aged 18 and up over the course of five years for a 2019 report. They found that those who ate the most “ultra-processed” foods had a greater risk of heart attack, stroke and other cardiovascular issues.

The American Heart Association also released a new scientific statement last year focusing on overall healthy eating habits to protect your ticker, which included choosing minimally-processed foods (such as a bag of salad or roasted, unsalted nuts) rather than ultra-processed foods (such as sugary cereal, potato chips or smoked sausage) as much as possible. The dietary guidelines also recommended limiting the consumption of food and beverages with added sugars. And it suggested choosing or preparing foods with little or no salt.

Processed foods increase cancer risk

People who had a 10% higher intake of ultra-processed foods saw more than a 10% increase in risk for cancers including breast cancer, according to a 2018 study published in the peer-reviewed British Medical Journal.

So when the American Cancer Society updated its diet recommendations to prevent cancer in 2020, cutting out processed foods was high on the list – along with curbing the consumption of sugar-sweetened drinks, red meat and alcoholic beverages. The American Cancer Society recommended piling your plate with a variety of whole, unprocessed foods and vegetables, instead; particularly dark green, red and orange veggies, as well as fiber-rich legumes like beans and peas. The guide also promoted whole grains, whole fruits in a variety of colors, and overall foods that are “high in nutrients in amounts that help achieve and maintain a healthy body weight.”

Processed foods lower life expectancy 

So considering the reports suggesting processed foods are associated with a host of chronic health conditions like cancer, heart disease and dementia – not to mention obesity, as those who follow an ultra-processed diet could consume up to 500 more calories per day compared with those who consume whole foods – it shouldn’t come as too much of a surprise that research has also found a link between eating these foods and early death.

Researchers at the University of Navarra in Pamplona, Spain documented the dietary habits of more than 20,000 Spanish college graduates between 1999 and 2014. They found that people who frequently consumed heavily processed foods (as in, more than four servings of each per day) had a 62% increased risk for early death compared to those who indulged in these foods less often.

And the 2020 study that noted eating two servings of red meat and processed meat each week was linked with heart disease also found that consuming these tasty but risky foods was also “significantly associated” with death. In fact, people who ate two servings of red meat or processed meat a week — but not poultry or fish — were linked with a 3% higher risk of all causes of death.

Processed foods hurt the planet – and come back around to bite you  

Favoring the growth and production of processed foods – which often rely on the same handful of staple ingredients such as sugar cane, corn, rice and wheat – has resulted in killing off more diverse plant offerings. This impacts agrobiodiversity—or the variety and variability of animals, plants and microorganisms used directly or indirectly for food and agriculture, which affects soil health and farming’s long-run profitable resilience, according to research published in BMJ Global Health earlier this year. What’s more, producing ultra-processed food uses large quantities of land, water, energy, herbicides and fertilizers, which hurts the environment by emitting greenhouse gas and creating tons of packaging waste.

Read more: Processed foods like ramen packets and frozen pizza can hurt your heart — and the globe, study says

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Business

PepsiCo to lay off ‘hundreds’ in snack and beverage divisions: WSJ

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PepsiCo Inc.
PEP,
-1.38%
is laying off “hundreds” of workers at the headquarters of its North American snacks and beverages divisions, The Wall Street Journal reported Monday, citing people familiar with the matter. Hundreds of jobs will be eliminated, one of the people told the newspaper. In a memo to staff viewed by the Journal, PepsiCo told employees that the goal was to simplify the organization so it can operate “more efficiently.” Shares of Pepsi were flat in the extended session Monday after ending the regular trading day down 1.4%. Several major tech companies, including Amazon.com Inc.
AMZN,
-3.31%
and Google parent Alphabet Inc.
GOOGL,
-0.96%
GOOG,
-0.95%
are conducting or planning layoffs or have embarked on hiring freezes, and some retailers such as Walmart.com
WMT,
-1.02%
have followed suit.

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Business

20 dividend stocks with high yields that have become more attractive right now

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Income-seeking investors are looking at an opportunity to scoop up shares of real estate investment trusts. Stocks in that asset class have become more attractive as prices have fallen and cash flow is improving.

Below is a broad screen of REITs that have high dividend yields and are also expected to generate enough excess cash in 2023 to enable increases in dividend payouts.

REIT prices may turn a corner in 2023

REITs distribute most of their income to shareholders to maintain their tax-advantaged status. But the group is cyclical, with pressure on share prices when interest rates rise, as they have this year at an unprecedented scale. A slowing growth rate for the group may have also placed a drag on the stocks.

And now, with talk that the Federal Reserve may begin to temper its cycle of interest-rate increases, we may be nearing the time when REIT prices rise in anticipation of an eventual decline in interest rates. The market always looks ahead, which means long-term investors who have been waiting on the sidelines to buy higher-yielding income-oriented investments may have to make a move soon.

