The White House’s inflation strategy, a boom in luxury sales, and a Connecticut capital acquisition are among the top business news items this morning.
National
A report in the New York Times looks at how advisers in the White House and Treasury Department have been scrutinizing the potential for inflation under President Joe Biden’s spending plans, which has led to strategies such as spreading out a $2.3 trillion infrastructure proposal over eight years. The administration concluded that inflation will likely be temporary and limited, but Republican lawmakers have criticized the stance as consumer prices tick upward.
Business trends
Luxury brands have seen surprisingly robust sales during the COVID-19 pandemic, even though their sales are often tied to travel and tourism. The trend was driven in part by wealthier consumers turning their focus to goods rather than services due to factors such as restricted travel and hotel closures.
Connecticut
Greenworks Lending, a Connecticut Innovations portfolio company, has been acquired by the global investment company Nuveen. Greenworks is a leading capital provider for the C-PACE energy performance program, and Connecticut Innovations says the acquisition offers stability and the opportunity to scale its business.
