Julie Hyman breaks down Wednesday's business headlines, including: An antibody treatment created by Regeneron being able to cut the risk of death from COVID-19, rent for single-families going up 5.3% as record demand for rental homes soars, a federal judge blocks Biden’s ban on leases for drilling on public land which means drilling could resume in Alaska and the Gulf of Mexico, and Biden’s pick for FTC chair signaling the administration’s serious tone on antitrust enforcement.
- Some other business headlines that we're watching at this hour. A COVID-19 treatment made by Regeneron reduced the risk of death in patients in a large British study. The antibody cocktail improved outcomes in patients whose immune systems had not produced their own responses to fight the coronavirus. That therapy already has emergency use authorization in the US, but this is the largest study yet to confirm it works.
Single family rental rates rose in April at the fastest pace since May of 2006. That's according to housing data provider CoreLogic. The gain was 5.3% nationally, with the highest increases in Phoenix, Tucson, and Las Vegas. Boston and Chicago saw rents fall. Rates for lower priced homes rose at a slower pace.
The Federal Trade Commission not only has its youngest ever chair, a surprise pick, she also happens to be a prominent critic of big tech. Lina Kahn, 32, was sworn in yesterday. Khan's a professor at Columbia Law School and has served as aide to the House Judiciary Committee, and as counselor to FTC commissioner Rohit Chopra.
The Biden administration's halt to New oil and gas leases on federal lands and waters has been blocked by a federal judge in Louisiana. Judge Terry A. Doughty said the power to suspend the leases quote lies solely with Congress because it originally opened the lands and waters to leasing in the first place. 13 states are suing the administration over the suspension, and judge Doughty said the injunction will remain in effect until those suits are decided. Miles.