During an interview on Nov 28, James Bullard, president of the Federal Reserve Bank of St. Louis and a member of the Federal Open Market Committee, discussed the central bank’s cycle of interest-rate increases meant to reduce inflation.

When asked about the potential timing of the Fed’s “terminal rate” (the peak federal funds rate for this cycle), Bullard said: “Generally speaking, I have advocated that sooner is better, that you do want to get to the right level of the policy rate for the current data and the current situation.”

Fed’s Bullard says in MarketWatch interview that markets are underpricing the chance of still-higher rates

In August we published this guide to investing in REITs for income. Since the data for that article was pulled on Aug. 24, the S&P 500
SPX,
-0.50%
has declined 4% (despite a 10% rally from its 2022 closing low on Oct. 12), but the benchmark index’s real estate sector has declined 13%.

REITs can be placed broadly into two categories. Mortgage REITs lend money to commercial or residential borrowers and/or invest in mortgage-backed securities, while equity REITs own property and lease it out.

The pressure on share prices can be greater for mortgage REITs, because the mortgage-lending business slows as interest rates rise. In this article we are focusing on equity REITs.

Industry numbers

The National Association of Real Estate Investment Trusts (Nareit) reported that third-quarter funds from operations (FFO) for U.S.-listed equity REITs were up 14% from a year earlier. To put that number in context, the year-over-year growth rate of quarterly FFO has been slowing — it was 35% a year ago. And the third-quarter FFO increase compares to a 23% increase in earnings per share for the S&P 500 from a year earlier, according to FactSet.

The NAREIT report breaks out numbers for 12 categories of equity REITs, and there is great variance in the growth numbers, as you can see here.

FFO is a non-GAAP measure that is commonly used to gauge REITs’ capacity for paying dividends. It adds amortization and depreciation (noncash items) back to earnings, while excluding gains on the sale of property. Adjusted funds from operations (AFFO) goes further, netting out expected capital expenditures to maintain the quality of property investments.

The slowing FFO growth numbers point to the importance of looking at REITs individually, to see if expected cash flow is sufficient to cover dividend payments.

Screen of high-yielding equity REITs

For 2022 through Nov. 28, the S&P 500 has declined 17%, while the real estate sector has fallen 27%, excluding dividends.

Over the very long term, through interest-rate cycles and the liquidity-driven bull market that ended this year, equity REITs have fared well, with an average annual return of 9.3% for 20 years, compared to an average return of 9.6% for the S&P 500, both with dividends reinvested, according to FactSet.

This performance might surprise some investors, when considering the REITs’ income focus and the S&P 500’s heavy weighting for rapidly growing technology companies.

For a broad screen of equity REITs, we began with the Russell 3000 Index
RUA,
-0.18%,
which represents 98% of U.S. companies by market capitalization.

We then narrowed the list to 119 equity REITs that are followed by at least five analysts covered by FactSet for which AFFO estimates are available.

If we divide the expected 2023 AFFO by the current share price, we have an estimated AFFO yield, which can be compared with the current dividend yield to see if there is expected “headroom” for dividend increases.

For example, if we look at Vornado Realty Trust
VNO,
+1.01%,
the current dividend yield is 8.56%. Based on the consensus 2023 AFFO estimate among analysts polled by FactSet, the expected AFFO yield is only 7.25%. This doesn’t mean that Vornado will cut its dividend and it doesn’t even mean the company won’t raise its payout next year. But it might make it less likely to do so.

Among the 119 equity REITs, 104 have expected 2023 AFFO headroom of at least 1.00%.

Here are the 20 equity REITs from our screen with the highest current dividend yields that have at least 1% expected AFFO headroom:

Company Ticker Dividend yield Estimated 2023 AFFO yield Estimated “headroom” Market cap. ($mil) Main concentration
Brandywine Realty Trust BDN,
+1.82% 		11.52% 12.82% 1.30% $1,132 Offices
Sabra Health Care REIT Inc. SBRA,
+2.02% 		9.70% 12.04% 2.34% $2,857 Health care
Medical Properties Trust Inc. MPW,
+1.90% 		9.18% 11.46% 2.29% $7,559 Health care
SL Green Realty Corp. SLG,
+2.18% 		9.16% 10.43% 1.28% $2,619 Offices
Hudson Pacific Properties Inc. HPP,
+1.55% 		9.12% 12.69% 3.57% $1,546 Offices
Omega Healthcare Investors Inc. OHI,
+1.30% 		9.05% 10.13% 1.08% $6,936 Health care
Global Medical REIT Inc. GMRE,
+2.03% 		8.75% 10.59% 1.84% $629 Health care
Uniti Group Inc. UNIT,
+0.28% 		8.30% 25.00% 16.70% $1,715 Communications infrastructure
EPR Properties EPR,
+0.62% 		8.19% 12.24% 4.05% $3,023 Leisure properties
CTO Realty Growth Inc. CTO,
+1.58% 		7.51% 9.34% 1.83% $381 Retail
Highwoods Properties Inc. HIW,
+0.76% 		6.95% 8.82% 1.86% $3,025 Offices
National Health Investors Inc. NHI,
+1.90% 		6.75% 8.32% 1.57% $2,313 Senior housing
Douglas Emmett Inc. DEI,
+0.33% 		6.74% 10.30% 3.55% $2,920 Offices
Outfront Media Inc. OUT,
+0.70% 		6.68% 11.74% 5.06% $2,950 Billboards
Spirit Realty Capital Inc. SRC,
+0.72% 		6.62% 9.07% 2.45% $5,595 Retail
Broadstone Net Lease Inc. BNL,
-0.93% 		6.61% 8.70% 2.08% $2,879 Industial
Armada Hoffler Properties Inc. AHH,
-0.08% 		6.38% 7.78% 1.41% $807 Offices
Innovative Industrial Properties Inc. IIPR,
+1.09% 		6.24% 7.53% 1.29% $3,226 Health care
Simon Property Group Inc. SPG,
+0.95% 		6.22% 9.55% 3.33% $37,847 Retail
LTC Properties Inc. LTC,
+1.09% 		5.99% 7.60% 1.60% $1,541 Senior housing
Source: FactSet

Click on the tickers for more about each company. You should read Tomi Kilgore’s detailed guide to the wealth of information for free on the MarketWatch quote page.

The list includes each REIT’s main property investment type. However, many REITs are highly diversified. The simplified categories on the table may not cover all of their investment properties.

Knowing what a REIT invests in is part of the research you should do on your own before buying any individual stock. For arbitrary examples, some investors may wish to steer clear of exposure to certain areas of retail or hotels, or they may favor health-care properties.

Largest REITs

Several of the REITs that passed the screen have relatively small market capitalizations. You might be curious to see how the most widely held REITs fared in the screen. So here’s another list of the 20 largest U.S. REITs among the 119 that passed the first cut, sorted by market cap as of Nov. 28:

Company Ticker Dividend yield Estimated 2023 AFFO yield Estimated “headroom” Market cap. ($mil) Main concentration
Prologis Inc. PLD,
+1.29% 		2.84% 4.36% 1.52% $102,886 Warehouses and logistics
American Tower Corp. AMT,
+0.68% 		2.66% 4.82% 2.16% $99,593 Communications infrastructure
Equinix Inc. EQIX,
+0.62% 		1.87% 4.79% 2.91% $61,317 Data centers
Crown Castle Inc. CCI,
+1.03% 		4.55% 5.42% 0.86% $59,553 Wireless Infrastructure
Public Storage PSA,
+0.11% 		2.77% 5.35% 2.57% $50,680 Self-storage
Realty Income Corp. O,
+0.26% 		4.82% 6.46% 1.64% $38,720 Retail
Simon Property Group Inc. SPG,
+0.95% 		6.22% 9.55% 3.33% $37,847 Retail
VICI Properties Inc. VICI,
+0.41% 		4.69% 6.21% 1.52% $32,013 Leisure properties
SBA Communications Corp. Class A SBAC,
+0.59% 		0.97% 4.33% 3.36% $31,662 Communications infrastructure
Welltower Inc. WELL,
+2.37% 		3.66% 4.76% 1.10% $31,489 Health care
Digital Realty Trust Inc. DLR,
+0.69% 		4.54% 6.18% 1.64% $30,903 Data centers
Alexandria Real Estate Equities Inc. ARE,
+1.38% 		3.17% 4.87% 1.70% $24,451 Offices
AvalonBay Communities Inc. AVB,
+0.89% 		3.78% 5.69% 1.90% $23,513 Multifamily residential
Equity Residential EQR,
+1.10% 		4.02% 5.36% 1.34% $23,503 Multifamily residential
Extra Space Storage Inc. EXR,
+0.29% 		3.93% 5.83% 1.90% $20,430 Self-storage
Invitation Homes Inc. INVH,
+1.58% 		2.84% 5.12% 2.28% $18,948 Single-family residental
Mid-America Apartment Communities Inc. MAA,
+1.46% 		3.16% 5.18% 2.02% $18,260 Multifamily residential
Ventas Inc. VTR,
+1.63% 		4.07% 5.95% 1.88% $17,660 Senior housing
Sun Communities Inc. SUI,
+2.09% 		2.51% 4.81% 2.30% $17,346 Multifamily residential
Source: FactSet

Simon Property Group Inc.
SPG,
+0.95%
is the only REIT to make both lists.

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World

Central banks must buy bitcoin to hedge against sanctions: Harvard Ph.D. candidate

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A research paper published at Harvard University is advocating that central banks should buy bitcoin
BTCUSD,
+2.41%
as a hedge against sanctions by other countries.

The paper, titled “Hedging Sanctions Risk: Cryptocurrency in Central Bank Reserves,” was authored by Ph.D. candidate Matthew Ferranti from Harvard’s economics department, and likens central banks’ gold reserves to potential bitcoin holdings.

Ferranti points out that central banks in countries across the globe should look into holding bitcoin as a hedge against possible financial sanctions. He gives the example of the unprecedented financial sanctions levied against Russia by the U.S. and many western nations following its invasion of Ukraine — billions in Russian assets were frozen after the Ukraine war began.

“Sanctions risk may diminish the appeal of U.S. Treasuries, propel broader diversification in central bank reserves, and bolster the long-run fundamental value of both cryptocurrency and gold,” Ferranti writes.

In the paper, Ferranti says El Salvador is a model for central banks owning bitcoin. The country, headed by bitcoin bull Nayib Bukele, has purchased millions of dollars worth of the crypto and has even made bitcoin an official national currency.

See also: ‘We just bought the dip’: El Salvador expands bitcoin holdings

Since the inception of popular cryptos like bitcoin and ether
ETHUSD,
+3.74%,
part of its appeal has been the lack of involvement from central banks, in favor of the decentralized nature of the digital asset.

In the wake of the recent crypto winter and collapse of popular crypto exchange FTX, as well as financial issues for crypto companies Voyager and Celsius, some crypto bulls have called for increased regulation and transparency for the industry.

The paper comes after FTX struggled with liquidity issues in November, eventually leading to a bankruptcy filing. Sam Bankman-Fried resigned as CEO and later apologized for the collapse of his former company.

See: Why do people invest in crypto? ‘It’s partly fraud and partly delusion,’ says Charlie Munger.

Also see: Tom Brady, Steph Curry and Kevin O’Leary set to lose big from FTX bankruptcy filing

Bitcoin’s price is down over 70% over the past year, and the price for ether is also down over 70% over the same period. The total market cap for all crypto nearly hit $3 trillion during parts of 2021, but is now around $800 billion.

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Health

10 medical tests every older adult should get

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Maintaining your physical fitness and mental well-being is crucial to living a longer and happier life.

There are about two dozen tests or screenings older adults can get to help ensure optimal health and wellness, based on recommendations from the U.S. Preventive Services Task Force, an independent panel of experts in primary care and prevention, and on Medicare’s coverage of preventive health service.

Of course, exactly which tests you need depends on a variety of factors, including your age, weight, sex, family history and risk factors, as well as on your doctor’s recommendations.

The Affordable Care Act mandates preventive care with no cost-sharing, so in 2011, Medicare began offering a variety of free preventive-health services. Some services may need to be ordered during an annual wellness visit in order to be covered; otherwise, you may need to cover the costs out of pocket or with private insurance.

“People are living into their 90s, independently and in the community, and loving it. But in order to get there, you’ve got to do this stuff,” said Richard Besdine, a professor of medicine and public health at Brown University. “Not all of these are fatal diseases, but they can take the fun out of life. And what’s the point of that?”

Besdine said a Mediterranean-style diet and daily exercise are at the top of the list of the most important habits for aging well. Adequate sleep is also crucial, as are quitting smoking and limiting alcohol.

Mental health is equally important. Many older adults face depression, loneliness and isolation amid life changes such as the loss of a spouse. Ask a doctor for a depression screening if you or a loved one are showing any signs of depression.

And keep up with vaccines, such as those for COVID-19, shingles and the flu. Also consider getting the pneumococcal polysaccharide vaccine (PPSV23), which helps protect against meningitis and bloodstream infections, and the pneumococcal conjugate vaccine (PCV13), which protects against pneumonia.

Here’s a rundown of routine tests you should get as an older adult:

Eye test
Eye health may decline gradually as people get older, but the changes may not be noticeable right away. Poor eyesight can affect your ability to drive, get around the house and perform daily tasks. Also, as you age, the risk for eye problems such as cataracts and glaucoma increases.

In addition, recent research has found that up to 100,000 U.S. dementia cases could have potentially been prevented with improved eye care.

According to a study published this year in JAMA Neurology, one of the top things you can do to help reduce your risk for Alzheimer’s and related dementias is to get vision problems corrected with the help of eye exams, eyeglasses and cataract surgery.

Researchers found that about 1.8% of U.S. dementia cases were associated with visual impairment and projected that by 2050, that total would rise to around 250,000 cases. The investigators also found that incidence of impaired vision in older adults was higher for Hispanic people, at 11%, compared with 8.3% on average for Black and non-Hispanic white people.

Last year, a study published in the British Journal of Ophthalmology also suggested that certain eye conditions including age-related macular degeneration, cataracts and diabetes-related eye disease may be associated with an increased risk of dementia.

“Avoiding dementia is the No. 1 job of physicians and patients,” Besdine said. “Do everything you can to maintain your mental and physical health.”

Hearing exam
While we’re talking about dementia, get your hearing tested — and get a hearing aid if you need one.

If you have hearing loss, you have a greater chance of developing dementia, according to a 2020 Lancet commission report that listed hearing loss as one of the top risk factors for dementia.

People with moderate hearing loss were twice as likely to experience cognitive decline as their peers, while those with severe hearing loss faced five times the risk, research has found.

In the U.S., hearing aids are now available over the counter — and they cost just hundreds of dollars, rather than the several thousands that prescription devices can cost. The White House estimated that people could save nearly $3,000 by buying over-the-counter devices.

Also read: ‘It democratizes what you get’: Hearing aids are now available over the counter — what you need to know

Walmart
WMT,
+1.51%,
Walgreen
WBA,
-0.95%,
CVS
CVS,
+2.55%
and Best Buy
BBY,
+2.88%
are among the national retailers that now sell hearing aids.

Dental exam
Gum disease increases the risk of a heart attack. That alone should get you to the dentist, but gum health can also be a good barometer of your overall health. Your teeth, gums, mouth and throat need to be checked by a dentist, ideally twice a year. Medicare does not cover dental checkups, however, so private insurance or out-of-pocket payments are necessary.

Blood-pressure screening
High blood pressure, or hypertension, is common; more than half of the adults in the U.S. have it. As you age, your arteries change and become stiffer. Left untreated, hypertension can lead to strokes, heart attacks and heart disease.

Diabetes screening
After age 65, both men and women should be screened for diabetes regularly. The American Diabetes Association recommends that a fasting blood-sugar test be done at least once every three years in order catch diabetes early and manage it so it doesn’t become a life-threatening disorder.

Breast-cancer screening
The Mayo Clinic supports screening for breast cancer beginning at age 40. Women up to age 75 should get a mammogram every one to two years, depending on their risk factors. Risk factors include having started menstruation before age 12, a family history of breast cancer, dense breasts and genetic mutations. After age 75, women should discuss the need for continued breast-cancer screening with their doctor.

Osteoporosis screening
As you age, your bones become thinner, which can make you more susceptible to fractures or breaks, especially in the hips and spine. All women older than 64 should get a bone-density scan at least once a year. Men over 70 should also consider getting screened for osteoporosis, especially if the condition runs in their family.

Prostate cancer
Prostate cancer is a common disease among men, especially those over the age of 65. Doctors can check for prostate cancer with a physical examination and a blood test. Some signs of prostate cancer include difficulty urinating, unexplained weight loss or blood in the urine.

Colon-cancer screening
Colorectal cancer is more common among older adults, with an average age at diagnosis of 68 for men and 72 for women. If you experience changes in bowel habits, abdominal pain or bleeding, see your doctor.

The U.S. Preventive Services Task Force recommends that adults age 45 to 75 be screened for colorectal cancer. Types of screening include stool tests, flexible sigmoidoscopy, colonoscopy and CT colonography (virtual colonoscopy). Adults ages 76 to 85 should talk to their doctor about whether they should continue to get screened.

Skin exam
The American Cancer Society recommends regular screening for skin cancer. Be sure to ask your doctor to check your skin if you have any unusual moles or skin changes or if you’re at high risk with a history of skin cancer, have close relatives with skin cancer or have a weakened immune system.

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Business

Fed’s Waller says market has overreacted to consumer inflation data: ‘We’ve got a long, long way to go’

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Federal Reserve Gov. Christopher Waller said Sunday that financial markets seem to have overreacted to the softer-than-expected October consumer price inflation data last week.

“It was just one data point,” Waller said, in a conversation in Sydney, Australia, sponsored by UBS.

“The market seems to have gotten way out in front over this one CPI report. Everybody should just take a deep breath, calm down. We’ve got a ways to go ” Waller said.

Investors cheered the soft CPI print, released Thursday, driving stocks up to their best week since June. The S&P 500 index
SPX,
+0.92%
closed 5.9% higher for the week.

The data showed that the yearly rate of consumer inflation fell to 7.7% from 8.2%, marking the lowest level since January. Inflation had peaked at a nearly 41-year high of 9.1% in June.

Waller said it was good there was some evidence that inflation was coming down, but noted that there were other times over the past year where it looked like inflation was turning lower.

“We’re going to see a continued run of this kind of behavior and inflation slowly starting to come down, before we really start thinking about taking our foot off the brakes here,” Waller said.

“We’ve got a long, long way to go to get inflation down. Rates are going keep going up and they are going to stay high for awhile until we see this inflation get down closer to our target,” he added.

The Fed is focused on how high rates need to get to bring inflation down, and that will depend solely on inflation, he said.

Waller said “the worst thing” the Fed could do was stop raising rates only to have inflation explode.

The 7.7% inflation rate seen in October “is enormous,” he added.

The Fed signaled at its last meeting earlier this month that it might slow down the pace of its rate hikes in coming meetings.

The central bank has boosted rates by almost 400 basis points since March, including four straight 0.75-percentage-point hikes that had been almost unheard of prior to this year.

“We’re looking at moving in paces of potentially 50 [basis points] at the next meeting or the next meeting after that,” Waller said.

The Fed will hold its next meeting on Dec. 13-14, and then again on Jan. 31-Feb. 1.

At the same time, Powell said the Fed was likely to raise rates above the 4.5%-4.75% terminal rate that they had previously expected.

“The signal was ‘quit paying attention to the pace and start paying attention to where the endpoint is going to be,’” Waller said.

In the wake of the CPI report, investors who trade fed funds futures contracts see the Fed’s terminal rate at 5%-5.25% next spring and then quickly falling back to 4.25%-4.5% by November. That’s well below the levels prior to the CPI data.

Read original article here

Business

FTX bankruptcy is ‘somebody running a company that’s just dumb-as-f___ing greedy,’ says Mark Cuban

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Billionaire Dallas Maverick’s owner Mark Cuban recently offered his perspective on the implosion of crypto platform FTX late this week.

“‘That’s somebody running a company that’s just dumb-as-fucking greedy.’”


— Mark Cuban

Cuban, speaking on Friday at a conference in Washington, D.C. hosted by Sports Business Journal, shared the view that avarice was at the root of the downfall of one-time crypto darling Sam Bankman-Fried, whose firm FTX Group just filed for chapter 11 bankruptcy.

“So what does Sam Bankman [Fried] do, he’s just–‘gimme more, gimme more, gimme more.’ So I’m gonna borrow money, loan it to an affiliated company and hope and pretend to myself that the FTT tokens that are in there on my balance sheet are gonna to sustain their value.”

Check out: Mark Cuban says buying metaverse real estate is ‘the dumbest shit ever

FTX’s collapse marks a stunning turnabout for a company, which was once valued at $26 billion, and whose founder, Bankman-Fried was viewed by many in the crypto industry as a venerable actor in the Wild West of digital exchanges.

On Thursday, the 30-year-old entrepreneur tweeted: “I f—ked up, and should have done better,” referencing the collapse of his exchange.

Embattled FTX, short billions of dollars, sought bankruptcy protection after the exchange experienced the crypto equivalent of a bank run. FTX, an affiliated hedge fund Alameda Research, and dozens of other related companies also filed a bankruptcy petition in Delaware on Friday morning. Boasting a nearly $16 billion fortune recently, Sam Bankman Fried’s net worth had all but evaporated in the wake of the FTX implosion, according to the Bloomberg Billionaires Index.

The price of FTX’s native token FTT went down about 88.8% over the past seven days to around $2.74, according to CoinMarketCap data.

The U.S. Justice Department and the Securities and Exchange Commission are looking into the crypto exchange to determine whether any criminal activity or securities offenses were committed.

Regulators and are examining whether FTX used customer deposits to fund bets at Alameda Research, a no-no in traditional markets, according to reports.

Cuban, who is one of the stars of the investing show “Shark Tank” and owns the NBA’s Dallas Mavericks, is a big investor in crypto and blockchain-related platforms. According to a CNBC report, he has said that 80% of his investments that aren’t on Shark Tank are crypto-centric.

See: Tom Brady, Steph Curry and Kevin O’Leary set to lose big from FTX bankruptcy filing

For his part, Cuban is part of a class-action lawsuit accused of misleading investors into signing up for accounts with crypto platform Voyager Digital, which filed for bankruptcy in July. The suit alleges that Cuban touted his support for Voyager and referred to it “as close to risk-free as you’re gonna get in the crypto universe.”

Cuban mentioned Voyager in his Friday interview. Representatives for the billionaire investor didn’t immediately respond to a request for comment.

The Mavericks owner took to Twitter on Saturday to say that the crypto implosions “have been banking blowups. Lending to the wrong entity, misvaluations of collateral, arrogant arbs, followed by depositor runs.”

Cuban’s net worth is $4.6 billion, according to Forbes.



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Health

These simple food choices could reduce your risk of dementia

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A study published in July 2022 in Neurology, a journal from the American Academy of Neurology, suggests that eating whole foods might decrease dementia risk. The research was done on 72,083 adults over age 55 with no dementia at baseline in the UK Biobank. 

The authors investigated the association between ultra-processed foods (UPF) and dementia, where participants’ diets were evaluated based on how much UPF was consumed. The highest group had a diet of 28% UPF compared to the group with the lowest consumption of UPF at 9%.

The results implied that for every increase of 10% in the daily dietary intake of UPF, the risk of dementia increased by 25%. Conversely, replacing 10% of UPF foods with whole (unprocessed or minimally processed) foods was associated with a 19% lower risk of dementia.

“Ultra-processed foods are meant to be convenient and tasty, but they diminish the quality of a person’s diet,” said study author Huiping Li, Ph.D. of Tianjin Medical University in China. 

“These foods may also contain food additives or molecules from packaging or produced during heating, all of which have been shown in other studies to affect thinking and memory skills negatively.”

“Our research not only found that ultra-processed foods are associated with an increased risk of dementia, but it also found replacing them with healthy options may decrease dementia risk.”

More: 4 things you can do to fight dementia and improve your memory

UPF vs. whole foods

UPF is made for convenience. Think ready-to-eat or ready-to-heat. These foods are high in sugar, fat, and salt and low in protein and fiber. A few examples of UPF include fatty, sweet, savory, or salty packaged snacks. 

Also, baked products made with ingredients such as hydrogenated vegetable fat, sugar, yeast, whey, emulsifiers, and other additives, ice creams and frozen desserts, chocolates, candies, pre-prepared meals like pizza and pasta dishes, and distilled alcoholic beverages such as whisky, gin, rum and vodka. 

On the other hand, whole foods are unprocessed or minimally processed, such as fresh fruit, vegetables, fish, seafood, legumes, milk, eggs, grains, spices, meat, and fermented alcoholic beverages (think alcoholic cider and wine). 

Minimally processed foods leave the nutrients intact. This contains methods like canning, vacuum packing, and refrigeration – which extend the food item’s life, including adding vitamins and pasteurization (as in milk).

How to tell the difference?

Lena Beal, media spokesperson for the Academy of Nutrition and Dietetics, says that labeling is the answer.

“Ultra-processed foods involve baked goods, snack cakes, chips, and candy at the grocery store’s check-out counter. They also include soft drinks, sweet breakfast cereals, ice cream, mass-produced bread, and flavored yogurts.”

Beal advises, “Look at two labels: Cheetos and tortilla chips. Then, look at the long list of ingredients on the Cheetos bag compared to tortilla chips. Tortilla chips have corn, salt, and some plant seed oil, right? So, it could be safflower, sunflower, or canola. Three ingredients.” 

Related: Want to slow, delay or reverse dementia? Try this classic game.

Why are UPFs so popular in the U.S.?

“Two words: convenience and cost,” says Beal. In the U.S., UPF consumption increased from 53.5% of calories (2001-2002) to 57% (2017-2018). During the same period, whole food consumption decreased from 32.7% to 27.4% of calories.

According to Beal, “Americans eat 31% more packaged food than fresh foods than nearly any other country. Ultra-processed food comes from substances extracted from food through processes like milling or extrusion with added ingredients. They are highly manipulated and take on more of a chemical presence than food.”

The perceived convenience and the cost of UPF play a factor in their popularity. Not to mention advertising. Marketing UPF makes them seem delicious and harmless, but learning to read nutritional labels is essential.

In addition, choosing to eat healthier might entail prepping your meals at home. Why? Because it can be a special time shared with family or a partner as well as a nutritious path to adding more fruits and vegetables (fresh, pre-cut, or flash-frozen) to one’s diet. 

When it comes to wholesome go-to’s, “use nuts (full of Omega-3s for heart and brain health), raisins, and dark chocolate to make a trail mix,” suggests Beal. “Seeds, nuts, cut-up fruits, and vegetables are nature’s fast food. Make a smoothie out of fresh fruit and dairy. Use peanut butter on celery sticks.”

Traveling and eating out

Beal suggests asking for condiments and dressings on the side when dining out. For instance, choose a sauce you can see through instead of cream sauce. Also, order baked meat or fish instead of fried, skip the pre-meal bread or eat less of it (whole wheat is also a better alternative to white bread).

Lastly, when traveling, locating a grocery store near where you are staying will make finding whole foods easier than getting all your food from restaurants.

Related: This is now the No. 1 preventable cause of Alzheimer’s in America

The bottom line

Good news! You are in charge of your diet. So each time you choose what to eat or drink, ask yourself: what is the best, minimally processed, healthy choice for nutrition?

Learning to evaluate food labels and ingredients is critical. Begin to prepare food at home and opt for small healthy lifestyle changes to improve how you age and feel your best.

Rebecca Myers, MSN, RN is a freelance health journalist with over 15 years of nursing experience (including critical care, vascular access, and education). Through her writing, Rebecca has a passion for uplifting others and helping them live their healthiest lives. She lives with her husband outside Houston, and they enjoy spending time at the beach together.

This article is reprinted by permission from NextAvenue.org, © 2022 Twin Cities Public Television, Inc. All rights reserved.

More from Next Avenue:

Read original article here

Health

These simple food choices could reduce your risk of dementia

Leave a comment

A study published in July 2022 in Neurology, a journal from the American Academy of Neurology, suggests that eating whole foods might decrease dementia risk. The research was done on 72,083 adults over age 55 with no dementia at baseline in the UK Biobank. 

The authors investigated the association between ultra-processed foods (UPF) and dementia, where participants’ diets were evaluated based on how much UPF was consumed. The highest group had a diet of 28% UPF compared to the group with the lowest consumption of UPF at 9%.

The results implied that for every increase of 10% in the daily dietary intake of UPF, the risk of dementia increased by 25%. Conversely, replacing 10% of UPF foods with whole (unprocessed or minimally processed) foods was associated with a 19% lower risk of dementia.

“Ultra-processed foods are meant to be convenient and tasty, but they diminish the quality of a person’s diet,” said study author Huiping Li, Ph.D. of Tianjin Medical University in China. 

“These foods may also contain food additives or molecules from packaging or produced during heating, all of which have been shown in other studies to affect thinking and memory skills negatively.”

“Our research not only found that ultra-processed foods are associated with an increased risk of dementia, but it also found replacing them with healthy options may decrease dementia risk.”

More: 4 things you can do to fight dementia and improve your memory

UPF vs. whole foods

UPF is made for convenience. Think ready-to-eat or ready-to-heat. These foods are high in sugar, fat, and salt and low in protein and fiber. A few examples of UPF include fatty, sweet, savory, or salty packaged snacks. 

Also, baked products made with ingredients such as hydrogenated vegetable fat, sugar, yeast, whey, emulsifiers, and other additives, ice creams and frozen desserts, chocolates, candies, pre-prepared meals like pizza and pasta dishes, and distilled alcoholic beverages such as whisky, gin, rum and vodka. 

On the other hand, whole foods are unprocessed or minimally processed, such as fresh fruit, vegetables, fish, seafood, legumes, milk, eggs, grains, spices, meat, and fermented alcoholic beverages (think alcoholic cider and wine). 

Minimally processed foods leave the nutrients intact. This contains methods like canning, vacuum packing, and refrigeration – which extend the food item’s life, including adding vitamins and pasteurization (as in milk).

How to tell the difference?

Lena Beal, media spokesperson for the Academy of Nutrition and Dietetics, says that labeling is the answer.

“Ultra-processed foods involve baked goods, snack cakes, chips, and candy at the grocery store’s check-out counter. They also include soft drinks, sweet breakfast cereals, ice cream, mass-produced bread, and flavored yogurts.”

Beal advises, “Look at two labels: Cheetos and tortilla chips. Then, look at the long list of ingredients on the Cheetos bag compared to tortilla chips. Tortilla chips have corn, salt, and some plant seed oil, right? So, it could be safflower, sunflower, or canola. Three ingredients.” 

Related: Want to slow, delay or reverse dementia? Try this classic game.

Why are UPFs so popular in the U.S.?

“Two words: convenience and cost,” says Beal. In the U.S., UPF consumption increased from 53.5% of calories (2001-2002) to 57% (2017-2018). During the same period, whole food consumption decreased from 32.7% to 27.4% of calories.

According to Beal, “Americans eat 31% more packaged food than fresh foods than nearly any other country. Ultra-processed food comes from substances extracted from food through processes like milling or extrusion with added ingredients. They are highly manipulated and take on more of a chemical presence than food.”

The perceived convenience and the cost of UPF play a factor in their popularity. Not to mention advertising. Marketing UPF makes them seem delicious and harmless, but learning to read nutritional labels is essential.

In addition, choosing to eat healthier might entail prepping your meals at home. Why? Because it can be a special time shared with family or a partner as well as a nutritious path to adding more fruits and vegetables (fresh, pre-cut, or flash-frozen) to one’s diet. 

When it comes to wholesome go-to’s, “use nuts (full of Omega-3s for heart and brain health), raisins, and dark chocolate to make a trail mix,” suggests Beal. “Seeds, nuts, cut-up fruits, and vegetables are nature’s fast food. Make a smoothie out of fresh fruit and dairy. Use peanut butter on celery sticks.”

Traveling and eating out

Beal suggests asking for condiments and dressings on the side when dining out. For instance, choose a sauce you can see through instead of cream sauce. Also, order baked meat or fish instead of fried, skip the pre-meal bread or eat less of it (whole wheat is also a better alternative to white bread).

Lastly, when traveling, locating a grocery store near where you are staying will make finding whole foods easier than getting all your food from restaurants.

Related: This is now the No. 1 preventable cause of Alzheimer’s in America

The bottom line

Good news! You are in charge of your diet. So each time you choose what to eat or drink, ask yourself: what is the best, minimally processed, healthy choice for nutrition?

Learning to evaluate food labels and ingredients is critical. Begin to prepare food at home and opt for small healthy lifestyle changes to improve how you age and feel your best.

Rebecca Myers, MSN, RN is a freelance health journalist with over 15 years of nursing experience (including critical care, vascular access, and education). Through her writing, Rebecca has a passion for uplifting others and helping them live their healthiest lives. She lives with her husband outside Houston, and they enjoy spending time at the beach together.

This article is reprinted by permission from NextAvenue.org, © 2022 Twin Cities Public Television, Inc. All rights reserved.

More from Next Avenue:

Read original article here